Markets

Stocks making the biggest moves midday: UPS, Qualcomm, Valero, JPMorgan & more

A UPS truck on its' delivery rounds in Washington, DC.
Bill O'Leary | The Washington Post | Getty Images

Here are the companies making headlines in midday trading:

UPS — Shares of the delivery and logistics giant jumped more than 14% on the back of better-than-expected results for the previous quarter. UPS reported a profit of $2.13 per share on revenue of $20.46 billion. Analysts polled by Refinitiv expected earnings of $1.07 per share on revenue of $17.48 billion. The company said demand for home delivery drove the company's results.

Qualcomm — Shares of the semiconductor company soared on Thursday morning, gaining more than 15%, after the company reported better-than-expected earnings for its fiscal third quarter and announced a settlement and licensing agreement with Huawei. Qualcomm said its agreement with the Chinese telecom giant would generate roughly $1.8 billion in revenue from the settlement and the licensing for previous quarters. 

Valero, Occidental, ConocoPhillipsSagging oil prices weighed on major energy stocks on Thursday. Shares of Valero sank more than 5%, while Occidental and ConocoPhillips fell 7.4% and 5.8%, respectively. Valero and ConocoPhillips also released earnings results before the bell. 

Procter & Gamble — Procter & Gamble shares rose more than 2% after the company reported stronger-than-forecast results for the previous quarter. The company earned $1.16 per share, topping a Refinitiv estimate of $1.01 per share. P&G's revenue for the quarter also beat estimates. The company said a big driver for the strong results were cleaning product sales.

Teladoc — The digital health stock jumped 8.6% after beating forecasts for its second quarter results. The company also said it expects revenue to grow by 30% to 40% in 2021. KeyBanc Capital Markets called the report a "mic drop" and raised its target on the stock to $240 per share from $195. 

Morgan Stanley, JPMorganTreasury yields sank on Thursday following weak economic data, and bank stocks followed suit. Shares of Morgan Stanley and JPMorgan lost 3.2% and 2.7%, respectively. 

PayPal — The payments stock rose more than 4% after it beat expectations on the top and bottom lines for the second quarter and provided guidance above what analysts anticipated, according to estimates compiled by FactSet. The company said net new active accounts more than doubled compared with the same quarter in 2019. 

Eli Lilly — Shares of Eli Lilly slumped more than 5% after the company missed revenue expectations for the second quarter. The pharmaceutical company reported second quarter revenue of $5.5 billion, which was $256 million below what analysts surveyed by Refinitiv anticipated. The company's earnings did beat expectations, however. 

O'Reilly Automotive — Shares of the auto parts retailer jumped more than 5% after the company beat Wall Street expectations for the second quarter. O'Reilly reported earnings of $7.10 per share on revenues of $3.09 billion. Analysts surveyed by Refinitiv had expected $4.41 of earnings per share on revenues of $2.64 billion. The company said its comparable store sales grew by more than 16%. 

L Brands — Shares of the fashion retailer fell by more than 5% after Citi downgraded the stock to sell from neutral. The bank said in a note that the market was overestimating the potential for near term sales at Bath & Body Works. 

— CNBC's Fred Imbert contributed to this story.