Stocks making the biggest moves midday: Tesla, U.S. Steel, FedEx, AT&T and more
Check out the companies making headlines in midday trading. U.S. Steel — Shares dropped 8.6% Tuesday, the day after President-elect Donald Trump said he would stop Japan’s Nippon Steel from buying the Pittsburgh steelmaker. The deal was first reached in late 2023, but has faced political and labor opposition since. AT & T — The telecom stock jumped more than 4% after forecasting more than $18 billion in free cash flow in 2027. AT & T also set a three-year strategy, including includes plans to double its fiber internet availability and enhance its 5G network. Upstart Holdings — The artificial intelligence-powered lending marketplace climbed nearly 4% on the back of a Redburn Atlantic upgrade to buy. Redburn said the worst is behind the company and that the “best is yet to come.” Credo Technology Group — The maker of cable used in AI data center s soared 41% after posting strong fiscal second quarter earnings and issuing higher current-quarter revenue guidance. Credo earned an adjusted 7 cents per share on revenue of $72 million in the quarter just ended, while analysts polled by LSEG had forecast 5 cents and $67 million, respectively. Zscaler — The cloud security company posted in-line guidance for its fiscal second quarter revenue that disappointed investors, sending shares more than 3.5% lower. Zscaler exceeded analysts’ adjusted earnings and revenue estimates in its fiscal first quarter. PSQ Holdings — Shares surged 89% after the company announced that Donald Trump Jr. joined its board of directors. The appointment is effective immediately. Cleanspark — The bitcoin miner slipped 4.3% on weaker-than-expected revenue for fiscal year 2024 . Revenue came in at $379 million, below the $395 million consensus estimate of analysts surveyed by FactSet. Tesla — The electric vehicle maker slipped almost 2% after a Delaware judge blocked the reinstatement o f CEO Elon Musk’s $56 billion pay package. Tesla said it plans to appeal to ruling. South Korean stocks — U.S.-listed shares of South Korean stocks slumped after the country’s president declared martial law. They pared some of those losses, however, after parliament voted to lift the declaration and the president subsequently announced that he would lift the order. The iShares MSCI South Korea ETF (EWY) dropped 2.5%, while the Franklin FTSE South Korea ETF (FLKR) lost 1.9%. FedEx — The Memphis-based package delivery company slipped 3.3% after being downgraded at Bernstein to market perform from outperform. The investment bank cited uncertainty around meeting high expectations for the potential spin off of its less-than-truckload business. Ollie’s Bargain Outlet Holdings — The discount retailer fell 2.7% after a downgrade to equal weight from overweight at Wells Fargo. “The best time to own OLLI may have passed,” the bank said. “Mgmt has firmed up the foundation while capturing cyclical tailwinds, but the path forward seems trickier than appreciated and big picture questions linger.” — CNBC’s Jesse Pound, Sarah Min, Hakyung Kim, Pia Singh and Michelle Fox contributed reporting
