Check out the companies making headlines in midday trading.
J.B. Hunt Transport Services — The transportation stock jumped 4% after executives said on an earnings call that they expect to see the freight market rebound in second quarter going into third quarter as inventory resets. The company reported fourth-quarter results fell short of analysts’ expectations on both top and bottom lines, according to StreetAccount.
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Chegg — Shares fell 15% after Needham downgraded Chegg to hold from buy, saying the online education company will have trouble reaching consensus for full-year revenue growth in Chegg Services, according to StreetAccount.
Microsoft — Shares of the technology giant moved 1% lower after it announced plans to cut 10,000 jobs through March 31 in an attempt to trim costs as economic uncertainties linger and growth slows. Microsoft also said it’s taking a $1.2 billion charge connected to lease consolidation and other activities.
Mobileye — Shares of the assisted driving company gained 8% after Deutsche Bank initiated coverage of the stock as a buy. The firm said Mobileye’s technology was superior and could help the company become a Tier 1 auto supplier.
Oatly Group — Shares of Oatly Group fell nearly 2%, losing steam after Mizuho upgraded the stock to buy from neutral. The firm said improving capacity should accelerate growth for the plant beverage company.
GoDaddy — Shares jumped more than 3% after Evercore ISI upgraded GoDaddy to outperform from in line, saying the firm has a “reasonably recession-resistant business model.”
Gap — Shares jumped 2% after Morgan Stanley upgraded Gap to equal weight from underweight, saying there’s “more upside than downside” at current levels for the stock.
PNC Financial Services Group — Shares of the midsized bank fell more than 5% Wednesday after PNC missed Wall Street estimates on the top and bottom lines. PNC reported $3.49 in adjusted earnings per share on $3.68 billion of revenue for its fourth quarter. Analysts surveyed by StreetAccount had penciled in $3.95 per share on $3.74 billion of revenue. Net income was down from the third quarter, in part due to a higher provision for credit losses.
YETI Holdings — Shares of the lifestyle outdoor brands company shed nearly 10% after being downgraded by Cowen to market perform from outperform. The Wall Street firm said e-commerce traffic trends were moderating.
Hancock Whitney — Shares fell more than 4% after the bank reported earnings that came mostly in line with expectations, but net interest income came in below expectations, according to StreetAccount.
— CNBC’s Michelle Fox, Jesse Pound, Alex Harring and Yun Li contributed reporting.