Chevron, Tesla, Seagate Technology, United Rentals and more

Check out the companies making headlines in midday trading.

Seagate Technology — Shares of the data storage company surged 10.9% a day after Seagate posted beats on the top and bottom line for its fiscal second quarter. Seagate reported earnings of 16 cents per share on revenue of $1.89 billion. Analysts called for earnings of 10 cents per share on $1.83 billion in revenue, according to Refinitiv.

Chevron – Shares of the energy giant popped 4.9% a day after the company announced a $75 billion buyback and said that it would boost its dividend payout.

Tesla — Shares of the electric vehicle company soared 11% a day after Tesla posted quarterly results that were better than anticipated. The company beat analysts’ expectations on the top and bottom lines, according to Refinitiv.

Albemarle — Shares gained 3.1% after Piper Sandler initiated coverage of the stock at overweight, calling the stock a “lithium pure play on a going forward basis.”

United Rentals — The equipment rental company’s shares jumped 9.9% a day after it posted its latest quarterly results. Though United Rentals missed analysts’ expectations for per-share earnings, it was in-line with Wall Street’s forecasts for revenue, per FactSet. The company forecasted 2023 revenue to range between $13.7 billion and $14.2 billion, surpassing analysts’ estimates, according to FactSet.

EVgo — The electric charging company slid 0.3% following a downgrade by JPMorgan to neutral from overweight. The firm cited slower growth and higher capital intensity than it previously expected.

Steel Dynamics — The steel producer’s stock gained 10% after the company announced its fourth-quarter earnings. The company posted adjusted earnings of $4.37 per diluted share, compared to the $3.76 analysts forecasted, according to FactSet. Steel Dynamics also beat expectations for revenue.

ViaSat — The satellite company tumbled 7.8% following William Blair’s downgrade to market perform from outperform. William Blair said the company sees a more balanced risk-reward ratio for the stock following its outperformance so far in 2023.

Mobileye — The autonomous driving tech company saw its shares jump 6% after posting earnings and revenue that beat analysts’ expectations. Mobileye posted adjusted earnings of 27 cents per share on $565 million in revenue for the fourth quarter. Analysts forecasted earnings of 17 cents per share on $530.2 million in revenue, according to FactSet.

Peloton — The digital workout company added 3.4% after Bank of America reiterated the stock as a buy ahead of its earnings report next week. The firm said it expects modest upside on subscription and churn numbers and is hoping the company says it’s getting closer to having positive cash flows by 2024.

Las Vegas Sands — Shares of the hotel and casino company jumped 6.1% despite a weaker-than-expected fourth quarter. Las Vegas Sands reported an adjusted loss of 19 cents per share on $1.12 billion of revenue. Analysts surveyed by Refinitiv were anticipating a loss of 9 cents per share on $1.18 billion of revenue. However, management struck a positive tone about the outlook in Asia, specifically Macao, for 2023 as China lifts travel restrictions.

AT&T — The telecom stock dipped 2.1% on Thursday, giving back some of its post-earnings pop. The stock rose roughly 6.6% on Wednesday after reporting more wireless subscribers than expected for the fourth quarter.

Sherwin-Williams — Shares of the paintmaker slid 8.9% after reporting fourth quarter sales came in lighter than expected. Sherwin-Williams earned an adjusted $1.89 per share last quarter, topping estimates by 2 cents, according to Refinitiv. But the $5.23 billion in revenue was below expectations of $5.26 billion. Guidance for sales and earnings was also lighter than expected as the company warned of limited visibility in the back half of 2023.

IBM — Shares of IBM slipped 4.5% after the company reported quarterly earnings on Wednesday. The computing company also said it will cut 3,900 jobs, signaling potential weakness ahead. It also said it expects revenue growth on the low end of its mid-single-digit model in 2023.

Southwest Airlines — Shares of Southwest Airlines fell 3.2% after the company reported a $220 million net loss in the fourth quarter, partly due to the holiday debacle when it cancelled 16,700 flights. That cost the company millions in revenue.

Pfizer — Pfizer shares dipped 0.9% after UBS downgraded the pharma stock to neutral from a buy rating. The firm said estimates remain too high for the company’s Covid segment.

Levi Strauss — Levi Strauss shares gained 7.5% after the denim maker beat Wall Street’s estimates and shared optimistic sales guidance for the new fiscal year.

Tractor Supply — Shares gained 6% after the company reported fourth-quarter earnings and revenue before the bell that beat expectations. Tractor Supply’s EPS came in at $2.43 versus analysts’ estimate of $2.35 per share, according to Refinitiv.

— CNBC’s Michelle Fox, Alex Harring, Jesse Pound, Carmen Reinicke, Samantha Subin and Darla Mercado contributed reporting.