Markets

Stocks making the biggest moves midday: American Airlines, Apple, Uber, FireEye & more

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Southwest Airlines flight 1117 from St. Louis lands at Boston Logan International Airport on March 13, 2019. (Photo by John Tlumacki/The Boston Globe via Getty Images)
John Tlumacki | The Boston Globe | Getty Images

Check out the companies making headlines in midday trading on Thursday:

American Airlines — Shares of American Airlines plunged 11%, leading drops among top U.S. airlines as travel declines from the coronavirus outbreak continue to worsen. Following American's decline, United Airlines fell 9%, Delta Airlines fell 8% and Southwest Airlines fell nearly 5%. Bernstein warned investors that airline stock declines go beyond the coronavirus outbreak, as the industry is "becoming a call on global recession."

Apple — Shares of the iPhone-maker fell nearly 3% after key supplier Foxconn reported its biggest year-over-year revenue drop since 2013. Foxconn cut production in China over fears of the fast-spreading coronavirus outbreak but said that output has returned to 50% of capacity.

Uber — Shares of Uber fell over 6% after the former head of the company's self-driving technology unit Anthony Levandowski filed for bankruptcy protection. Uber has said in financial filings that it expects to challenge paying the big judgment against its ex-employee Levandowski, who is fighting a federal indictment on charges of stealing trade secrets from Google.

FireEye — Shares of FireEye rose nearly 4% after Goldman Sachs upgraded the stock to a buy rating. The firm said it has a "greater level of confidence that FEYE is headed in the right direction for improvement."

Marvell Technology — The semiconductor company soared more than 13% after reporting strong quarterly earnings. Marvell posted earnings of 17 cents per share, topping estimates by a penny a share, according to Refinitiv. Revenue came in at $718 million, beating the $711 million forecast on the Street.

Zoom Video — Shares of Zoom rose nearly 9% after the videoconferencing software company reported earnings and guidance that beat analysts' expectations. Zoom reported fourth-quarter results of $0.15 a share and $188.3 million of revenue, above the $0.07 a share and $176.6 million that Wall Street expected.

Guidewire Software — The software company tanked 18% after giving weak third quarter earnings guidance, estimating a loss of 41 cents per share. Analysts polled by Refinitiv expected a profit of 22 cents per share. CEO Mike Rosenbaum also said in the earnings release that "growing interest in cloud-based systems is dampening self-managed demand, impacting our full-year outlook."

Marathon Petroleum — The energy company's stock dropped 11% after Reuters reported that Japan's Seven & i Holdings has decided to abandon its proposed $22 billion acquisition of Marathon Petroleum Corp's Speedway gas stations in the United States.

Carnival Corp. — Shares of Carnival Cruise plunged more than 14% after Princess Cruises, one of its subsidiaries, said one of its ships is being held off the coast of San Francisco to test passengers for coronavirus. The Center for Disease control told the company that it is investigating a cluster of virus cases in Northern California connected to a previous voyage of the ship. The cruise line's stock is now down more than 40% for the year.

Kroger — Shares of the grocery company rose over 8% following its quarterly earnings where it beat on the top and bottom line. Kroger reported earnings of 57 cents per share on revenue of $28.893 billion. Analysts expected earnings of 55 cents per share on revenue of $28.866 billion, according to Refinitiv. 

— Reuters and CNBC's Maggie Fitzgerald and Jesse Pound contributed to this report.

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