A Norwegian Gateway cruise ship departs from Manhattan Harbor during sunset in New York, USA on April 10, 2022.
Typhoon Koskun | Anatolian Agency | Getty Images
Check out the companies making the biggest moves at midday:
Norwegian Cruise Line — Shares sank more than 6% after the cruise ship operator said in a filing with the Securities and Exchange Commission that it will post a net loss for the fourth quarter and full year of 2022, as well as the first quarter of 2023.
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Charles Schwab — Shares of the bank lost more than 6% after Bank of America doubled its stock rating to an underperform, saying customers will continue to shift money to alternatives such as money market funds.
Vornado Realty Trust — Shares of the real estate investment trust lost 3.3% after cutting its quarterly dividend to 37.5 cents a share from 53 cents. Vornado Realty, which owns commercial properties in cities such as New York and San Francisco, cited the current state of the economy and capital markets as well as Vornado’s revised estimated taxable income for 2023, mainly due to higher interest rate exposure.
Roblox — Shares of Roblox fell 6% after being downgraded to underperform by analysts at Morgan Stanley. The bank said gains in video game stocks were limited after a strong December report.
Philip Morris — Parent Marlboro gained 2.4% after Jefferies called the stock “recession-proof.”
ServiceNow — Shares rose nearly 3% after Bank of America named the software stock a top pick. The company posted “best-in-class growth.”
Tesla — Shares of the electric vehicle maker fell more than 1% in midday trading. Piper Sandler reiterated its outperform rating on the stock, saying investors should “proactively” buy the stock. A day earlier, CEO Elon Musk’s fraud trial began over tweets he wrote in 2018 that he was considering taking Tesla private, sending shares soaring.
Alcoa — Shares of the aluminum company fell 4.6% on Thursday after the company reported fourth-quarter results. Alcoa’s adjusted loss for the fourth quarter was 70 cents per share, less than the expected loss of 81 cents, according to StreetAccount. However, the company’s adjusted EBITDA — a measure of profit that includes less expenses than net income — missed estimates. Alcoa said it expects total alumina supplies to decline year over year in 2023.
Discover Financial Services — The online bank fell nearly 2 percent after raising loan loss provisions and forecasting higher net interest rates this year, a signal that customers are lagging behind. Find beat expectations for both earnings per share and revenue for the quarter.
CureVac — Shares rose more than 9% after the biopharmaceutical company was upgraded by UBS to buy from neutral. The Wall Street firm said the results of the Phase 1 flu treatment indicated a “major inflection point.”
Ford — Shares of the automaker fell 1.9 percent after its target was cut by Evercore ISI, which said the automaker could struggle if there is a recession.
Allstate — Shares fell 7% a day after the insurance company reported preliminary fourth-quarter results that included an estimated adjusted net loss of between $335 million and $385 million.
Northern Trust — Shares of the financial institution fell 10% after the company reported fourth-quarter net income of 71 cents per common share, compared with $1.91 in the fourth quarter of 2021. Revenue from its trust and investment services was $1.04 billion , less than the $1.05 billion expected by StreetAccount.
Comerica — Shares jumped roughly 6% after the financial services company beat earnings expectations in its latest quarterly report. Comerica reported earnings of $2.58 per share, beating the $2.55 earnings per share expected by analysts polled by Refinitiv.
— CNBC’s Samantha Subin, Jesse Pound, Alex Haring, Sarah Min and Michael Bloom contributed reporting.
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