Stocks making the biggest moves midday: Intel, Gilead Sciences, Visa and more

Stock Market

An attendee wears a Genius VR headset at the Intel booth during CES 2019 consumer electronics show, January 10, 2019 at the Las Vegas Convention Center in Las Vegas, Nevada.

Robyn Beck | AFP | Getty Images

Check out the companies making headlines in midday trading.

Intel— Shares of Intel surged more than 7% after the semiconductor company beat on the top and bottom lines of its third-quarter revenue and have guidance above Wall Street’s forecast. The chipmaker reported earnings of $1.42 per share on revenue of $19.19 billion. Analysts forecast earnings of $1.24 on revenue of $18.05 billion, according to Refinitiv.

V.F. Corp— Shares of V.F. Corp tanked nearly 6% after reporting dismal third-quarter earnings. The Vans parent company reported earnings per share of $1.26, below the forecast $1.31 per share, according to Refinitiv. Revenue came in at $3.393 billion, lower than the expected $3.420 billion.

Gilead Sciences— Shares of the drugmaker fell 5% after it reported lower-than-expected sales of its cancer treatment Yescarta. Gilead’s earnings came in 1 cent above estimates, with a quarterly profit of $1.75 per share. The drugmaker’s revenue missed estimates slightly at $5.60 billion, according to Refinitiv.

Alaska Air Group—The airline rose more than 4% after reporting strong third-quarter earnings. Alaska Air earned $2.63 per share on revenue of $2.39 billion. Wall Street forecast earnings of $2.52 per share on revenue of $2.38 billion a share, per Refinitiv.

Visa— Shares of Visa rose nearly 2% after the company reported a third-quarter profit of $1.47 per share, 4 cents a share above estimates, according to Refinitiv. Revenue also beat analysts’ forecasts, boosted by more spending on debit and credit cards. The company announced a 20% dividend increase.

Amazon— Shares of e-commerce giant Amazon sunk 1.5% after the company reported that fell short of Wall Street’s expectations, as a return to a heavy investment cycle cut into the e-commerce giant’s profitability. Earnings per share were $4.23, lower than the Refinitiv estimate of $4.62. Amazon also gave dismal sales guidance for the holiday shopping season.

Charter Communications— Shares of Charter jumped more than 7% after the telecommunications firm posted third-quarter earnings and revenue that beat analyst expectations. Charter posted earnings per share of $1.74 on revenue of $11.45 billion. Analysts polled by Refinitiv expected a profit of $1.66 per share on revenue $11.41 billion.

Illinois Tool Works— Shares of the manufacturer rose more than 6%, an 18 month high, after reporting better-than-expected third-quarter profit. The company reported earnings of $2.04 per share, topping estimates of $1.94 per share, according to Refinitiv.

Phillips 66— Shares of the gas company rose more than 5% after it beat analysts’ estimates for quarterly profit. Phillips earned $3.11 per share, 52 cents above consensus, according to Refinitiv.

Illumina— Shares of the biotechnology company dropped more than 10% on mixed quarterly results. Illumina posted a profit of $1.93 per share, topping a Refinitiv estimate of $1.40. However, Cowen notes the company’s earnings were largely in line when excluding an upfront platform fee from Qiagen, a partner firm.

— CNBC’s Fred Imbert contributed to this report.

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