VZ - Hot Stocks: VZ drops on downgrade; SQM falls on earnings news; EL KEYS rise

Verizon ( NYSE: VZ ) drew some of the spotlight in Thursday's midday trading. The stock dropped after receiving a bearish rating from MoffettNathanson.

Elsewhere, earnings news represented a major catalyst. Sociedad Quimica y Minera de Chile ( SQM ) declined after reporting a disappointing bottom-line figure. Meanwhile, Estee Lauder ( EL ) and Keysight ( KEYS ) both rose following their respective quarterly updates.

Decliners

Verizon ( VZ ) slipped in the wake of an analyst downgrade . Shares of the telecom giant dropped almost 3% in midday action after MoffettNathanson downgraded its rating on the stock to Underperform from Market Perform.

Analyst Craig Moffett argued that VZ will suffer from increased competition in the industry. He added that the firm has been the "biggest loser" from an aggressive promotional stance taken by AT&T ( T ).

Meanwhile, earnings news sparked a decline in lithium miner Sociedad Quimica y Minera de Chile ( SQM ). Shares dropped 9% in intraday action.

The company reported a substantial jump in its Q2 net profit, with the bottom-line total climbing to $859.3M compared to $89.8M last year. However, this figure came in below the amount analysts had projected.

Gainers

Estee Lauder ( EL ) received a boost from its latest earnings report. The company reported a quarterly profit that exceeded expectations by nearly 17%. Revenue also topped consensus, despite a nearly 10% dip from last year.

Shares climbed almost 3% in midday action. The advance took place despite cautious guidance, with the firm projecting 3%-5% sales growth for the year.

The release of financial figures also prompted buying in Keysight ( KEYS ). Shares rose 6% after the maker of electronics test and measurement equipment beat expectations on both its top and bottom lines.

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