Stocks making the biggest moves midday: Chegg, Hertz and Oak Street Health
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Check out the companies making headlines in midday trading Tuesday.
Pinterest — Pinterest shares tumbled 5.2% on Tuesday after the image discovery company posted mixed quarterly results. While its adjusted earnings per share of 29 cents was greater than Refintiv analysts' estimate of 27 cents per share, its posted revenue of $877 million fell below the $886 million estimate. Companies that rely on ad revenue have struggled with demand amid a macro downturn.
Oak Street Health — Shares surged 29.7% after the Wall Street Journal reported CVS Health was close to an agreement to buy the primary-care provider for $10.5 billion.
Sweetgreen — Shares fell about 1.3% on Tuesday, recouping earlier losses, after Cowen downgraded the salad chain's stock to market perform from outperform, citing «deteriorating value perceptions.»
Chegg – Chegg's shares dropped 17.1% after sharing revenue guidance for the full year and first quarter that fell short of analyst expectations. The company also said it's facing subscriber growth challenges.
Lockheed Martin – Lockheed Martin shares lost less than 1% on Tuesday despite an upgrade to outperform from underperform at Credit Suisse. The bank said the aerospace company should return to growth in 2023.
Skyworks Solutions — Shares of the semiconductor company climbed nearly 12.5% after Skyworks reported adjusted earnings of $2.59 per share, meeting analyst expectations.
Hertz Global Holdings — Shares gained 7.5% after reporting a better-than-expected profit for the fourth quarter, lifted by strong demand for rental cars from leisure travelers. Auto shortages are also attracting car buyers.
Zoom Video — Zoom shares jumped nearly 9.9% on Tuesday after the company announced plans to
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