A man walks past a Wells Fargo Bank branch on a rainy morning in Washington.
Gary Cameron | Reuters
Look at the companies that make headlines in the afternoon trading.
Wells Fargo – Bank shares jumped more than 5% after Bloomberg News reported that Fed officials had indicated to Wells Fargo that they would approve the revaluation plan. Wells Fargo has acted under several restrictions, including an asset camp, related to its scandals for false accounts under previous leadership.
Shopify – The shares of the e-commerce business fell by 5%, even after earnings and revenue beat. According to Refinitiv, Shopify earned an adjusted $ 1.58 per share for the fourth quarter. The company was one of the biggest winners of the pandemic, as businesses wanted to move operations online. The share rose by 184% in 2020 and another 21% this year.
Palantir – Shares of the technology company rose nearly 3% on Wednesday following a Goldman Sachs upgrade. The investment firm upgraded the stock to buy from neutral, saying that the visibility of the company’s growth improves and its efficiency is praised. The rise follows a drop of more than 12% on Tuesday on the heels of Palantir’s latest quarterly report.
Chevron, Verizon – Shares of Chevron and Verizon rose nearly 2% and more than 4%, respectively, after SEC documentation revealed that Warren Buffett’s Berkshire Hathaway had a $ 4.1 billion stake in Chevron and $ 8.6 billion dollars in Verizon shares during the fourth quarter.
La-Z-Boy – The furniture maker’s shares fell more than 8% after the company said third-quarter results declined year-on-year due to the effects of Covid-19. For the period, the company reported earnings of 74 cents per share, excluding items, on revenue of $ 470.2 million. There were too few analyst estimates for any form of street consensus reading. The company has also announced that its CEO will retire from April 25.
For biotechnology – Shares of For biotechnology rose nearly 11% after announcing that its Covid-19 antibody partnership with GlaxoSmithKline will be extended to research therapies for other diseases.
DoorDash – Shares in the food delivery service fell 6% in afternoon trading, even after an SEC filing showed that Tiger Global Management Fund bought more than a million shares of DoorDash in the fourth quarter.
Choice Hotels International – Hotel inventory fell by more than 2.8% after the company missed out on revenue. Choice Hotels earned $ 51 cents in the fourth quarter, lower than a 64-cent FactSet estimate. However, his income came above expectations.
AIG – The insurance giant’s shares rose 1.6% after its better-than-expected quarterly results. According to Refinitiv, AIG earned earnings of 94 cents per share, 1 cent above the estimate.
SolarEdge Technologies – The shares of the solar power company rose by about 1% in the afternoon trading, following the announcement of the stronger than forecast quarterly results. SolarEdge earned 98 cents a share and beat an 11-cent Refinitiv estimate. The company added that it expects better sales in the United States this quarter.
– with coverage by CNBC’s Jesse Pound, Pippa Stevens, Yun Li and Rich Mendez.