Stocks making the biggest moves midday: Tesla, Chegg, Avis and more

Check out the companies making headlines in midday trading.

Avis Budget — Shares of the rental car company jumped nearly 100% after Avis Budget reported a huge earnings beat for the third quarter. The stock had abnormally short interest before the earnings report, which appears to have caused a squeeze as hedge funds try to cover their bets against the stock.

Chegg — Shares of the education technology company plunged 46% after the company delivered disappointing sales guidance, citing a slowdown in enrollment from the pandemic. Several Wall Street shops downgraded Chegg on Tuesday, including Morgan Stanley.

Tesla, Hertz — Tesla CEO Elon Musk tweeted on Monday night that the electric vehicle maker had not signed a contract with rental car company Hertz, after Hertz announced last week it would offer 100,000 Tesla cars by the end of 2022. Hertz said Tesla has already started delivering cars into its rental fleet. Tesla shares retreated 3.8% while Hertz shares gained 6.3%

Under Armour — Shares of the athletic retail soared more than 17% after raising its annual outlook.  Under Armour’s fiscal third-quarter earnings and sales topped analysts’ estimates, revealing the company is seeing progress in improving its brand image under CEO Patrik Frisk.

Pfizer — Shares of the pharmaceutical giant rose 5.3% in midday trading after beating on the top and bottom lines of its quarterly results. Pfizer also raised its 2021 revenue and EPS outlook.

Generac — Shares of the generator manufacturer fell 5% after it reported third-quarter adjusted per-share earnings and revenue that fell short of estimates, according to StreetAccount. Generac also said it plans to buy the smart thermostat maker Ecobee, if it hits certain performance targets. The cash-and-stock deal would be worth as much as $770 million.

McKesson — Drug distributor McKesson saw shares rise 5.5% after reporting quarterly results that beat consensus estimates. The company recorded earnings of $6.15 per share, trumping estimates of $4.66. It also topped revenue estimates, thanks to strong delivery numbers for specialty drugs and a government contract to distribute Covid-19 vaccines.

DuPont — Shares of DuPont gained 8.6% after the chemicals company beat expectations. The company posted earnings of $1.15 per share on revenue of $4.27 billion. Analysts expected a profit of $1.12 per share on revenue of $4.14 billion, according to Refinitiv.

Simon Property Group — Shares of Simon Property added 5.5% after the mall owner beat earnings expectations soundly. The company posted net income of $2.07 per diluted share versus the $1.09 per share consensus estimate via Refinitiv. The company’s revenue also came in higher than expected.

Clorox — Shares of the consumer products company rose 1.7% after posting stronger-than-expected results for the first quarter. The company reported $1.21 in adjusted earnings per share on $1.81 billion in revenue. Analysts surveyed by Refinitiv had penciled in $1.03 per share and $1.70 billion. Clorox also maintained its full-year guidance despite commentary around cost pressures.

Nutrien — Shares of the fertilizer company pulled back 4.4% despite a quarterly earnings beat. Nutrien posted adjusted earnings of $1.38 per share versus the StreetAccount consensus of $1.23 per share. The company also announced a quarterly dividend of 46 cents per share.

Marathon Petroleum — Shares of Marathon Petroleum retreated 4.1% despite the company beating Wall Street expectations on its top and bottom lines. Marathon said it is considering a sale of its Alaska refinery.

Global Payments — Shares of Global Payments fell 9.2% despite the financial technology firm topping earnings expectations. The company reported adjusted earnings of $2.18 per share on revenue of $2 billion. Analysts surveyed by StreetAccount expected a profit of $2.14 per share on revenue of $1.99 billion.

Estee Lauder — The cosmetics maker’s stock gained 4.7% after the company’s quarterly results beat Wall Street forecasts. Estee Lauder reported adjusted diluted per-share earnings of $1.89 for the quarter, compared to a $1.70 per share consensus estimate.

— CNBC’s Jesse Pound, Maggie Fitzgerald and Tanaya Macheel contributed reporting