Stocks making the biggest moves midday: TSLA, INTC, DECK, CHTR
Check out the companies making headlines in midday trading: Tesla – The electric vehicle maker’s stock jumped more than 4% after Business Insider reported that Tesla’s robotaxi service will debut in San Francisco as soon as this weekend. Even with the move, Tesla shares are down nearly 3% week to date. Charter Communications — The cable operator’s shares fell almost 17%, and are on track for their worst day ever, after disappointing results. Charter Communications lost 117,000 broadband and 80,000 video subscribers in the second quarter . The news also hurt shares of other cable providers. Comcast fell nearly 5%, Altice was down about 9% and EchoStar slipped about 2%. Intel — Shares of the chipmaker dropped more than 9% after Intel said it will cut 15% of its workforce and scale back plans for chip factory construction in an attempt to revitalize its artificial intelligence strategy. The announcement came even as Intel topped second-quarter revenue expectations. Centene — The managed care provider rose 5% after posting mixed quarterly results that reflected membership declines across its Medicaid and Medicare businesses. Centene’s CEO said the company is “disappointed” by its performance and is “working with urgency and focus to restore our earnings trajectory.” Centene stock has fallen nearly 58% year to date. Newmont – The gold miner jumped 6% after reporting second-quarter adjusted earnings of $1.43 per share on revenue of $5.32 billion. That topped the FactSet consensus call for $1.16 per share in earnings and $4.85 billion in revenue. Newmont also said that it generated a record quarterly free cash flow of $1.7 billion and is on track to meet its 2025 guidance. Deckers Outdoor — The maker of UGG boots soared more than 13% after fiscal first-quarter results beat Wall Street’s expectations. Deckers earned 93 cents per share on revenue of $965 million, while analysts polled by LSEG had penciled in 68 cents per share and revenue of $901 million. Deckers cited higher-than-expected sales of its flagship brand, as well as its popular Hoka athletic shoes and sandals. Carvana — The online used-car retailer added nearly 2% on the back of an Oppenheimer upgrade to outperform from perform. The investment bank said Carvana’s “business model is now ‘humming,’ generating meaningful cash” while scaling up and capitalizing on industry demand trends. Paramount — The owner of CBS television slipped less than 1% after the Federal Communications Commission on Thursday approved an $8 billion merger between Paramount and Skydance Media. — CNBC’s Darla Mercado, Spencer Kimball, Pia Singh and Alex Harring contributed reporting. Disclosure: Comcast is the parent company of NBCUniversal, which owns CNBC.
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