Check out the companies making headlines in midday trading. Carvana — Shares skyrocketed nearly 30% after the used-car retailer agreed to a deal that will reduce its total outstanding debt by more than $1.2 billion. This agreement will cancel over 85% of its 2025 and 2027 unsecured note maturities and cut its required cash interest expenditure $430 million every year for the next two years.related investing newsHere are Wednesday's biggest analyst calls: Apple, AT&T, Tesla, Amazon, Meta, Microsoft, Spotify and moreMichael Bloom5 hours agoJPMorgan upgrades Cisco as orders near a trough, says shares look inexpensive and can surge more than 20%Samantha Subin6 hours agoHere are Tuesday's biggest analyst calls: Apple, Alphabet, Pinterest, Netflix, Amazon, Nvidia and moreMichael Blooma day agoGoldman Sachs — The financial services firm climbed 1.6% despite missing expectations of analysts surveyed by Refinitiv for earnings and revenue. Goldman said the profit shortfall was tied to write-downs in the commercial real estate business and the sale of lending unit GreenSky.Joby Aviation — Shares plunged more than 13% after JPMorgan downgraded the electric aircraft maker to underweight, deeming its recent stock outperformance "largely overblown."Omnicom — Shares plummeted 10.7% after the marketing and communications company fell short of revenue expectations, reporting $3.61 billion in the second quarter compared to a forecast of $3.67 billion from analysts surveyed by FactSet. However, it did beat expectations for earnings by one cent at $1.81 per share.Elevance Health — The stock surged 6% after Elevance Health surpassed analysts' expectations on the top and bottom lines in its second-quarter results. The health insurance provider reported adjusted earnings of $9.04 per share, topping consensus estimates of $8.78 per share, according to FactSet. Revenue arrived at $43.38 billion, above the $41.64 billion forecast. In addition, Elevance said medical enrollment increased by 938,000 members year-over-year. It also upped its full-year guidance, which surpassed expectations.Northern Trust — Northern Trust surged more than 14% after reporting earnings. The regional bank posted earnings of $1.56 per share, a 16% decrease from the same quarter in the prior year. It reported total revenue of about $1.8 billion, a 1% drop from the year-ago period.Interactive Brokers — Shares dropped 3.5% after the electronic broker missed earnings estimates. The firm posted adjusted earnings per share at $1.32 for the second quarter, under the consensus estimate of $1.40 per share from analysts surveyed by Refinitiv.J.B. Hunt Transport Services — The transportation and logistics stock rose 1.5% despite a disappointing quarterly report. J.B. Hunt posted $1.81 in earnings per share on $3.13 billion, versus the expectation of $1.92 in earnings per share and $3.31 billion in revenue from analysts surveyed by Refinitiv.Western Alliance Bancorporation — Shares of the regional bank gained 1.2%, erasing premarket losses following the bank's mixed second-quarter earnings announcement Tuesday after the bell. The company announced earnings of $1.96 per share and $669 million in revenue. Analysts had estimated earnings of $1.98 per share and revenue of $652 million, according to Refinitiv. The bank also reported an increase in deposits during the quarter.AT&T — The telecommunications stock surged 7.8%. Shares have been under pressure in recent days following a Wall Street Journal investigation that uncovered miles of lead cables in the U.S. AT&T said Tuesday that it has no plans to remove cables from Lake Tahoe. Argus downgraded the stock to buy from hold, citing concerns around the cables.Qualcomm — Shares rose 2.8% after JPMorgan added the stock to its focus list and said it's one of the firm's best growth ideas.Cisco — Shares of the enterprise technology company climbed 1.4% after JPMorgan upgraded Cisco to overweight from neutral. The investment firm said a slowdown in demand for Cisco's products is likely close to reaching bottom.Charles Schwab — The financial stock went up 1.9% after JPMorgan added the stock to its focus list following its earnings report, citing improving fundamentals.Amazon — The e-commerce giant traded 1.6% higher after Bank of America reiterated the stock as a buy, saying it's optimistic on earnings.ServiceNow — The software stock jumped 1.8% to hit a 52-week high after Bank of America reiterated the firm as a top pick. The Wall Street firm said its channel checks indicated healthy deal activity in the second quarter amid easing macro pressure.— CNBC's Samantha Subin, Hakyung Kim, Sarah Min, Jesse Pound, Michelle Fox and Yun Li contributed reporting.
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