Significant Midday Stock Movements: WMT, CVS, WOLF

Explore the latest developments of prominent companies during midday trading on Thursday.

Cisco Systems — Shares of the renowned computer networking giant surged by 4% following the release of their postmarket earnings report that surpassed Wall Street’s expectations. The company’s adjusted earnings per share for the fourth quarter of their fiscal year exceeded analyst predictions, coming in at $1.14 compared to an expected $1.06. Additionally, their revenue reached $15.2 billion, surpassing the expected $15.05 billion.

Walmart — Despite beating estimates for the recent quarter and raising their full-year forecast due to substantial growth in grocery and e-commerce sectors, shares of the well-known big-box retailer experienced a slight decline of nearly 2%. Walmart reported adjusted earnings of $1.84 per share, which surpassed the expected $1.71. Furthermore, their revenue stood at $161.63 billion, exceeding the anticipated $160.27 billion.

Hawaiian Electric — Investors expressed concerns about the potential liability of the utility stock in relation to Maui’s wildfires, leading to a significant decline of 15% and setting a new 52-week low. According to a late Wednesday report from The Wall Street Journal, Hawaiian Electric is currently in discussions with firms specializing in financial restructuring.

CVS Health — The well-established pharmacy giant witnessed a decline of over 9% in its shares after Blue Shield of California terminated its partnership with CVS Caremark for pharmacy benefits. Instead, Blue Shield of California has decided to join forces with Mark Cuban’s Cost Plus Drugs and Amazon Pharmacy with the aim of helping members save on drug costs.

Coherent — Following a steep decline of nearly 30% on Wednesday, shares of the semiconductor stock rebounded by 3.9%. Coherent exceeded expectations in their fiscal fourth-quarter earnings report; however, their guidance for current-quarter and full-year earnings and revenue fell below analyst projections. Investment firm Rosenblatt has upgraded their rating on Coherent shares from neutral to buy, stating that the post-earnings sell-off was exaggerated and the weak full-year guidance should be seen as conservative.

Ball — The stock experienced a 3% increase on Thursday following the announcement that BAE Systems is acquiring Ball’s aerospace business for a cash amount of $5.55 billion.

Adyen — Europe’s rival to Stripe, Adyen, witnessed a decline of 36% during midday trading as the company reported lower-than-expected sales and a drop in profits during the first half of the year. This decline can be attributed to increased hiring and competition from rivals. Adyen’s reported revenue between January and June fell short of analysts’ expectations, amounting to 739.1 million euros, while the expected amount was 853.6 million euros based on Eikon data.

Wolfspeed — The semiconductor developer experienced a significant decline of 16% following their earnings report released after the closing bell on Wednesday. Wolfspeed reported an adjusted loss of 42 cents per share for their fiscal fourth quarter, missing the expected 20 cent loss per share according to Refinitiv.

VinFast Auto — Shares of the Vietnamese electric vehicle company plummeted by 18% during midday trading as the stock continues to find stability after its Nasdaq debut on Tuesday. The stock initially rose by over 250% in its first trading session after merging with a special purpose acquisition company, but it experienced a decline of nearly 19% on Wednesday.

América Móvil — The Mexican telecommunications stock recorded a gain of approximately 4% after Citi upgraded the company’s rating to buy from neutral in a note released on Wednesday. Furthermore, Citi increased its price target, suggesting over 26% upside from the closing price on Wednesday. The firm expects the recent pullback in the stock, caused by capital expenditures and sellers exiting due to an August MSCI rebalance, to subside in the short term.

— Contributors to this report include CNBC’s Jesse Pound, Tanaya Macheel, Alex Harring, Samantha Subin, and Michelle Fox Theobald.