A man walks past a Wells Fargo Bank branch one rainy Washington morning.
Gary Cameron | Reuters
Check out the companies that make headlines during afternoon trading.
Wells Fargo – Bank stock rose more than 5% after Bloomberg News reported that Fed officials had informed Wells Fargo that they would approve the overhaul plan. Wells Fargo is operating under several restrictions, including an asset camp, in connection with its fake accounts scandal under prior leadership.
Shopify – Shares of the ecommerce company were down about 5%, even after a profit and revenue increase. Shopify earned an adjusted $ 1.58 per share for the fourth quarter, beating the consensus estimate of $ 1.26, according to Refinitiv. The company has been one of the biggest winners of pandemics when companies wanted to move their operations online. The stock rose 184% in 2020 and another 21% this year.
Palantir – Shares of the tech company were up nearly 3% on Wednesday after an upgrade from Goldman Sachs. The investment firm upgraded the stock to buy from neutral, saying it improved visibility of the company’s growth and praising its efficiency. The rise follows a drop of more than 12% on Tuesday on the heels of Palantir’s latest quarterly report.
Chevron, Verizon – Shares of Chevron and Verizon were up nearly 2% and more than 4%, respectively, after SEC documents revealed that Warren Buffett’s Berkshire Hathaway held a $ 4.1 billion stake in Chevron and $ 8.6 billion in Verizon shares bought during the fourth quarter.
La-Z-Boy – Shares of the cabinetmaker fell more than 8% after the company said third-quarter results were down year over year due to the impact of Covid-19. For the period, the company reported earnings of 74 cents a share, excluding items, on $ 470.2 million in revenue. There were too few analyst estimates for any kind of street consensus measurement. The company also announced that its CEO will retire effective April 25.
Vir Biotechnology – Shares of Vir Biotechnology are up nearly 11% following an announcement that the partnership of Covid-19 antibodies with GlaxoSmithKline will expand to include research therapies for other diseases.
DoorDash – Shares of the food delivery service fell more than 6% during afternoon trading, even after an SEC filing revealed that Tiger Global Management Fund bought more than a million shares of DoorDash in the fourth quarter.
Choice Hotels International – Hotel share fell more than 2.8% after the company reported lost sales. Choice Hotels made $ 51 cents in the fourth quarter, down from a FactSet estimate of 64 cents. However, revenues were above expectations.
AIG – Shares of the insurance giant were up nearly 1.6% after better-than-expected quarterly results. AIG reported earnings of 94 cents per share, 1 cent above estimates, according to Refinitiv.
SolarEdge Technologies – Shares of the solar company were up about 1% during afternoon trading, following the release of better-than-expected quarterly results. SolarEdge earned 98 cents a share, beating Refinitiv’s estimate by 11 cents. The company added that it expects better sales in the United States this quarter.
– with reporting from CNBC’s Jesse Pound, Pippa Stevens, Yun Li and Rich Mendez.