Alphabet, Charles Schwab, State Street, Moderna and more make the biggest moves midday

‍State Street, M&T Bank

Despite disappointing earnings and revenue, State Street's shares dropped 11%. Based on Refinitiv's calculations, State Street posted earnings of $1.52 per share on revenues of $3.10 billion, while analysts had expected $1.64 per share on revenues of $3.12 billion. After M&T Bank reported top and bottom line results that beat expectations, its shares rose 5%. Tuesday's results from Bank of New York Mellon are expected to show a 5% drop.

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Enphase Energy, First Solar, SolarEdge Technologies

In the solar energy sector, Enphase led the gains with a 7.2% gain, followed by First Solar with a 5.4% gain and SolarEdge with a 4.3% gain. According to Piper Sandler, Enphase Energy could grow its top line by 40% in this year, increasing from neutral to overweight on Monday.

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Netflix

There was a more than 2% decline in shares of the streaming giant. In the wake of Tuesday's bell, the streaming giant is set to announce its latest quarterly results. Netflix was given a neutral rating by Credit Suisse on Monday, with its ratings cautious ahead of the company's earnings report.

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Alphabet 

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As a result of a New York Times report, Google parent shares dropped 3% after Samsung announced it is considering switching to Microsoft's Bing as the default search engine on its smartphones. During the March discussions, Alphabet was reportedly spooked, citing internal messages, and $3 billion was at stake.

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Charles Schwab

A better-than-expected earnings report on Monday helped Charles Schwab shares rise about 2.5%. According to Refinitiv, Schwab earned 93 cents per share, beating analysts' expectations of 90 cents per share. Analysts expected $5.12 billion in revenue from the company. As a result of Silicon Valley Bank's collapse, Schwab has been under pressure. According to Schwab, its loan-to-deposit ratio is low, which is a defense of its financial position.

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Prometheus Biosciences

Nearly 70% of Prometheus Biosciences' shares rose. Prometheus was acquired by Merck the day before for $10.8 billion. In addition to treating ulcerative colitis, Crohn's disease, and other autoimmune conditions, Prometheus is developing a treatment for diabetes. There was little change in Merck shares.

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Roblox

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With a loss of 11% at midday, the gaming company continued its sharp decline into the afternoon. This year, Roblox expects average bookings per daily user, or revenue, to decline on a year-over-year basis, according to its March metrics report.

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Moderna

On Monday, shares of the vaccine maker fell 7%. Merck's immunotherapy Keytruda is being used in the vaccine to reduce the risk of recurrence of melanoma skin cancer. The company reported encouraging results a day earlier.

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Lumentum

After JPMorgan upgraded the stock to overweight, the light and laser company gained 3.4%. Despite near-term demand challenges, the company's valuation may be too high.

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Okta

The cloud software company rose 3.8% Monday, boosted by a buy rating from UBS.

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