Stocks making the biggest moves midday: Bank of America, Adobe, Workday and more

Market Insider

A Bank of America sign is displayed at the entrance of a branch in New York.

Jin Lee | Bloomberg | Getty Images

Check out the companies making headlines in midday trading:

Bank of America — Shares of Bank of America rose 2% after reporting third-quarter profit and revenue that beat analysts’ estimates. The bank’s consumer and advisory business offset weakness in its trading business. Consumer banking revenue rose 3% to $9.7 billion and the Wall Street trading division revenue fell 2% to $3.88 billion.

McKesson Corp., AmerisourceBergen, Cardinal Health — Shares of three major drug distributors jumped following a Wall Street Journal report that state and local officials could potentially reach a settlement with the companies. The three companies would collectively pay the $18 billion over 18 years as part of the deal. Shares of McKesson rose 6%, AmerisourceBergen jumped 5% and Cardinal Health rose 3%.

Progressive — Shares of Progressive fell more than 4% after the insurance company missed estimates on its third-quarter revenue. Progressive reported revenue of $9.621 billion, lower than the $9.646 billion expected on Wall Street, according to Refinitiv.

Achillion Pharmaceuticals — Shares of Achillion soared more than 70% on news that the pharmaceutical company will be acquired by Alexion Pharmaceuticals for an initial $930 million or $6.30 per share.

Adobe — Shares of Adobe were pressured by a downgrade to neutral from buy from Citi. The firm said it has concerns the software company can continue the financial momentum of the last five years. The stock fell 3.5%.

Workday — Shares of the software company slid more than 12% following the company’s analyst day on Tuesday. Stifel cut its target on the stock to $180 from $210, saying the “premium valuation” causes the firm to “remain on the sidelines.” Analysts at RBC also lowered their target to $212 from $225.

U.S. Bancorp — Shares of U.S. Bancorp rose 2% after the regional bank beat on the top and bottom lines of its third-quarter earnings. The firm reported earnings per share of $1.15 on revenue of $5.920 billion. Wall Street forecast earnings per share of $1.11 on revenue of $5.815, according to Refinitiv.

Bank of New York Mellon — Bank of New York Mellon shares rose 1% after it reported quarterly profit of $1.07 per share, beating the consensus estimate of 99 cents a share. Revenue came in lower than forecasts, as net interest revenue fell 18% from a year ago.

Interactive Brokers — Shares of retail broker Interactive Brokers fell 2.5% after missing on quarterly profit and revenue, in its first earnings report since dropping commission fees. The electronic broker missed estimates by 4 cents a share, with quarterly earnings of 45 cents per share. Revenue also fell short of estimates.

United Airlines — United Airlines rose more than 2% in midday trading after it raised its earnings forecast for 2019 as travel demand lifts its bottom line. CEO Oscar Munoz said in a release on Tuesday that the airline’s third-quarter performance puts it “ahead of pace” after topping estimates for the three months ended Sept. 30.

Tech Data Corp. — Shares of Tech Data surged 14% following reports from Reuters that the information technology equipment distributor has been approached by private-equity firm Apollo Global about a possible buyout.

—CNBC’s Pippa Stevens and Tom Franck contributed reporting.

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