December 9, 2023

People inspect vehicles at the AutoNation Toyota dealership in Cerritos, California.

Mario Anzoni | Reuters

Check out the companies making headlines in midday trading.

Academic — Shares rose 14.2% after the publisher announced it would increase its share repurchase program by $100 million. Traders also seemed pleased with the company’s quarterly results. Scholastic reported earnings of $2.26 per share on revenue of $428.3 million.

American Express — Shares fell about 4 percent after the company reported second-quarter revenue of $15.05 billion, below the $15.48 billion expected by analysts polled by Refinitiv. However, Amex’s earnings per share beat expectations.

heck — Herc shares fell more than 5% after Bank of America downgraded the stock to underperform from buy. Analyst Sherif El-Sabbahy said the impact of an ongoing strike by Hollywood screenwriters and actors will hurt equipment rental stocks.

automated country — AutoNation fell 7 percent in midday trading. The auto dealer reported second-quarter results that topped revenue and profit expectations. AutoNation reported adjusted earnings of $6.29 a share on revenue of $6.89 billion. Analysts expected earnings per share of $5.91 on revenue of $6.78 billion.

Knight Swift Transport — Knight-Swift Transportation rose more than 2% in midday trading. The move came even after Knight-Swift reported weaker-than-expected second-quarter earnings and revenue. The company also issued lackluster guidance.

PPG Industries — Shares of PPG Industries rose 1.7 percent after reporting strong second-quarter results. The paints, coatings and other materials supplier reported an adjusted profit of $2.25 on revenue of $4.87 billion. Analysts polled by StreetAccount expected earnings of $2.14 a share on revenue of $4.84 billion. The company also raised its earnings guidance for the current quarter and the full year.

Capital One Financial — Shares of Capital One Financial Corp rose about 1% after second-quarter profit beat expectations. Capital One reported adjusted earnings of $3.52 per share, topping Refinitiv estimates of $3.23 per share. However, its revenue fell short of expectations. Total deposits also fell 2% at the end of the second quarter.

intuitive surgery — Healthcare shares fell 1.6 percent after Intuitive Surgical reported second-quarter systems revenue that missed expectations. The company reported systems revenue of $392.7 million, down from $415.9 million, according to StreetAccount consensus estimates.

Sanova Energy International — Shares fell more than 3 percent after a downgrade by BMO Capital Markets. While this is “constructive” for growth in the longer term, the current macro environment for the U.S. residential solar industry remains challenging, the company said.

CSX — CSX fell more than 4% after the transportation company reported disappointing second-quarter revenue. The company reported revenue of $3.7 billion, below the $3.74 billion expected by analysts polled by Refinitiv. Earnings per share were 49 cents, in line with market expectations.

CNBC’s Michelle Fox, Alex Haring and Hakyung Kim also contributed reporting.