Stocks making the biggest moves midday: Textron, Charter, Estee Lauder, Signet and more

Market Insider

Beechcraft King Air turboprop aircraft are seen on the assembly line at the Textron Aviation Inc. production facility in Wichita, Kansas, on Thursday, June 7, 2018.
Luke Sharett | Bloomberg | Getty Images

Check out the companies making headlines in midday trading.

Textron – Shares of Textron jumped 6% after the company won a U.S. Army contract that could be worth $70 billion to provide next-generation helicopters.

Charter Communications – Charter Communications fell 5% after analysts at Citi added a negative catalyst watch to the company heading into its analyst day.

Paramount — Shares of media company Paramount slipped 7.5% after the CEO said it projects fourth quarter advertising revenue to be lower than the third quarter. It also weighed on other media names such as Disney, which shed about 2%.

Estee Lauder – Estee Lauder’s stock added 2% after Deutsche Bank upgraded shares of the cosmetics company to a buy from a hold rating, saying the stock should benefit when China eases Covid-19 restrictions.

Signet Jewelers – Shares of Signet Jewelers surged 18% after the company announced earnings results that beat Wall Street’s expectations before the market open Tuesday.

General Electric – Shares of the industrial giant rose about 1% after Oppenheimer upgraded the stock to outperform from perform. The Wall Street firm said several factors are boosting confidence in the stock next year, including a planned spinoff of its health care division and strong momentum for its aviation business.

NRG Energy – Shares of NRG Energy slid more than 13% in midday trading after the company announced it will acquire Vivint Smart Home for $12 per share, or $2.8 billion. NRG said it plans to complete its existing $1 billion share repurchase program over the near term, and expects to use excess free cash flow to fund the Vivint acquisition, reduce acquisition-related debt, and maintain its common stock dividend growth policy.

Enphase – Shares of Enphase slid 6% a day after the company reached a new all-time high.

Meta Platforms – The Facebook parent company saw shares fall more than 4% after an Oversight Board report found a special-track content review platform for VIPs and businesses promoted an unequal system that offered “certain users greater protection than others,” potentially prioritizing Meta business concerns over the protection of safe and fair speech.

SVB Financial Group – Shares of SVB Financial slid nearly 4%, reaching a 52-week low earlier in the day. The bank was downgraded on Monday by Morgan Stanley to underweight from equal weight. Morgan Stanley also cut its price target to $186 from $253, implying 11% downside from Monday’s close.

Autozone – Autozone’s stock dropped more than 5% after reporting its inventory increased 17.6% over the same period last year. However, the automotive replacement parts retailer’s earnings-per-share and revenue beat Wall Street’s expectations

Lucid Group – Shares of Lucid Group fell more than 7.8% as investors worry about how higher interest rates and a tighter economy will hit the electric automaker’s growth.

SL Green Realty – Shares of SL Green Realty slumped 5.4% to a 52-week low after analysts at BMO Harris downgraded the company to market perform from outperform, citing demand uncertainty.

Goldman Sachs – Shares of Goldman Sachs slipped 2.27% after a Reuters report said the bank plans to spend tens of millions of dollars on buying or investing in bargain crypto companies after the collapse of FTX hit valuations.

Royal Caribbean – The cruise line dropped 4.5% following JPMorgan’s double-downgrade to “underweight” from “overweight.” The firm noted the cruise line was in a less favorable position compared to competitors due to its financial commitments.

Axon Enterprises – The Taser maker fell 6.8% after announcing a $500 million convertible notes offering.

Herbalife Nutrition – Shares of Herbalife slumped 20% after the company announced a $250 million convertible debt offering, the proceeds of which will be used for general corporate purchases and to buy back existing debt.

Semiconductor stocks – Semi stocks Advanced Micro Devices and Nvidia fell 4% and 3.1% respectively amid a broader selloff in the Nasdaq.

GitLab – Shares of GitLab rose 5% after the company reported better-than-expected earnings with a smaller loss than Wall Street anticipated. The company also issued a rosy outlook.

— CNBC’s Yun Li, Alexander Harring, Samantha Subin and Michelle Fox contributed reporting

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