Stocks making the biggest moves midday: United Airlines, CVS, Tesla, Citi, DocuSign and more
Check out the companies making headlines in midday trading. United Airlines , Boeing — United Airlines tumbled 9%. The action came after the Federal Aviation Administration said it would audit Boeing ‘s production line following the partial blowout of a Boeing 737 Max 9 during an Alaska Airlines flight. Boeing shares slipped 2% on the back of the probe. United said it already found loose hardware on planes of the same type. Delta Air Lines — Shares of the airline slid 8% after Delta trimmed its full-year profit outlook for 2024. Tesla — Shares of the electric vehicle maker slipped about 4% following price cuts on the Model 3 and Model Y in China. The company also said on Thursday that it would temporarily halt production at its factory in Germany over supply chain constraints stemming from attacks in the Red Sea. CVS Health — Shares slid 2.5% after the pharmacy chain said it was shuttering select pharmacies inside Target stores early this year. CVS didn’t disclose the number of closures, although The Wall Street Journal reported on Thursday that it would be in the “dozens.” UnitedHealth , Humana — The health insurance giant slipped 3.6% after its bottom-line results were pressured by increased medical costs, which management said was seasonal and due in part to Covid. UnitedHealth’s medical cost ratio came in at 85%, above the roughly 84% expectation. Still, the company beat Wall Street consensus forecasts on both lines in the fourth quarter. Shares of peer health insurance company Humana slid 3%. Wells Fargo — The bank stock fell more than 3% after Wells Fargo warned that its net interest income for 2024 could come in lower from the previous year. Separately, Wells Fargo posted fourth-quarter adjusted earnings and revenue that beat analysts’ estimates . Citi — Shares slipped more than 1% after the bank said it planned to slash 10% of its workforce following a disappointing fourth-quarter earnings report. DocuSign — Shares climbed more than 3% following a report that Bain Capital and Hellman & Friedman were among bidders to acquire the online signature company. Bank of New York Mellon — The New York bank advanced 3% after the firm beat on the top and bottom lines in the fourth quarter. Crypto stocks — Stocks that are linked to bitcoin fell as the cryptocurrency reversed most of its gains from its momentous exchange-traded fund week. Coinbase and MicroStrategy were lower by 6% and 8%, respectively. Even the miners extended big losses from Thursday. CleanSpark dropped 10%, and Iris Energy tumbled more than 12%. Marathon Digital slid 14% and Riot Platforms retreated 7% — CNBC’s Alex Harring, Michelle Fox, Hakyung Kim and Tanaya Macheel contributed reporting. Correction: An earlier version of this story incorrectly cited the driver behind Delta Air Lines’ decline. Shares fell after the company trimmed its earnings forecast for 2024. This post has been syndicated from a third-party source. View the original article here.
