Earnings news remained a key driver of trading during Tuesday's midday action. Phillips 66 ( PSX ) and Sony ( SONY ) both rallied on strong quarterly reports. Meanwhile, a disappointing revenue figure contributed to a sharp drop in Goodyear Tire & Rubber ( NASDAQ: GT ).
In other news, an analyst's upgrade sparked buying in Carvana ( CVNA ).
Gainers
Carvana ( CVNA ) jumped more than 12% in intraday action, bolstered by an upbeat analyst comment . J.P. Morgan raised its rating on the online car dealer to Neutral from Underweight, saying that the risks to the company are baked into its current stock price.
Analyst Rajay Gupta argued that the company will likely be able to avoid further capital raises before becoming self-funding. "We believe Carvana’s approach to retailing used vehicles has given it a multi-year head start in the online-only space of a fragmented used vehicle industry, allowing it to expand at a rapid pace," Gupta added.
Phillips 66 ( PSX ) represented another midday gainer, surging on the release of its quarterly results . The energy company surpassed expectations with its Q3 profit.
"Third-quarter results reflect a continued favorable market environment, as well as strong operating performance and improved market capture," Phillips 66 CEO Mark Lashier said. Based on the financial figures, PSX climbed 4% in intraday trading.
Sony ( SONY ) also rallied following the release of its quarterly results . Shares surged nearly 10% after the firm's revenue jumped 16% from last year. SONY also raised its 2022 forecast.
Decliner
The release of earnings news prompted selling in Goodyear Tire & Rubber ( GT ), falling by almost 13%. The tire maker exceeded expectations with its Q3 profit, but its revenue came up short .
The top-line figure was held back by unfavorable currency exchange. Meanwhile, tire volumes slipped 3% from last year. Looking ahead, the firm noted that conditions will "continue to be challenging," including ongoing headwinds from inflation.
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Hot Stocks: PSX, SONY rise on earnings news; GT drops; CVNA rallies on analyst upgrade