Midday Market Movers: Goldman Sachs, Morgan Stanley, Roblox, Alibaba and Beyond

Goldman Sachs shares fell more than 7% after the bank reported its worst earnings miss in a decade. Goldman Sachs missed analysts’ estimates on both the top and bottom lines, with loan loss provisions coming in higher than expected.

Morgan Stanley's stock rose 6% after the company reported fourth-quarter earnings that surpassed analyst expectations. The results were driven by record revenue from the bank's wealth management business and growth in its trading business. CEO James Gorman said he is more confident in the markets than the rest of Wall Street and believes that deal-making will return as soon as the Federal Reserve stops hiking interest rates.

Roblox's stock shot up 13% after the company's December metrics report showed strong growth in users and bookings. Roblox said its daily active users increased 18% from the previous year, while bookings rose 17-20%. Like other video game companies, Roblox uses "bookings" to refer to revenue.

Alibaba's share price fell by around 1.6% after the Wall Street Journal reported that activist investor Ryan Cohen had built up a stake in the company. The report said that Cohen's stake was worth hundreds of millions of dollars and that he was seeking more stock buybacks from Alibaba.

Travelers' stock took a hit after the company released preliminary fourth-quarter results that were below analysts' expectations. The company said it expects to incur higher losses from recent winter storms.

Despite reporting weaker-than-expected financial results for the fourth quarter, shares of Silvergate Capital surged by more than 10%. The stock has been sliding since November, and is already down 18% this year after crypto exchange FTX, a Silvergate customer, collapsed in scandal.

Carvana's stock rose more than 5% after the company announced it would adopt a tax asset preservation plan. This will enable Carvana to keep its net operating loss carryforwards available.

Roku's shares dipped 2.2% following Truist's downgrade to hold from buy. The firm said the streaming stock has a full valuation and the lowest visibility among peers.

Pfizer's stock dropped 3.13% after Wells Fargo downgraded the company to equal weight. The bank said that Pfizer will need to reset its business in light of the Covid pandemic.

Bloomin' Brands shares dropped 1.25% after being downgraded by Gordon Haskett to hold. The analyst cited the company's increasingly balanced risk/reward profile as the reason for the downgrade.

Snap's stock took a hit after JMP Securities downgraded the company from "market outperform" to "market perform." The research firm cited declining time spent on Snap and increased competition from Reels and YouTube shorts as reasons for the downgrade.

Global Payments is a leading provider of payment processing services and related technology solutions. The company's shares rose 3.2% after Morgan Stanley upgraded the company to buy, saying that the upcoming environment will favor incumbents and help shares gain. Global Payments has a strong track record of delivering innovative and reliable payment solutions to its customers, and we believe the company is well-positioned to continue its growth trajectory in the coming years.

Church & Dwight jumped 4.2% after Morgan Stanley upgraded shares of the company to buy. The firm expects a sharp turnaround in performance to boost shares of the consumer goods company in 2023.

Citizens Financial Group's stock slipped 2.3% despite posting solid quarterly results that met Wall Street's expectations.