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Here are some of the most notable stock movers in Wednesday morning action.
Stock gainers
Shares of AT&T Inc.
T,
and Verizon Communications Inc.
VZ,
were each up in morning action, with AT&T ahead more than 6% and Verizon up more than 4%. AT&T said in a Tuesday court filing that it would hold off on prior plans to remove lead-sheathed cables running underneath California’s Lake Tahoe amid recent reporting on the legacy cables, and analysts were encouraged by the latest update.
Carvana Co.‘s stock
CVNA,
rocketed 23% early Wednesday after the online auto retailer notched a sizable sales beat and announced a debt deal.
Shares of AAR Corp.
AIR,
rose more than 5% after the aviation-service company reported fiscal fourth-quarter results that beat analysts’ expectations, boosted by the continuing comeback in air travel.
Elevance Health Inc.’s stock
ELV,
was advancing 7% after the health insurer delivered earnings that beat the consensus view.
Shares of Cisco Systems Inc.
CSCO,
were advancing about 2% after JPMorgan upgraded the networking stock to overweight from neutral.
Rivian Automotive Inc. shares
RIVN,
were up nearly 3% after Mizuho boosted its target price on the electric-vehicle name to $30 from $27.
VMware Inc. shares
VMW,
were moving 7% higher in premarket action after the U.K.’s Competition and Markets Authority provisionally cleared Broadcom Inc.‘s
AVGO,
deal for the technology company.
J.B. Hunt Transport Services Inc. shares
JBHT,
were up about 1%, though the trucking, transportation and logistics provider reported second-quarter results that missed Wall Street’s expectations, amid weaker transportation demand.
Stock decliners:
Shares of Western Alliance Bancorp.
WAL,
fell 2% after the Phoenix bank narrowly missed Wall Street expectations for its second-quarter profits.
Shares of Interactive Brokers Group Inc.
IBKR,
slid nearly 3% after the online-trading company reported fiscal second-quarter results that fell short of analysts’ estimates.
Cinemark Holdings Inc.‘s stock
CNK,
was down about 4% after JPMorgan ended its bullish stance on the cinema name, citing the potential for an “overhang” related to Hollywood strikes.
GitLab Inc.‘s stock
GTLB,
slipped about 3% as the AI company named former Microsoft Corp.
MSFT,
executive Chris Weber as chief revenue officer and confirmed fiscal second-quarter and annual sales guidance.
Toast Inc.’s stock
TOST,
was sinking 12% after the restaurant-software company reversed course on a controversial fee.
Shares of United Community Banks Inc.
UCBI,
fell nearly 4% after the regional bank reported second-quarter results that came up short of estimates, as competition to attract new customers drove up costs.
Shares of Aurora Innovation Inc.
AUR,
slid 7% after the self-driving vehicle technology developer began a proposed public share offering of up to $200 million and agreed to a $600 million private sale to certain investors.
HighPeak Energy Inc.‘s stock
HPK,
was off about 3% after the oil-and-gas company announced a public stock offering that was priced at a steep discount.
Omnicom Group Inc. shares
OMC,
were down about 10%, pacing S&P 500 laggards, after the advertising giant posted a revenue shortfall. Shares of peer Interpublic Group of Cos.
IPG,
were off 4%.
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