Check out the companies making headlines in midday trading Thursday.
Meta Platforms — The Facebook parent slumped 22.4% after issuing weak guidance for the current quarter and missing earnings estimates for the third quarter. Meta Platforms also shared its second consecutive quarterly revenue, with its Reality Labs unit losing more than $9 billion, and got hit by a slew of analyst downgrades.
Caterpillar — Shares of the construction equipment maker jumped 8.2% following the company’s quarterly earnings report, which included beats on both the top and bottom lines. Earnings came in at $3.95 per share on revenue of $14.99 billion, compared to estimates of $3.16 per share on revenue of $14.33 billion, according to Refinitiv.
McDonald’s — The fast-food giant’s shares got a 2.8% lift after the company beat earnings expectations for its most recent quarter. Traffic is growing in U.S. restaurants, McDonald’s reported, even after raising prices.
Align Technology — The Invisalign maker saw its shares tumble 18% after it posted disappointing earnings for the most recent quarter. Align reported $1.36 per share in earnings on revenue of $890 million. Analysts expected $2.18 per share on revenue of $953 million, according to Refinitiv.
Credit Suisse — Shares of the Swiss bank plummeted 19.5% after Credit Suisse posted a greater-than-expected loss for the third quarter. Credit Suisse also shared a restructuring plan to overhaul its struggling business.
Sleep Number — Shares dropped 20% after Sleep Number issued a weak fourth-quarter outlook, citing softer demand and semiconductor supply chain issues.
Energy stocks — A slew of energy stocks rose midday as oil prices moved higher. Baker Hughes, Marathon Oil and Phillips 66 each gained more than 2$. Shell‘s stock gained 5.1% on a strong earnings report that showed the oil giant’s quarterly profits more than double year over year.
ServiceNow — The stock jumped 13% after ServiceNow surpassed earnings expectations in its most recent quarter. Separately, MoffettNathanson upgraded ServiceNow to outperform from market perform, saying the software stock could be a “new home” for mega-cap tech investors after its earnings results.
Comcast — The media giant’s stock rose 4.8% after topping analysts’ earnings expectations for the third quarter. Despite the topline beat, Comcast posted a slight revenue miss and a continuation of slowing growth in its broadband customer segment.
Teladoc Health – Shares of Teledoc Health jumped 7.8% after the company reported a narrower-than-expected loss for its most-recent quarter. The company also reported revenue that beat Wall Street’s expectations during the quarter.
Wolfspeed – Shares of Wolfspeed fell more than 18.8% after the semiconductor company gave a much weaker-than-expected forward guidance. The company forecast it will lose 12 cents per share on sales of $225 million in the current quarter, while Wall Street expected a loss of 1 cent per share on $252.5 million in sales.
Southwest — The airline added 2.5% after beating analysts’ expectations on the top and bottom lines for the recent quarter and indicating that travel demand remains strong. Southwest said it expects continued aircraft delays from Boeing into 2024.
Merck — Shares gained 2% after Merck topped Wall Street’s expectations on the top and bottom lines. The company posted earnings per share of $1.85 on revenues of $14.96 billion.
Honeywell — Shares rose 4% after Honeywell surpassed analysts’ expectations for the recent quarter. The industrial company cited growth in is commercial aerospace and advanced materials segments among the reasons for the strong period.
Shopify — The e-commerce company surged more than 16% after sharing a smaller-than-expected loss for the recent quarter.
AutoNation — AutoNation’s stock popped 7% despite an earnings miss. The automotive retailer topped revenue expectations, according to analysts surveyed by Refinitiv. The company also approved a $1 billion buyback but said prices for used vehicles are falling.
Boeing — Boeing shares surged more than 4% after Goldman Sachs lowered its price target on the aircraft manufacturer, but reiterated its belief in the company’s business. The new price target suggests shares could rally more than 80% from Wednesday’s close.
O’Reilly Automotive — O’Reilly Automotive shares gained 3.9% after the company posted third-quarter results that topped analysts’ expectations on the top and bottom lines. The company also raised its full-year guidance.
Stanley Black & Decker — The power tool maker’s stock dipped 2.6% after the company cut its full-year earnings per share forecast, overshadowing better-than-expected third-quarter earnings and revenue.
Keurig Dr Pepper — The beverage maker company lost 2.1% after missing Wall Street’s revenue estimates for the third quarter.
— CNBC’s Carmen Reinicke, Sarah Min and Tanaya Macheel contributed reporting
Disclosure: Comcast is the parent company of NBCUniversal, which owns CNBC.