Stocks Making the Biggest Moves Midday: IBM, Tesla, Crocs, Digital World Acquisition and More

Scott Mlyn | CNBC

Here are the stocks making notable moves in midday trading:

IBM – Shares of IBM lost 9% after it issued third-quarter results late Wednesday that included a revenue miss as well as a slight beat on earnings. Its top two business segments — global services and the Cloud & Cognitive Software business — fell short of estimates.

Tesla – The electric vehicle maker gained more than 3% after it posted record earnings and revenue for the third quarter that beat expectations. The results were driven by improved gross margins on its automotive business and overall.

Tenet Healthcare - Shares of the health care company rose nearly 7% after beating on the top and bottom lines of its quarterly results. Tenet reported earnings of $1.99 per share on revenue of $4.89 billion. Wall Street expected earnings of $1.02 per share on revenue of $4.81 billion, according to Refinitiv. The company said many of its hospitals' volume were at more than 90% of pre-pandemic levels during the third quarter.

Crocs - Shares of Crocs jumped about 9.9% after the shoe maker's third-quarter financial results crushed analysts' expectations. The company reported adjusted earnings of $2.47 per share on revenue of $626 million. Analysts surveyed by Refinitiv expected profit of $1.88 per share on revenue of $610 million. Crocs also raised its outlook for the full year and said it is managing the impacts of a global supply chain crisis well.

Blackstone - Shares of the private equity giant rose 2.7% after Blackstone beat expectations on the top and bottom lines for the third quarter. The company reported $1.28 in earnings per share on $3.04 billion in revenue. Analysts surveyed by Refinitiv expected 91 cents in earnings per share on $2.18 billion in revenue. Blackstone's total assets under management rose 25% year over year.

Quest Diagnostics - Shares of the medical testing company fell about 1.2% on Thursday despite reporting a stronger-than-expected third quarter. Quest tallied $3.96 in adjusted earnings per share, ahead of the $2.88 expected according to Refinitiv, and revenue also topped expectations. However, the company said it saw some temporary late-summer weakness in its base business.

Digital World Acquisition Corp. -- Shares of Digital World Acquisition soared more than 350% after news that former President Donald Trump's planned social media platform would go public via a merger with the special purpose acquisition company. Digital World Acquisition was the single most actively traded stock on the Fidelity platform Thursday morning and among the top most popular names on Reddit's WallStreetBets forum, a popular chatroom for retail investors.

CSX - Shares of the railroad rose 1.7% a day after reporting better-than-expected quarterly results, powered by in part by revenue gains in its chemicals and metals segments. CSX earned 43 cents per share, topping estimates by 5 cents, according to Refinitiv. The transport company made $3.29 billion in revenue, higher than the forecast $3.06 billion.

American Airlines - The travel stock added about 1.5% after American reported a third-quarter profit thanks to federal aid. Revenue improved but was still down 25% compared with the same period in 2019, before the pandemic.

Denny's - Shares of the restaurant chain jumped 5.5% after Truist upgraded the stock to buy from hold. The investment firm said Denny's is making good progress on returning to 24/7 service at its restaurants.

Krispy Kreme - The doughnut chain stock fell 5.7% after HSBC downgraded the stock to hold from buy. The investment firm said in a note that inflation and and an expiring lock-up could keep the stock from rebounding back toward its IPO price from July.

Snap-On - Shares of the industrial tools producer fell 6.8% even after Snap-On reported an adjusted $3.57 in earnings per share on $1.04 billion in revenue. Analysts surveyed by Refinitiv had penciled in $3.38 per share and revenue of $1.01 billion. Snap-On did not give forward sales or earnings guidance, citing uncertainty from the pandemic.

Tractor Supply - Shares of the specialty retail store rose 4% after Tractor Supply beat estimates on the top and bottom lines for the third quarter. The company reported $1.95 in earnings per share on $3.02 billion in revenue, compared to $1.66 per share and $2.86 billion expected, according to Street Account.

Pool Corp. -- The pool stock jumped more than 7% after the company's third-quarter earnings came in at $4.54 per share, ahead of the $3.87 expected by analysts, according to StreetAccount. Pool also raised its full-year earnings guidance.

-CNBC's Tanaya Macheel, Hannah Miao and Maggie Fitzgerald contributed to this report.

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