Stocks making the biggest moves midday: Peloton, Harley-Davidson, Pfizer, Chegg and more
Check out the companies making headlines in midday trading.
Peloton — Shares of the fitness company soared 25.2% after the firm announced it's replacing its founder and CEO John Foley and cutting 2,800 jobs, or about 20% of corporate positions. Barry McCarthy, the former chief financial officer of Spotify and Netflix, will become CEO and president and join Peloton's board. The rally came even after Peloton slashed its financial outlook for the full year.
Harley-Davidson —The motorcycle maker's surged 15.4% after the company reported a surprise profit of 14 cents per share for its most recent quarter thanks to increased demand for its more expensive motorcycle model. Analysts expected a loss of 38 cents per share. The company also reported better-than-expected revenue for the quarter.
Pfizer — The vaccine maker's shares fell 2.8% despite the company reporting better-than-expected earnings for the fourth quarter and raising its full-year sales forecast for its Covid-19 vaccine. Pfizer also reported a revenue miss and issued weaker-than-expected full-year guidance for its most recent quarter.
Amgen — Shares of the biotech company rose 7.8% following the company's quarterly results. Amgen reported $4.36 per share excluding items, which beat analysts' estimates of $4.08, according to Refinitiv. It also missed on revenue, reporting $6.85 billion for the quarter, versus the expected $6.87 billion.
Carrier Global — The heating and cooling products maker saw its shares rise more than 2% before pulling back, after it reported earnings for the most recent quarter of 44 cents per share, which beat analysts' estimates by 5 cents, and quarterly revenue that topped Wall Street estimates.
General Motors — Shares fell 2.4% after Morgan Stanley downgraded the stock to equal weight from overweight and cut its price target on the stock to $55 from $75. The automaker did not meet Morgan Stanley's expectations for fiscal year 2022 earnings guidance. Morgan Stanley also voiced some concerns about GM's shift to electric vehicles.
Fiserv — The financial services technology company saw its shares fall 6% after it reported quarterly revenue that missed estimates slightly and issued full-year organic revenue guidance that was below estimates, according to FactSet.
Novavax — Shares of the drug maker tumbled 11.9% following a Reuters report that the company has only delivered about 10 million of the two billion Covid-19 vaccine doses it had planned to send around the world.
Chegg — The education tech company saw its shares jump 15.9% after it reported better-than-expected profit and revenue for its most recent quarter and issued a better-than-expected outlook. Chegg recorded earnings of 28 cents per share, beating earnings estimates by 4 cents.
Guess — The apparel company's shares rose nearly 7.6% after activist investor Legion Partners Asset Management called for the removal of its cofounders, Paul and Maurice Marciano, from its board, according to the Wall Street Journal. Legion reportedly said that allegations of sexual misconduct against them are threatening the company's turnaround efforts.
— CNBC's Yun Li and Hannah Miao contributed reporting