Stocks making the biggest moves midday: Paramount Global, Spotify, BlackBerry, CarMax and more

Published Thu, Dec 21 202312:58 PM ESTUpdated Thu, Dec 21 20234:03 PM EST

Check out the companies making headlines in midday trading. Spotify — The streaming music stock gained 2.2% after Pivotal Research upgraded Spotify to buy from hold. The Pivotal note said the firm sees a "renewed focus on financial discipline" and it anticipates Spotify will center more on generating free cash flow going forward. Paramount Global , Warner Bros. Discovery — Shares of media conglomerates Paramount and Warner Bros. were 2.7% and 1.4% lower, respectively. A day earlier, CNBC reported that both companies were engaged in preliminary talks for a potential merger. Cava — Shares of the restaurant chain gained about 4.1% after Wedbush upgraded the stock to outperform from neutral. Micron — The semiconductor stock popped 8.6% on the back of a strong quarterly finance report and outlook. Late Wednesday, Micron exceeded expectations of analysts polled by LSEG on both lines in the first fiscal quarter, while also offering positive guidance for the current quarter. The Cheesecake Factory — Shares ticked up 2.3% following an upgrade to outperform from Wedbush, with the firm highlighting the company's exceptional transaction growth outperformance compared to peers. BlackBerry — Stock in the cybersecurity company fell 13% after BlackBerry issued lower-than-expected fiscal fourth-quarter revenue guidance. CarMax — Shares of the car dealer added 5.2%. CarMax posted an earnings beat for its fiscal third quarter. The company also said it would reinstate its stock repurchase program. Salesforce — Salesforce shares gained 2.7% after Morgan Stanley upgraded the software company to an overweight rating, citing a "bridge to better growth" in 2024. The firm also views Salesforce's data cloud as critical in progressing the company's generative artificial intelligence-related apps. Carnival — Shares of the cruise operator Carnival jumped nearly 6.2% after the company reported a smaller-than-expected loss for the fiscal fourth quarter. Carnival posted an adjusted loss of 7 cents per share for the past quarter, compared to an estimate of a loss of 13 cents, per LSEG. Revenue came in at $5.4 billion for the quarter, higher than analysts' estimate of $5.31 billion. Paychex — The payroll services provider fell 7% after posting fiscal second-quarter revenue that came in slightly below the Street's expectations. Paychex reported revenue of $1.26 billion, while analysts polled by FactSet called for $1.27 billion. Adjusted earnings came in at $1.08 per share, beating estimates by 1 cent. — CNBC's Yun Li, Alex Harring, Jesse Pound and Samantha Subin contributed reporting.