Check out the companies making headlines on midday Thursday:
Signet Jewelers — Shares of Signet Jewelers plummeted more than 20 percent after reporting weaker-than-expected holiday sales. Signet, the parent company of brands like Kay and Zales, also slashed its outlooks for fiscal 2019 and the fourth quarter.
Morgan Stanley — The banking giant’s stock fell more than 5 percent and was on track to post its worst day since late May. The move down came after Morgan Stanley reported disappointing quarterly earnings and revenue on the back of weak trading sales.
CSX — The third-largest railroad operator fell 1 percent after issuing 2019 revenue guidance that was below analyst expectations. CSX said it expects sales this year to grow in the low single digits after expanding by 7.4 percent in 2018.
M&T Bank — M&T Bank reported better-than-expected earnings for the fourth quarter, sending the stock up more than 4.5 percent. The bank also posted stronger-than-forecast revenue.
Fastenal — Fastenal shares were on track to post their biggest one-day gain since July 11, rising 5.2 percent on the back of stronger-than-expected fourth-quarter results.
Keycorp — The company posted better-than-expected quarterly earnings and revenue, but its stock fell 3.7 percent amid weak loans growth and a lower-than-expected net interest margin.
Electronic Arts — Jefferies downgraded the video-game giant to hold from buy, citing slowing sales of the popular FIFA franchise as well as a slate of upcoming games that remains largely untested. EA shares pulled back 2 percent on the back of the downgrade.
PG&E Corp. — The embattled California-based utility rose as much as 18.3 percent before trading less than 1 percent higher around midday. PG&E’s jump came after BlueMountain, a hedge fund and a shareholder of the company, said declaring bankruptcy was not necessary.