Check out the companies making headlines in midday trading. Palantir – Shares of the data analytics provider rose more than 24% after the company reported revenue of $608.4 million for the quarter, while analysts surveyed by LSEG, formerly known as Refinitiv, reported $602.4 million had expected. The forecast for 2024 was roughly in line with expectations. Coherent – ​​Shares rose 17% after Coherent reported stronger-than-expected quarterly results. In the second quarter, the materials company posted a profit of 36 cents per share, more than analysts polled by StreetAccount expected 26 cents per share. Revenue came in at $1.13 billion, beating the consensus estimate of $1.12 billion. GE HealthCare Technologies – Shares of GE HealthCare Technologies rose more than 11% following better-than-expected earnings results. In the fourth quarter, the medical device company reported adjusted earnings of $1.18 per share, higher than the $1.07 per share expected by analysts surveyed by FactSet. Revenue came in at $5.21 billion, beating the consensus estimate of $5.09 billion. Li Auto – U.S.-traded shares of the Chinese electric vehicle maker rose 9% after Deutsche Bank upgraded the price to “buy” from “hold.” According to the bank, shares are at an attractive entry point after recent underperformance. Spotify Technology – Shares of the music streaming company rose 6% after the company’s price increase and cost-cutting measures helped limit losses in the fourth quarter. The number of paying premium subscribers also rose 15% to 236 million in the quarter, beating the FactSet consensus. DuPont de Nemours – Chemical stocks rose 6% after DuPont de Nemours reported quarterly profit that was at the high end of its previous forecast, announced a share buyback and increased its dividend. In the fourth quarter, the company reported adjusted earnings of 87 cents per share, compared with guidance of 85 cents to 87 cents per share. BP – Shares of the oil giant rose about 6.4% after BP increased the pace of its buybacks as well as its dividend. The company said it was committed to announcing a $3.5 billion share buyback in the first half of the year. However, BP reported a decline in annual profit. Willis Towers Watson – Shares rose 6% after Willis Towers Watson reported fourth-quarter results that beat analysts’ expectations for revenue and profit. The insurance services company reported adjusted earnings of $7.44 per share, beating the FactSet consensus estimate of $7.05 in earnings per share. Sales came in at $2.91 billion, above analysts’ expectations of $2.90 billion. Simon Property Group – Shares rose 5% after Simon Property Group posted a fourth-quarter gain and increased its dividend. The real estate investment trust reported funds from operations (FFO) of $3.69 per share, beating the StreetAccount estimate of $3.33 per share. The quarterly dividend was increased from $1.90 to $1.95. CleanSpark – Shares of the Bitcoin mining company rose more than 10% midday after the company announced it had acquired three Bitcoin mining facilities in Mississippi; a new mining facility in Dalton, Georgia; and it is expanding its existing Dalton campus. The mergers and expansions will help CleanSpark double its current operating hashrate, a measure of its computing power on the Bitcoin network, within the first half of this year, the company said. United Parcel Service – Shares rose 4.6% after UBS upgraded the delivery company to “buy” from “neutral.” The bank said it expects UPS to cut costs to support margin expansion and profit growth. UBS also raised its price target to $175 from $160, suggesting an upside of nearly 26% from Monday’s close. Check Point Software Technologies – Shares rose 2.4% after Check Point Software Technologies reported fourth-quarter non-GAAP earnings of $2.57 per share, beating the FactSet consensus estimate of 2.47 US dollar exceeded. Revenue of $663.5 million beat analysts’ expectations of $662.1 million. Check Point is also beginning the succession process to find a new CEO. The current boss Gil Shwed takes over the position of CEO. DocuSign – Shares of the software company fell more than 3% after DocuSign said it would lay off 6% of its workforce as part of a restructuring plan. The company also said it expects to “meet or exceed” its previous guidance for the previous quarter when those results are finalized and released. UBS – The Swiss bank’s U.S.-traded shares fell more than 5%. The bank posted losses for the second quarter in a row and saw its revenue fall short of analysts’ expectations. Meanwhile, the bank also increased its dividend and said it would resume share buybacks worth up to $1 billion in the second half of 2024. FMC – Shares of the chemical company fell 10% after FMC reported weaker-than-expected quarterly results and issued poor earnings guidance. FMC reported adjusted earnings of $1.07 per share on revenue of $1.15 billion. Analysts polled by FactSet expected earnings of $1.08 per share on revenue of $1.24 billion. The profit and sales forecast for the first quarter also fell short of expectations. Rambus – Rambus shares plunged 16% after the chipmaker reported a year-over-year decline in fourth-quarter sales. — CNBC’s Michelle Fox, Alex Harring, Hakyung Kim, Yun Li, Tanaya Macheel, Jesse Pound and Pia Singh contributed reporting.

Source : www.cnbc.com

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