Stocks making the biggest moves midday: IBM, Coca-Cola, Wells Fargo, Devon Energy and more

Coca-Cola — Coca-Cola gained 2.3% after the beverage giant gave an optimistic view about its future. The company said it expects demand to improve moving forward after states eased quarantine and lockdown measures. For the second quarter, however, Coca-Cola reported a 33% year-over-year drop.

IBM — IBM shares rose 1% but closed down 0.25% on the back of better-than-expected quarterly results. The company posted an adjusted profit of $2.18 per share on revenue of $18.12 billion. Analysts polled by Refinitiv expected earnings of $2.07 per share on overall sales of $17.72 billion. IBM also said gross margins for three of its five main units increased.

Devon Energy — Shares of the independent oil and natural gas company jumped 10.5% after Simmons Energy upgraded the stock to an overweight rating. A jump in oil prices that pushed West Texas Intermediate crude futures to the highest level since March also lifted other names in the sector. Occidental, Apache and Halliburton all gained more than 10%, while Exxon and Chevron each traded 6% higher.

Wells Fargo — Shares of the bank climbed 6.6% after it announced Mike Santomassimo would become chief financial officer, replacing the retiring John Shrewsberry. Santomassimo was previously CFO at Bank of New York Mellon. Shrewsberry was CFO for six years, predating new CEO Charlie Scharf.

Amazon — Amazon stock fell 1.8% in midday trading after the e-commerce giant confirmed on Tuesday that it will delay its biggest shopping event of the year. In a statement, Amazon said it is delaying Prime Day while “ensuring the safety of [its] employees and supporting [its] customers and selling products.” Amazon sent an email to its third-party sellers earlier in the summer to use the week of Oct. 5 as a “placeholder date” for coupons.

UBS — Shares of UBS jumped 2.4% following its better-than-expected second quarter earnings. The Swiss lender reported a net profit of $1.23 billion, topping expectations of $973 million, according to Refinitiv. The profit was, however, an 11% drop year-over-year. 

Source: CNBC

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