Midday Market Movers: Microsoft, Moderna, Mobileye, Chegg and More

J.B. Hunt Transport Services saw their stock increase by 4% after executives mentioned on an earnings call that they anticipate the freight market to recover in the second and third quarters due to inventory resets. StreetAccount reported that the company's fourth-quarter results were below what analysts had predicted in terms of both revenue and profits.

Moderna's stock prices increased by 2.7% the day after the biopharmaceutical company announced that their RSV vaccine is successful in protecting elderly people from the virus.

Needham recently downgraded Chegg's stock from a buy to a hold, causing the company's shares to drop by 15%. StreetAccount reported that Chegg may have difficulty reaching a consensus for their full-year revenue growth in Chegg Services.

Microsoft's stock dropped by 1% after the company declared its intention to reduce 10,000 jobs by the end of March in an effort to reduce expenses as the economy remains unstable and growth slows. Additionally, Microsoft revealed that it will be taking a $1.2 billion charge related to the consolidation of leases and other activities.

Shares of Mobileye, a company specializing in assisted driving, rose 8% after Deutsche Bank began covering the stock with a buy rating. The firm noted that Mobileye's technology was superior and could potentially make them a Tier 1 auto supplier.

Shares of Oatly Group dropped by almost 2% after Mizuho upgraded the stock from neutral to buy. The financial firm stated that the increased capacity should help to speed up the growth of the plant-based beverage company.

GoDaddy saw a surge in their stock prices of over 3% after Evercore ISI changed their rating of the company to outperform from in line. The analysts noted that GoDaddy has a business model that is relatively resistant to economic downturns.

Shares of Gap rose 2% after Morgan Stanley upgraded the company's stock to equal weight from underweight, noting that there is more potential for the stock to increase in value than to decrease at its current level.

On Wednesday, PNC Financial Services Group saw their stock drop more than 5% after their fourth quarter results failed to meet Wall Street expectations. The bank reported $3.49 in adjusted earnings per share on $3.68 billion of revenue, while analysts had predicted $3.95 per share on $3.74 billion of revenue. Net income was lower than the third quarter, partially due to a larger provision for credit losses.

YETI Holdings saw a significant drop in their stock prices, with nearly 10% being lost after Cowen downgraded their rating from outperform to market perform. Cowen cited a decrease in e-commerce traffic as the reason for the downgrade.

Hancock Whitney's stock dropped by more than 4% after the bank released its earnings report, which was mostly in line with what analysts had predicted. However, the net interest income was lower than what was anticipated, as reported by StreetAccount.