Cognizant, American Airlines, Logitech and more

Los Angeles, CaliforniaJan. January 11, 2023 Flights are preparing for takeoff at LAX on January 11, 2023 following an FAA computer problem.

Carolyn Cole | Los Angeles Times | Getty Images

Check out the companies making headlines in midday trading.

Knowing — Cognizant’s shares rose 8% after the IT company raised its revenue guidance for the fourth quarter. In addition, Ravi Kumar S has been appointed CEO and member of the Board of Directors, effective immediately. Kumar was previously President of Infosys.

American Airlines — Shares rose more than 7% after the airline raised its fourth-quarter revenue and earnings estimates. American Airlines, which reported earnings Jan. 26, cited strong demand and high airfares for raising estimates.

Logitech International — The keyboard and mouse maker fell more than 16% after Logitech released preliminary results that showed declining sales and profits. For the quarter ended December 31, Logitech expects net sales to decline more than 20% year-over-year in US dollars. Operating income is expected to fall by more than 30%. CEO Bracken Darrell said in a statement that a slowdown in company sales was partly responsible for the results.

Disney — Disney shares rose 4.1% after the company announced Nike CEO Mark Parker as its new chairman. Additionally, the company defied Trian’s Nelson Peltz when he pushed for a seat on the board, sparking a proxy fight.

Hewlett Packard Enterprise — The IT giant fell 2.3% after acquiring startup Pachyderm, a startup that supplies software to automate reproducible machine learning pipelines targeting large-scale AI applications. Separately, Evercore ISI downgraded the stock to outperform on Thursday.

KB Home — Shares of the homebuilder stock fell 2.8% after earnings fell short of Wall Street’s expectations. The home builder reported earnings per share of $2.47, well below a StreetAccount forecast of $2.86. The company also warned of upcoming price cuts.

Tesla — Tesla fell 2% after a report The company’s plans to expand capacity at its Shanghai factory have been put on hold amid data concerns from China’s central government. According to Bloomberg, the expansion should initially begin in the middle of the year.

Energy Stocks – Energy stocks were among the top gainers in Thursday’s session as oil prices received an extended boost following US CPI data. Hess and Halliburton increased by more than 4%. SLB, Marathon Petroleum, Western Petroleum, Coterra and Devonian energy each advanced by more than 2%.

Caterpillar – Shares rose 2.4% to hit a 52-week high after JPMorgan added the maker to its focus list and said its margin-boosting potential is currently underappreciated.

bed bath beyond – Bed Bath & Beyond surged 18%, building on gains after a handful of meme stocks soared on Wednesday. The stock rose almost 69% on Wednesday.

– CNBC’s Michelle Fox, Samantha Subin, Carmen Reinicke, Alex Harring and Jesse Pound contributed coverage Cognizant, American Airlines, Logitech and more

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