Stocks making the biggest moves midday: Allstate, AT&T, IBM, Tesla and more

Check out the companies making headlines in midday trading.

AT&T – The telecom giant’s stock jumped 7% after the company surpassed earnings and revenue estimates for the recent quarter. AT&T’s wireless revenue rose 5.6%.

Allstate – Shares of insurer Allstate fell 11% after the company said it would report a loss in the third quarter following Hurricane Ian, which struck in September and boosted catastrophe losses.

Tesla – Shares of electric automaker Tesla fell 6% Thursday, a day after the company reported third-quarter earnings that fell short of Wall Street’s expectations for revenue. Tesla also warned of a bottleneck for deliveries in the final week of the quarter but said it’s transitioning to a smoother delivery pace.

IBM – Shares of the technology conglomerate added 4.2% after beating top and bottom-line estimates for the recent quarter, posting adjusted earnings of $1.81 per share on $14.11 billion in revenue. IBM also upped its revenue growth outlook for the year.

Las Vegas Sands – Shares of the hotel and casino operator rose 5.3% after the company reported mixed third-quarter results, including a bigger-than-expected loss and revenue that beat analysts’ forecasts, according to Refinitiv. China’s Covid-19 policies have continued to put pressure on businesses in Macau.

Alcoa – Shares of the aluminum producer rose 4.6% even after the company reported an unexpected third-quarter loss on Wednesday. Higher costs and a drop in aluminum prices weighed on the company’s results.

Datadog – Shares of Datadog jumped 4.8% after Canaccord Genuity upgraded the company to buy from hold, saying the stock’s beaten down price is an attractive opportunity for investors to play in the cloud software sector.

Lam Research Corporation – Shares of Lam Research Corporation rose more than 5% Thursday after the company reported an earnings beat amid improving supply chains. Cowen also called their results “impressive.”

Freeport McMoRan – Shares of Freeport McMoRan jumped more than 3% after the mining company reported earnings Thursday. The company posted third-quarter per-share earnings of 26 cents on revenue of $5.00 billion, compared to analysts’ expectations of 24 cents per share in earnings and $4.88 billion of revenue, according to StreetAccount.

Vertiv Holdings — The former Emerson Network Power soared 12% after reports that activist investor Starboard Value bought a position.

Super Micro Computer — The IT provider raised its “sales forecast by 15% at the midpoint, with earnings rising 42% at the midpoint,” according to Wedbush Securities. Shares gained nearly 10%

Quest Diagnostics – Shares of Quest jumped 5.6% after reporting earnings that beat Wall Street expectations. The company reported third-quarter earnings per share of $2.36 versus the StreetAccount estimate of $2.19. Its $2.49 billion in revenue topped the $2.35 billion expected by analysts, thanks to performance rebounding from softer volume trends earlier in the year.

Nvidia – Shares jumped 2.8% after Piper Sandler reiterated the stock as overweight, saying the tech company had strong performance in business units while dealing with near-term headwinds from having excess inventory.

Nucor – Nucor climbed 3% after third-quarter per-share earnings topped its mid-September guidance and sales beat analysts’ estimates.

Union Pacific — The Omaha-based railroad fell more than 5.8% after third-quarter freight revenue and carload volume missed analysts’ estimates, as compiled by StreetAccount.

Knight-Swift Transportation Holdings — The Phoenix-based trucker fell more than 4.5% after third-quarter earnings per share and fourth-quarter guidance missed analysts’ estimates.

Landstar System — Shares rose more than 2.8% a day after the trucker posted Q4 EPS and revenue forecasts that topped analyst estimates.

American Airlines – Shares of American Airlines fell 2.5% after the company reported earnings that beat Wall Street’s expectations and forecast a fourth-quarter profit, thanks to strong travel demand.

Kinder Morgan — Shares declined 3.9% after the oil and gas pipeline operator reported third-quarter per-share earnings results that missed analysts’ expectations, according to consensus estimates on StreetAccount. Kinder Morgan cited lower gasoline and diesel volumes in the quarter. The company otherwise beat on revenue forecasts.

— CNBC’s Samantha Subin, Sarah Min, Scott Schnipper, Alex Harring, Tanaya Macheel and Michelle Fox contributed reporting