Stocks making the biggest moves midday: Carvana, Goldman Sachs, and AT&T

A used Carvana vending machine in Miami, May 11, 2022.

Joe Riddle | Getty Images

Check out which companies are making headlines in the midday trading.

Carvana — Shares rose nearly 30% after the used car retailer reached a deal that will reduce its total outstanding debt by more than $1.2 billion. The agreement will remove more than 85% of unsecured bond maturities for 2025 and 2027 and reduce required cash interest expense by $430 million annually for the next two years.

Goldman Sachs – The banking giant advanced 1.6% despite the expectations of analysts Refinitiv polled for earnings and revenue. Goldman said the profit loss was related to downgrades in the commercial real estate business and the sale of its GreenSky lending unit.

Joby Aviation Shares sank more than 13% after JPMorgan downgraded the electric plane maker to an underweight, calling its recent stock performance “grossly overrated.”

Omnicom — Shares fell 10.7% after the marketing and communications company missed revenue expectations, reporting $3.61 billion in the second quarter versus analyst expectations of $3.67 billion in a FactSet survey. The company beat earnings expectations by 1 cent at $1.81 a share.

Adequacy Health — The stock rose 6% after Eligibility Health beat analyst expectations in its second-quarter results. The health insurer reported adjusted earnings of $9.04 per share, better than consensus estimates of $8.78 per share, according to FactSet. Revenue came in at $43.38 billion, compared to an expected $41.64 billion. In addition, Elephant said medical enrollment was up by 938,000 members year-over-year. It also raised its guidance for the full year, which also beat expectations.

Northern Trust – Northern Trust jumped more than 14% after earnings were reported. The regional bank reported earnings of $1.56 per share, down 16% from the same quarter in the previous year. It reported total revenue of about $1.8 billion, down 1% from the year-ago period.

Interactive Brokers Shares fell 3.5% after the online broker missed earnings estimates. The company posted adjusted earnings per share of $1.32 for the second quarter, under a consensus estimate of $1.40 per share from analysts surveyed by Refinitiv.

JB Hunt Transport Services Transportation and logistics stocks rose 1.5% despite a disappointing quarterly report. JB Hunt reported earnings per share of $1.81 at $3.13 billion, while analysts polled by Refinitiv estimated earnings per share of $1.92 on revenue of $3.31 billion.

Western Alliance Bancorporation Shares of the regional bank rose 1.2%, erasing a pre-market loss after the bank’s mixed second-quarter earnings announcement Tuesday after the bell. The company reported earnings of $1.96 per share on revenue of $669 million. Analysts estimated earnings of $1.98 per share and revenue of $652 million, according to Refinitiv. The bank also reported an increase in deposits during the quarter.

AT&T – Communications stock rose 7.8%. Stocks have been under pressure in recent days after a Wall Street Journal investigation found Miles of lead cable in the usa AT&T said Tuesday that it has no plans to remove cables from Lake Tahoe. Argus downgraded the stock to buy from hold, citing concerns about the cables.

Qualcomm — Shares rose 2.8% after JPMorgan added the stock to its focus list and said it was one of the company’s best growth ideas.

Cisco — Shares of the enterprise technology company rose 1.4% after JPMorgan upgraded Cisco to overweight from neutral. The investment firm said the slowdown in demand for Cisco products is likely to be coming to an end.

Charles Schwab – The financial stock rose 1.9% after JPMorgan added the stock to its focus list following its earnings report, citing improved fundamentals.

Amazon – The e-commerce giant traded 1.6% higher after Bank of America reiterated that the stock represented a buy, saying it was optimistic about earnings.

ServiceNow Software stock jumped 1.8% to a 52-week high after Bank of America reiterated that the company was a top pick. The Wall Street firm said its channel scans indicated healthy deal activity in the second quarter amid easing overall pressure.

— CNBC’s Samantha Sobin, Hakyung Kim, Sarah Min, Jessie Pound, Michelle Fox and Yoon Lee contributed reporting.