Stocks making the biggest moves midday: Uber, Chegg, Dell, PacWest, SoFi & more

Check out the companies making headlines in midday trading.

Uber — Shares of the ride-hailing giant jumped more than 8% after the company reported first-quarter revenue that beat analysts’ expectations. Revenue for the quarter was up 29% year over year. CEO Dara Khosrowshahi said Uber is off to a “strong start” for the year.

Chegg — The education technology company plummeted more than 48% after the company said ChatGPT was hurting its growth. Chegg beat analyst expectations for the first-quarter, while offering underwhelming current-quarter guidance.

Icahn Enterprises — Carl Icahn’s conglomerate saw its shares fall more than 16% after notable short seller Hindenburg Research took a short position against the company, alleging “inflated” asset valuations, among other reasons.

Dupont de Nemours — Shares dropped 8% following the company’s weak guidance for the second quarter. Its adjusted earnings per share forecast of 84 cents fell short of the 88 cents expected by analysts polled by StreetAccount, while its revenue guidance of $3.02 billion was less than the $3.10 billion expected. Dupont cited a delay in the electronics market’s recovery.

Arista Networks — The cloud network stock dropped 15.1% after the company said it expects cooling spending and slowing growth from “cloud titans.” Still, the company did beat expectations for the quarter and provide strong guidance.

NXP Semiconductors — Shares of the chipmaker added more than 2% after the company beat analysts’ expectations for first-quarter revenue and operating income. Revenue guidance for the second quarter was better than anticipated as well.

Dell Technologies — Shares added 1% after being upgraded to overweight from equal weight by Morgan Stanley. The Wall Street firm believes the tech and PC company’s stock can rally 25.5% from Monday’s close as the personal computer market forms a bottom.

BP — U.S.-listed shares of the British energy titan tumbled 9% on news of slowed share buybacks. The energy company was able to beat analyst expectations for its first quarter.

HSBC — HSBC’s U.S.-listed shares gained 3% on strong quarterly earnings results and profit growth year over year. The global bank also announced an upcoming $2 billion share buyback program and restored its quarterly dividend.

Marriott International — The hotel operator rose 3.6% after beating earnings and revenue expectations for the first quarter, according to Refinitiv, and raising its full year guidance. The company highlighted strength in international markets and reported an increase in revenue per available room worldwide.

Diamondback Energy — The oil and gas stock lost 5.9%. Diamondback posted $4.10 in earnings per share, lower than the $4.33 consensus estimate of analysts polled by FactSet. But the company was able to narrowly beat on revenue, recording $1.93 billion against the Street’s estimate of $1.92 billion.

Shoals — The solar company slid 11% on the back of a downgrade by Barclays to underweight from equal weight. The firm said the company has a pricey valuation and potential for risk this year.

Quest Diagnostics — Shares slid 1.7% after Bank of America downgraded the health stock to neutral from buy, saying it has concerns about the deal for Haystack Oncology.

SoFi — Shares of the student loan refinancer fell 12% on Tuesday, building on their sharp losses from the previous session.. The company reported quarterly results a day earlier, and added $2.7 billion in deposits. Company executives noted on a call with investors that loans that originated in the fourth quarter would see t lower monetization levels than previously expected thanks to interest rate hikes despite higher demand.

PacWest — Shares fell more than 25% as the First Republic failure pressed regional banks. Western Alliance was another laggard with a loss of more than 20%.

— CNBC’s Yun Li, Tanaya Macheel, Michelle Fox, Samantha Subin, Brian Evans, Jesse Pound and Mike Bloom contributed reporting