CVS, FTNT, LUMN and GOOGL

Try the businesses making headlines in noon buying and selling Wednesday:

Lumen Technologies — Shares fell 20.1% on Wednesday after the cloud community knowledge firm reported a fourth-quarter lack of about $3.1 billion. Its earnings steering for the yr additionally got here in under StreetAccount estimates.

associated investing information

Alphabet — Shares of Google’s mum or dad firm dropped 7.7% after the corporate held an event to show off its new artificial intelligence chatbot known as Bard, in the future after competitor Microsoft held an occasion to point out off AI applied sciences in its competing search engine.

CVS Health — CVS Well being gained 3.5% after the corporate surpassed revenue and gross sales expectations in its newest quarterly outcomes. The pharmacy operator reported earnings of $1.99 per share on income of $83.8 billion. Analysts polled by Refinitiv had been forecasting earnings of $1.92 per share on income of $76.21 billion. Individually, CVS Well being mentioned it could acquire primary care company Oak Street Health in a transaction valued at $10.6 billion.

The New York Times Company — Shares for the media group popped greater than 12% on Wednesday after its fourth-quarter earnings beat analyst estimates. The corporate reported earnings of 59 cents per share, which was better than a Refinitiv estimate of 43 cents per share. CEO Meredith Kopit Levien mentioned the corporate gained more than 1 million digital-only subscribers in 2022.

Tripadvisor — The web journey firm jumped 3.8% after being double upgraded by Bank of America to purchase from underperform. The financial institution cited accelerating progress inside Tripadvisor’s experiences reserving platform, Viator, and robust U.S. demand.

Under Armour — The athletic attire retailer fell practically 8.2% on Wednesday regardless of posting earnings and revenue that beat Wall Avenue’s expectations. Underneath Armour’s outcomes had been overshadowed by a 50% year-over-year improve in stock. “That fifty% improve is an enormous quantity, however once you truly have a look at the quantity of stock we’re now holding, we’re holding the correct stage of stock for a $6 billion enterprise,” CEO Colin Browne mentioned throughout a name.

Fortinet — The cybersecurity firm jumped 10.9% after it beat analysts’ earnings expectations for the latest quarter. Fortinet posted earnings of 44 cents per share, whereas analysts anticipated 39 cents per share, in response to StreetAccount.

Fox Corp. — Shares of the broadcaster had been up 4.4% after Fox reported its newest quarterly outcomes. The corporate’s earnings per share of 48 cents matched a StreetAccount estimate, whereas income of $4.61 billion. Fox additionally introduced an incremental buyback program of $3 billion. r share, beating analysts’ estimates.

CME Group — CME Group closed 5.4% increased on Wednesday after surpassing fourth-quarter earnings expectations and reporting a 6% improve in its common each day quantity. The corporate reported adjusted earnings of $689.1 million, or $1.92 per share, for the quarter. That topped a StreetAccount forecast of $1.87 per share.

Enphase Energy — The photo voltaic inventory fell 4.2% even after the corporate posted better-than-expected earnings and income. Wall Avenue has remained cautious on the U.S. photo voltaic outlook. A number of corporations, together with Guggenheim, Susquehanna and Piper Sandler not too long ago reiterated maintain rankings on the inventory.

Chipotle — The Mexican restaurant chain noticed its inventory drop practically 5% after the corporate reported weaker-than-expected earnings and income for its fourth quarter. Chipotle mentioned prospects pulled again on their restaurant spending through the quarter amid an underperforming limited-time menu merchandise, robust comparisons to the earlier yr’s brisket launch and climate.

— CNBC’s Tanaya Macheel, Sarah Min, Yun Li, Hakyung Kim, Alex Harring, and Michelle Fox Theobald contributed reporting.