Stocks making the biggest moves midday: First Republic, Signet Jewelers, Snap and more
Check out the companies making headlines in midday trading.
First Republic Bank — Shares of First Republic erased earlier losses and were last up about 22%. Sources told CNBC’s David Faber that a group of major financial institutions, including Goldman Sachs and Citigroup, were in talks to deposit roughly $20 billion into the beaten-down regional.
Credit Suisse Group — The Swiss bank’s U.S.-listed shares were up 2.5% after it announced it will borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank. The stock is coming off a volatile trading session on Wednesday, during which it lost 13.9% after the Saudi National Bank, its largest investor, said it would not be able to provide additional funding.
UiPath — The stock surged 17.5% after the automation software company reported fourth-quarter adjusted earnings per share of 15 cents, beating the StreetAccount estimate of 6 cents per share. Revenue also topped expectations. After the results, UiPath was upgraded by Canaccord Genuity to buy from hold.
Signet Jewelers — Shares of the jeweler roared higher by 13% after the company posted earnings and revenue for the fourth quarter that beat analysts’ estimates. Signet also reported margins that were ahead of consensus and said it boosted its buyback by $263 million.
Snap — The Snapchat operator jumped more than 6% midday after Reuters reported that the Committee on Foreign Investment in the United States demanded that China’s ByteDance sell its interest in TikTok. A separate report by Bloomberg said TikTok is considering splitting from ByteDance if a deal with the U.S. fails.
Foot Locker — The athletic footwear retailer saw its shares climb about 5% after Telsey Advisory upgraded the stock to outperform and said it expects some tailwind benefits from a deeper focus on products, brand partnerships, retail footprint and ecommerce investments.
Adobe — The software maker saw its stock jump nearly 5% after the company reported fiscal first-quarter results that topped Wall Street estimates. Adobe also increased its projections for income and net new recurring revenue from its Digital Media business for the full year.
Progressive — The insurance provider’s shares rose 4% following an upgrade by Wells Fargo to overweight from underweight. Wells said the company has defensive attributes in a tough macro environment.
Motorola Solutions — The telecommunications equipment company gained 3% following an upgrade by JPMorgan to overweight from neutral. The Wall Street firm said the stock has fallen to levels that are attractive.
Occidental Petroleum — The oil stock rose about 2%, outperforming the S&P 500 energy sector after Warren Buffett’s Berkshire Hathaway snapped up 7.9 million shares of the company. The average price for the purchases from Monday through Wednesday was $59.17, totaling $466.7 million. Berkshire now owns 23.1% of Occidental.
LivePerson — The artificial intelligence company saw its shares plummet by more than 50% after posting weaker revenue for the fourth quarter and issuing full-year guidance that fell below Wall Street forecasts. Management cited a challenging macro backdrop for friction in its sales cycle.
— CNBC’s Michelle Fox, Jesse Pound, Sarah Min and Hakyung Kim contributed reporting