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Check out the companies making headlines in midday trading Wednesday:
Lumen Technologies — Shares fell 22.5% after the cloud network data company reported a fourth-quarter loss of about $3.1 billion. Its earnings guidance for the year also came in below StreetAccount estimates.
Alphabet — Shares of Google’s parent company dropped 7.5% after the company held an event to show off its new artificial intelligence chatbot called Bard, one day after competitor Microsoft held an event to show off AI technologies in its competing search engine.
CVS Health — CVS Health gained 4.6% after the company surpassed profit and sales expectations in its latest quarterly results. The pharmacy operator reported earnings of $1.99 per share on revenue of $83.8 billion. Analysts polled by Refinitiv were forecasting earnings of $1.92 per share on revenue of $76.21 billion. Separately, CVS Health said it would acquire primary care company Oak Street Health in a transaction valued at $10.6 billion.
The New York Times Company — Shares for the media organization popped more than 14% after its fourth-quarter earnings beat analyst estimates. The company reported earnings of 59 cents per share, which was greater than a Refinitiv estimate of 43 cents per share. CEO Meredith Kopit Levien said the company gained more than 1 million digital-only subscribers in 2022.
Tripadvisor — The online travel company jumped 4.3% after being double upgraded by Bank of America to buy from underperform. The bank cited accelerating growth within Tripadvisor’s experiences booking platform, Viator, and strong U.S. demand.
Under Armour — The athletic apparel retailer fell 7.9% despite posting earnings and revenue that beat Wall Street’s expectations. Under Armour’s results were overshadowed by a 50% year-over-year increase in inventory. “That 50% increase is a big number, but when you actually look at the amount of inventory we’re now holding, we’re holding the…
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