Here are the stocks making the biggest moves in midday trading.
Tesla – Shares of the electric vehicle company slid more than 2% during a volatile day of trading, which at one point saw the stock decline more than 12%. The leg lower follows heavy losses on Monday, and the stock is now down more than 10% for the week as investors rotate out of high-flying tech names.
Home Depot – The retailer beat top and bottom line estimates during the fourth quarter, but shares were down more than 3% on Tuesday after the company didn't issue guidance for 2021. Home Depot earned $2.65 per share on $32.26 billion revenue, compared to the expected $2.62 per share and $30.73 billion in revenue, according to estimates from Refinitiv. U.S. same-store sales jumped 25%.
AMC Entertainment – Shares of the movie theater chain jumped 17.6% on Tuesday after New York Gov. Andrew Cuomo announced that movie theaters in New York City could open with limited capacity next month.
Churchill Capital IV – Shares of the special purpose acquisition company tumbled more than 38% after Churchill announced that it would merge with Lucid Motors, an early stage electric vehicle company. A possible deal between the two companies had previously been reported. The companies also confirmed a delay in production for Lucid's vehicle.
Dish Network – Shares of the television company lost 3% after research firm Pivotal downgraded the stock to hold from buy. Pivotal said investors should be patient in waiting to see how Dish's wireless business performs.
Occidental Petroleum – The energy stock slipped 1.6% after Occidental's fourth-quarter results missed estimates on the top and bottom lines. The company reported a loss of 78 cents per share on $4.16 billion in revenue. Analysts surveyed by Refinitiv were expecting a loss of 59 cents per share on revenue of $4.37 billion.
Shopify – Shares of e-commerce company lost more than 7% after Shopify finalized an offering of Class A shares. The company priced 1.18 million shares at $1,315 apiece, resulting in gross proceeds of $1.55 billion.
Carnival – The cruise stock finished with a gain of 1.9% on Tuesday. Shares were down earlier in the session after the company announced a new stock offering. The company is selling roughly 40.5 million shares at $25.10 per share. Carnival said it would use the proceeds for general corporate purposes.
ZoomInfo – Shares of the marketing software company climbed 4.1% after ZoomInfo's fourth-quarter earnings beat expectations. The company earned an adjusted 12 cents per share during the period, while analysts surveyed by Refinitiv were expecting 10 cents per share. ZoomInfo's forward earnings guidance was also stronger than expected.
RealReal – Shares of the luxury consignment platform dropped more than 13% after a wider-than-expected quarterly loss. The RealReal lost an adjusted 49 cents per share for the fourth quarter, versus an estimate of a 42-cent loss. Its revenue also came in below expectations. Raymond James downgraded the stock after the earnings report to market perform from an outperform rating, saying recovery is already priced in.
Spotify – Shares of the music streaming company fell 3.9% after Atlantic Equities downgraded the stock to neutral from overweight on valuation concerns. The firm cited Spotify shares that have more than doubled over the past 12 month, trading at more than five times forward revenue. Meanwhile, it said there are fewer catalysts to drive shares higher as Spotify's focus shifts away from M&A to production.