Stocks making the biggest moves midday: SolarEdge, Regions Financial, Merck and more

by | Oct 20, 2023 | Financial

Check out the companies making headlines in midday trading. Schlumberger — The oilfield services stock dropped 2% after third-quarter revenue missed Wall Street expectations. Schlumberger reported $8.31 billion in revenue for the quarter, below the consensus estimate of $8.33 billion from analysts polled by LSEG, formerly known as Refinitiv. Also, Schlumberger reported 78 cents in earnings per share, beating the analyst forecast by 1 cent. American Express — Shares slid 3% despite American Express reporting an earnings and revenue beat before the bell. Third-quarter earnings per share was $3.30, versus the $2.94 per share anticipated from analysts polled by LSEG. Revenue came in at $15.38 billion, versus the $15.36 billion expected. However, the company also increased its provisions for credit losses to $1.23 billion, a 58% increase from last year. Merck — Merck shares gained 2.7% after UBS upgraded the biopharmaceutical stock to a buy rating from neutral, saying investors are underestimating its strong treatment pipeline. Solar stocks — The solar sector fell broadly Friday, with the Invesco Solar ETF (TAN) declining 6%. Late Thursday, SolarEdge slashed guidance for third-quarter revenue, gross margin and operating income. SolarEdge tumbled nearly 30%, and peers Sunnova and Enphase Energy lost 8% and roughly 15%, respectively. Sunrun lost 5%. Regions Financial — Shares of the regional bank stock tumbled 11% after Regions reported earni …

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