The Stocks With the Biggest Midday Moves: American Express, Intel, Silvergate Capital and More

American Express shares soared 11% after the company issued strong earnings and revenue guidance for 2023 that topped Wall Street analysts' expectations. The company also said it would raise its dividend by 15%.

Intel's shares dropped nearly 7% after its latest financial results missed analysts' estimates and showed significant declines in the company's sales, profit and gross margin. The company also forecasted a loss for the current quarter.

Silvergate Capital, a crypto-focused bank, has seen its stock price fall sharply in recent months. The latest drop came after the bank announced that it was suspending dividend payments on its Series A preferred stock. Silvergate is trying to preserve capital amid volatile conditions in the crypto market. The stock has been falling since November, when the crypto exchange FTX, for whom Silvergate held deposits, collapsed in scandal.

Hasbro's shares tumbled 6.7% after the company warned of weak results for the holiday quarter. The company said it would cut 1,000 jobs, which is about 15% of its workforce.

Colgate-Palmolive's shares fell by more than 4% after the release of its latest earnings results. Although the consumer products firm beat consensus estimates from Refinitiv on both the top and bottom lines, its forecast for full-year earnings growth of low- to mid- single digits falls short of the 7.6% growth that analysts were expecting.

KLA's shares fell by about 5% after the company released a weaker-than-expected forecast for its fiscal third quarter. This guidance came despite the company reporting earnings that beat expectations on both the top and bottom lines.

Chevron's shares fell by nearly 5% after the company reported quarterly earnings that fell short of analysts' expectations. The company attributed the miss to asset writedowns and rising costs.

Chewy's stock prices rose by more than 4% after Wedbush upgraded their rating from neutral to outperform. Wedbush believes that Chewy will continue to do well in 2023 due to the steady demand for pet supplies.

Moderna's stock prices fell by approximately 2% after a Reuters report revealed that the European Union is currently in talks with Pfizer and BioNTech to lower the number of Covid-19 vaccine doses it has committed to purchasing this year, in exchange for paying a higher price per dose.

Visa's stock rose by more than 2% after the company reported better-than-expected earnings for its fiscal first quarter. Visa reported adjusted earnings per share of $2.18 on revenue of $7.94 billion. Analysts surveyed by Refinitiv had expected earnings of $2.01 per share on revenue of $7.7 billion. Visa's net revenue rose by 12% year-over-year, with total cross-border volume climbing by 22%.