Stocks moving big midday: PANW, COIN, DKS, AMZN

Coinbase shares are down more than 83% this year

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Check out the companies making headlines in midday trading.

Coinbase – Shares of the cryptocurrency exchange fell 5% even after Coinbase reported a smaller-than-expected fourth-quarter loss. Coinbase lost $2.46 per share on revenue of $629 million. Analysts polled by Refinitiv were expecting a loss of $2.55 per share on sales of $590 million. Subscriptions and services revenue grew 34% sequentially, but trading volume declined.

Palo Alto Networks — The software company’s stock soared more than 11% after its second-quarter earnings and revenue beat analysts’ estimates. Adjusted earnings per share came in at $1.05, versus the 78 cents expected by analysts polled by Refinitiv.

Dick’s Sporting Goods – The sports retailer’s stock rose more than 1% after it announced it was buying e-commerce outdoor retailer Moosejaw from Walmart. Walmart’s shares were last down about 2%.

CoStar Group – Commercial real estate stock fell more than 3% after the company released guidance for the current quarter, which fell short of analysts’ estimates, according to StreetAccount.

Amazon – Shares of the e-commerce giant rose 1.7% after the company struck a deal to buy primary care provider One Medical. Amazon agreed to acquire One Medical in July to deepen its healthcare footprint.

La-Z-Boy — Shares are up 18% after adjusted earnings per share for the fiscal third quarter came in at 91 cents, beating analysts’ estimate of 66 cents, according to FactSet. The furniture maker’s revenue came in at $572.7 million, up from the expected $529.6 million.

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Toll Brothers – Shares of the homebuilder surged more than 3% after it beat Wall Street’s revenue and earnings expectations for the most recent quarter, according to Refinitiv. Toll Brothers also said demand had increased since early 2023.

Charles River Laboratories International — Shares fell 13% after the pharmaceutical company said it suspended shipments of Cambodian non-human primates (NHP) it uses in research amid a Justice Department supply chain investigation. Those supply shortages will weigh on sales growth in 2023, the company said.

Wingstop — Wingstop shares are up 8% after beating analysts’ estimates for the most recent quarter, according to FactSet. The fast-food chain also reiterated its expectations for same-store sales growth over the next three to five years.

TJX — Shares of the off-price retailer slipped nearly 1% during midday trade. TJX reported a mixed quarter and joint earnings guidance for the current period, according to StreetAccount, which fell short of analysts’ expectations.

Baidu — U.S.-listed shares of the Chinese tech company fell more than 3% even as Baidu beat revenue estimates for the most recent quarter. The company also unveiled a $5 billion buyback program and provided competitor ChatGPT with an update on its conversational chatbot.

Alcoa – Alcoa’s stock rose 4% after Citi upgraded the aluminum maker to “buy” from a neutral rating and said it should benefit from China’s economic reopening.

Garmin – Shares of the fitness tracker maker rose 3% after Garmin reported fourth-quarter earnings that beat consensus estimates. The company had consolidated sales of $1.31 billion and adjusted earnings per share of $1.35. Analysts polled by FactSet had expected revenue of $1.30 billion and earnings per share of $1.19.

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Intel — Chip stock was last down about 1% after Intel cut its quarterly dividend by more than 65%.

Keysight Technologies – Shares in the electronics test and measurement company plunged more than 13% after the company issued a weaker-than-expected outlook for the fiscal second quarter. However, Keysight’s adjusted earnings per share and revenue for the most recent quarter beat expectations, according to FactSet.

Stellantis — Auto shares rose more than 4% after Stellantis released full-year results that beat analysts’ expectations, according to FactSet. Stellantis also announced a €1.5 billion share buyback program.

– CNBC’s Tanaya Macheel, Michelle Fox, Pia Singh, Jesse Pound and Yun Li contributed coverage

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