A man walks past a Wells Fargo Bank branch on a rainy Washington morning.
Gary Cameron | Reuters
Check out the companies that are making headlines in midday trading.
Wells Fargo – Bank stocks rose 5.2% after Bloomberg News reported that Fed officials signaled Wells Fargo that they would approve the overhaul plan. Wells Fargo operated under a variety of restrictions, including an asset store related to its previously managed counterfeit accounts scandal.
Shopify – The ecommerce company’s stocks fell 3.3% even after profits and sales rose 3.3%. Shopify achieved an adjusted value of $ 1.58 per share in the fourth quarter, beating the consensus estimate of $ 1.26, according to Refinitiv. The company was one of the biggest pandemic winners when companies tried to move their businesses online. The stock rose 184% in 2020 and another 21% this year.
Palantir – The tech company’s shares rose 3% after upgrading from Goldman Sachs. The investment firm upgraded the stock to buy it from neutral. She said the visibility of business growth is improving and praised its efficiency. The increase follows a decline of more than 12% on Tuesday following Palantir’s latest quarterly report. Palantir’s shares closed 2.7%.
Chevron, Verizon – Chevron and Verizon stocks rose 3% and more than 5.2%, respectively, after SEC filings revealed that Warren Buffett had a $ 4.1 billion stake in Chevron and Berkshire Hathaway in the fourth quarter Bought $ 8.6 billion in Verizon stock.
La-Z-Boy – The furniture maker’s shares fell 5.7% after the company announced that third-quarter results were down year-over-year due to the impact of Covid-19. For the period, the company had 74 percent net profit per share on sales of $ 470.2 million. There were too few analyst estimates for any type of Street Consensus reading. The company also announced that its CEO will retire effective April 25th.
Vir Biotechnology – Vir Biotechnology shares rose 18.8% after it was announced that the Covid-19 antibody partnership with GlaxoSmithKline will expand to research therapies for other diseases.
DoorDash – Grocery delivery stocks fell 6.7% in midday trading even after an SEC filing revealed that the Tiger Global Management Fund bought more than a million DoorDash shares in the fourth quarter.
Choice Hotels International – Hotel stocks fell 3.6% after the company reported a loss in sales. Choice Hotels made 51 cents in the fourth quarter, less than a FactSet estimate of 64 cents. However, sales were above expectations.
AIG – The insurance giant’s shares rose 2.7% on better-than-expected quarterly results. According to Refinitiv, AIG posted earnings of 94 cents per share, 1 cent above estimates.
SolarEdge Technologies – Shares in the solar energy company rose 1% after releasing quarterly results that were stronger than forecast. SolarEdge earned 98 cents per share, beating a refinitive estimate by 11 cents. The company added it expects better sales in the US this quarter.
– with reports from CNBC’s Jesse Pound, Pippa Stevens, Yun Li and Rich Mendez.