Stocks making the biggest moves midday: Chegg, Hertz and Oak Street Health

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Check out the companies making headlines in midday trading Tuesday.

Pinterest — Pinterest shares tumbled 5% after the image discovery company posted mixed quarterly results. While its adjusted earnings per share of 29 cents was greater than Refintiv analysts’ estimate of 27 cents per share, its posted revenue of $877 million fell below the $886 million estimate. Companies that rely on ad revenue have struggled with demand amid a macro downturn.

Oak Street Health — Shares surged more than 30% after the Wall Street Journal reported CVS Health was close to an agreement to buy the primary-care provider for $10.5 billion.

Sweetgreen — Shares fell about 6% after Cowen downgraded the salad chain’s stock to market perform from outperform, citing “deteriorating value perceptions.”

Chegg – Chegg’s shares dropped more than 19% after sharing revenue guidance for the full year and first quarter that fell short of analyst expectations. The company also said it’s facing subscriber growth challenges.

Lockheed Martin – Lockheed Martin shares last traded about 1% lower despite an upgrade to outperform from underperform at Credit Suisse. The bank said the aerospace company should return to growth in 2023.

Skyworks Solutions — Shares of the semiconductor company climbed nearly 10% during midday trading after Skyworks reported adjusted earnings of $2.59 per share, meeting analyst expectations.

Hertz Global Holdings — Shares gained 8% after reporting a better-than-expected profit for the fourth quarter, lifted by strong demand for rental cars from leisure travelers. Auto shortages are also attracting car buyers.

Tyson — The food company’s stock fell 1.7% on Tuesday, continuing its decline in the wake of disappointing earnings. Goldman Sachs downgraded Tyson to neutral from buy, citing a decline in profitability across its sectors, most notably poultry.

ZoomInfo — Shares of the software company fell 1.7% following the company’s quarterly results for the latest period. ZoomInfo reported better-than-expected earnings and revenue, according to FactSet. However, the company’s revenue outlook for the first quarter and full year were lower than what analysts expected.

Baidu — Shares of the Chinese search engine company jumped 10.7% after the company said it will launch its own artificial intelligence chatbot. The reveal comes amid increasing popularity of Microsoft-backed ChatGPT and interest in a similar service recently announced by Google called Bard A.I.

Fiserv — Shares gained 6.8% after the fintech and payments company posted an increase in fourth-quarter revenue and earnings. Fiserv expects an organic revenue growth of 7% to 9% in 2023. 

Leggett & Platt — Shares fell 5% during midday trading after Leggett & Platt reported disappointing earnings after the market closed on Monday.

Zoom Video — Zoom shares jumped nearly 8% midday after announcing plans to cut 15% of its workforce.

— CNBC’s Tanaya Macheel, Hakyung Kim, Alex Harring, Samantha Subin, and Michelle Fox contributed reporting

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