Stocks making the biggest moves midday: Tesla, IBM, American Express, AT&T and more
Check out the companies making headlines in midday trading.
Tesla — Shares tumbled nearly 9%. The action comes a day after the electric-vehicle maker reported net income and GAAP earnings for the first quarter that dropped more than 20% from the same quarter last year. CEO Elon Musk also suggested on the earnings call that Tesla would prefer higher volumes to higher margins.
IBM — The tech-based business services company's shares gained less than 1% after Moderna announced it would be teaming up with IBM to advance mRNA technology. Moderna said it would access IBM's quantum computing systems to accelerate the discovery of new mRNA vaccines.
American Express — The credit card company's shares fell nearly 2% after the firm reported an earnings miss. American Express posted earnings per share of $2.40 for the first quarter, below an estimate of $2.66, per Refinitiv. Its revenue did beat expectations, however.
Las Vegas Sands — Shares gained 5%. On Wednesday, the casino and resort company posted a beat on first-quarter earnings. Las Vegas Sands reported adjusted earnings of 28 cents per share, larger than the 20-cent consensus estimate of analysts polled by Refinitiv. The $2.12 billion in revenue was also ahead of Wall Street's expectation of $1.85 billion. Shares of Wynn Resorts rose 3.5%.
BuzzFeed — The penny stock shed 20% after the company said it would lay off 15% of its staff and shut down BuzzFeed News.
AT&T — Shares of the telecommunications giant slid 10% Thursday after it posted a beat on adjusted earnings but missed on revenue. The company was able to grow its subscribers, adding 424,000 postpaid phone plans, which matched Wall Street's expectations.
Zions Bancorporation — The regional bank lost 4.5%. The
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