Stocks making the biggest moves midday: Tesla, Capital One, Northern Trust, IBM & more

Market Insider

Elon Musk, chief executive officer of Tesla Inc., smiles while speaking to members of the media outside federal court in New York, U.S., on Thursday, April 4, 2019.

Natan Dvir | Bloomberg | Getty Images

Check out the companies making headlines in midday trading.

Tesla — Shares of Tesla continued their rapid climb on Wednesday morning, gaining nearly 6%. The jump comes as Wedbush analyst Dan Ives hiked his price target on the stock to $550 per share from $370 and said strong demand from China could send the stock even higher. The latest leg up puts the company across the $100 billion market cap.

Capital One Financial — Shares of Capital One Financial jumped more than 4% to become the best performer in the S&P 500 after the bank reported better-than-expected earnings and revenue in the fourth quarter. Capital One earned $2.49 per share in the quarter, topping analysts’ estimate of $2.37 per share, according to FactSet.

Northern Trust — Northern Trust’s stock tumbled more than 6% after reporting fourth-quarter earnings. The regional bank beat Wall Street expectations for revenue, but Piper Sandler said in a note to clients that higher than expected expenses would be a negative for the stock. The company reported 5% growth in noninterest expense, outpacing a 3% growth for revenue.

Zions Bancorp — Shares of Zions Bancorp fell more than 5% on Wednesday after the Utah-based bank reported that its average loan balance declined for the fourth quarter. The company saw its target price lowered by Wedbush and Raymond James, and it was downgraded to neutral from buy at Bank of America, according to FactSet.

IBM — IBM gained nearly 4% after it reported fourth-quarter results that beat analysts’ expectations. The technology company reported earnings of $4.71 per share on revenue of $21.77 billion, while analysts expected earnings of $4.69 per share on revenue of $21.64 billion, according to Refinitiv. Revenue growth was driven in large part by the company’s ongoing pivot into cloud services.

Boeing — Boeing slid 1.8% after Vertical Research downgraded it to a hold rating after the aerospace company said it doesn’t expect the 737 Max fleet to resume flying until mid-2020. Vertical Research Partners also lowered its target on Boeing to $294, which is 6% below where the stock currently trades.

Netflix — Shares of Netflix were down 2% after the company missed expectations for subscriber growth in the U.S. and Canada and gave a disappointing forward guidance. The company said price increases and increased competition were the reason for weaker than expected growth in the U.S. and Canada, but the streaming video giant did beat expectation for international growth.

Abbott Laboratories — Shares of the medical device company jumped more than 2% following its strong fourth quarter results. Abbott Labs’ earnings came in at 95 cents per share, matching Wall Street’s expectations. Revenue was $8.314 billion, topping estimates of $8.263 billion, according to Refinitiv.

Fifth Third Bancorp — Shares of Fifth Third Bancorp gained more than 1% after the bank reported fourth quarter earnings that beat analyst expectations. Profit came in at 96 cents per share, above the 72 cents that analysts had been expecting, boosted by strong fee revenue.

Johnson & Johnson — Shares of the pharmaceutical and consumer packaged goods company fell more than 1% after missing revenue expectations for its fourth quarter earnings. Johnson & Johnson reported revenue of $20.747 billion, below the $20.804 billion forecast by analysts, according to Refinitiv. The company beat earnings estimates by one cent.

— with reporting from CNBC’s Maggie Fitzgerald, Pippa Stevens, Jesse Pound and Sunny Kim.

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