Stocks making the biggest moves in the afternoon: Goldman Sachs, Morgan Stanley, Roblox, Alibaba and more

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Brendan McDermid | Reuters

Check out the companies making headlines during midday trading.

Goldman Sachs — Shares of the Wall Street investment bank fell more than 7% after it reported its worst earnings bust in a decade. Goldman Sachs missed analyst estimates for both the top and bottom lines, with loan loss provisions coming in higher than expected.

Morgan Stanley— Bank shares rose 6% after the company reported fourth-quarter earnings that beat Wall Street expectations. Results were boosted by the bank’s record sales in asset management and the growth of its trading business. CEO James Gorman said he is more confident in the markets than the rest of Wall Street, and sees a return of deal-making once the Federal Reserve stops raising interest rates.

roblox – Shares of the video game company rose nearly 13% after Roblox’s December stats report showed solid growth for users and bookings. The company said the number of daily active users is up 18% year over year, while bookings are up 17% to 20%. Roblox and other video game companies call revenue bookings.

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alibaba — The Chinese e-commerce giant fell about 1.6% after the Wall Street Journal reported that activist investor Ryan Cohen had built a stake in the company. The report said Cohen’s stake was worth hundreds of millions of dollars and he is looking to buy more shares from Alibaba.

Travelers — Insurance stocks plunged more than 6% after publishing preliminary fourth-quarter results that fell short of Wall Street expectations. Travelers said it expects more catastrophe losses, citing the impact of recent winter storms.

Silvergate capital – Shares of the bank-to-crypto business rose more than 10% despite reporting weaker-than-expected fourth-quarter financial results. The stock has been falling since November and is already down 18% this year after crypto exchange FTX, a Silvergate client, collapsed in scandal.

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Carvana — The stock rose more than 5% after the auto dealer announced it would adopt a tax asset retention plan, allowing Carvana to maintain the availability of net operating losses carried forward.

Roku — Shares fell 2.2% following Truist’s downgrade from buy to hold. The company said its streaming stock has a full valuation and the lowest visibility among peers.

Pfizer – The stock fell 3.13% after Wells Fargo downgraded Pfizer to an equal weight and said it needs a Covid reset to get the stock going again.

Bloomin’ Brands — Shares fell 1.25% after being cut to hold by Gordon Haskett. The analyst cited parent company Outback Steakhouse’s increasingly balanced risk/reward profile.

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snap – The tech company lost nearly 5% after being downgraded from market performance by JMP Securities, which cited declining time spent on Snap and increased competition from Reels and YouTube shorts.

Worldwide payments – Shares rose 3.2% after Morgan Stanley upgraded the company to buy, saying the emerging environment will favor incumbents and help shares gain.

Church & Dwight – Church & Dwight rose 4.2% after Morgan Stanley upgraded shares of the company to buy, saying a bleak 2022 presented an attractive entry point. The company also expects a sharp turnaround in performance to boost the company’s consumer goods shares in 2023.

Financial Citizens Group — Bank shares fell 2.3% despite reporting a solid quarter that met Wall Street expectations.

– TBEN’s Carmen Reinicke, Yun Li, Jesse Pound, Alex Harring, Michelle TBEN and Tanaya Macheel contributed reporting