Stocks making the biggest moves midday: SolarEdge, Regions Financial, Merck and more

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Check out the companies making headlines in midday trading.

Schlumberger — The oilfield services stock dropped 2% after third-quarter revenue missed Wall Street expectations. Schlumberger reported $8.31 billion in revenue for the quarter, below the consensus estimate of $8.33 billion from analysts polled by LSEG, formerly known as Refinitiv. Also, Schlumberger reported 78 cents in earnings per share, beating the analyst forecast by 1 cent.

American Express — Shares slid 3% despite American Express reporting an earnings and revenue beat before the bell. Third-quarter earnings per share was $3.30, versus the $2.94 per share anticipated from analysts polled by LSEG. Revenue came in at $15.38 billion, versus the $15.36 billion expected. However, the company also increased its provisions for credit losses to $1.23 billion, a 58% increase from last year.

Merck — Merck shares gained 2.7% after UBS upgraded the biopharmaceutical stock to a buy rating from neutral, saying investors are underestimating its strong treatment pipeline.

Solar stocks — The solar sector fell broadly Friday, with the Invesco Solar ETF (TAN) declining 6%. Late Thursday, SolarEdge slashed guidance for third-quarter revenue, gross margin and operating income. SolarEdge tumbled nearly 30%, and peers Sunnova and Enphase Energylost 8% and roughly 15%, respectively. Sunrun lost 5%.

Regions Financial — Shares of the regional bank stock tumbled 11% after Regions reported earnings per share of 49 cents for its third quarter, less than the 58 cents per share expected by analysts polled by StreetAccount. Net interest also fell short at $1.29 billion, versus the $1.32 billion expected. Other regional banks Zions and Fifth Third fell more than 5%. KeyCorpdropped 4.6%. Comerica also lost 6% despite posting better-than-expected quarterly results.

Knight-Swift Transportation — Shares of the transportation company soared 10%. Late Thursday, Knight-Swift beat estimates on the top and bottom lines in its third-quarter report. The company also said it sees full-year earnings of $2.10 to $2.20 per share, compared to estimates of $2.07 per share. CEO David Jackson said in a press release that the less-than-truckload market is showing relative strength.

Intuitive Surgical — Shares declined 2.6% after the surgical systems operator posted a revenue miss late Thursday. Revenue came in at $1.74 billion, versus the $1.77 billion expected from analysts polled by LSEG. However, adjusted earnings per share came in at $1.46, topping expectations of $1.41 per share.

— CNBC’s Alex Harring, Samantha Subin, Hakyung Kim and Michelle Fox contributed reporting.

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Stocks making the biggest moves midday: SolarEdge, Regions Financial, Merck and more

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