A man walks past a Wells Fargo Bank branch on a rainy morning in Washington.
Gary Cameron | Reuters
Check out the companies that are in the headlines for midday trades.
Wells Fargo: The bank’s shares rose more than 5% after Bloomberg News reported that Fed officials had signaled to Wells Fargo that they would approve its review plan. Wells Fargo has been operating under various restrictions, including an asset field, related to its fake accounts scandal under previous leadership.
Shopify: Shares of the ecommerce company fell about 5% even after an improvement in earnings and revenue. Shopify earned an adjusted $ 1.58 per share for the fourth quarter, beating the consensus estimate of $ 1.26, according to Refinitiv. The company has been one of the biggest winners from a pandemic as companies sought to move their operations online. The stock soared 184% in 2020 and another 21% this year.
Palantir – Shares in the tech company rose about 3% on Wednesday after a Goldman Sachs update. The investment firm upgraded shares to buy from neutral, saying the company’s growth visibility was improving and praising its efficiency. The increase follows a drop of more than 12% on Tuesday following Palantir’s latest quarterly report.
Chevron, Verizon – Shares of Chevron and Verizon rose nearly 2% and more than 4%, respectively, after SEC filings revealed that Warren Buffett’s Berkshire Hathaway bought a $ 4.1 billion stake in Chevron and $ 8.6 billion in Verizon shares during the fourth quarter.
La-Z-Boy: The furniture maker’s shares fell more than 8% after the company said its third-quarter results declined year-over-year due to the impacts of Covid-19. For the period, the company reported a 74 percent profit per share excluding items, on $ 470.2 million in revenue. There were very few analyst estimates for any kind of Street consensus reading. The company also announced that its CEO will be retiring effective April 25.
Vir Biotechnology: Vir Biotechnology shares increased nearly 11% after an announcement that its Covid-19 antibody partnership with GlaxoSmithKline will be extended to investigational therapies for other diseases.
DoorDash: Food delivery service shares fell more than 6% in midday trading, even after a filing with the SEC showed that the Tiger Global Management Fund bought more than one million DoorDash shares in the fourth quarter.
Choice Hotels International: Hotel shares fell more than 2.8% after the company reported a loss of revenue. Choice Hotels earned $ 51 cents in the fourth quarter, less than a FactSet estimate of 64 cents. However, their income exceeded expectations.
AIG – Shares of the insurance giant rose about 1.6% after its better-than-expected quarterly results. AIG reported earnings of 94 cents a share, 1 cent above estimates, according to Refinitiv.
SolarEdge Technologies: Solar energy company shares rose roughly 1% in midday trading, following stronger-than-expected quarterly results. SolarEdge earned 98 cents a share, beating a Refinitiv estimate by 11 cents. The company added that it expects better sales this quarter in the United States.
– with information from CNBC’s Jesse Pound, Pippa Stevens, Yun Li and Rich Mendez.