Stocks making the biggest moves midday: Southwest Airlines, Goldman Sachs, Bellus Health and more

Check out the companies making headlines in midday trading.

Lockheed Martin – Shares of the aerospace and defense contractor gained more than 2% on Tuesday after it beat Wall Street’s expectations in the first quarter and reaffirmed its full-year guidance. The company posted earnings of $6.61 per share on revenue of $15.13 billion. Analysts called for earnings of $6.06 per share and revenue of $15.03 billion, according to Refinitiv.

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PowerSchool Holdings – The educational technology stock added 3.5% after Goldman Sachs upgraded shares to buy from neutral. The firm said the company is a leader in the space and can drive growth through international expansion and cross-selling products.

Nvidia – The chipmaker saw shares rise more than 3% after HSBC gave them a double upgrade, saying investors aren’t fully pricing in Nvidia’s “incredible AI pricing power” into the stock. The company could extend its 85% year-to-date rally even further, according to HSBC.

Chubb – Shares climbed 1% after Citi upgraded Chubb to buy from neutral. The Wall Street firm said the property and casualty brokerage is a buying opportunity, given its “incremental strength in reserves.” The firm expects Chubb’s “high-net-worth exposure skew is relatively more insulated from negative inflationary/economic risk.” 

Microsoft – The tech giant were down slightly with a 0.4% decline in midday trading. Microsoft stock closed about 1% higher on Monday following a weekend report from The New York Times that Samsung phones may move to switch their default search engine to Bing and away from Google.

Bank of America – The bank stock was about flat even after the firm reported first-quarter earnings and revenue that topped expectations. Its strong results were driven by higher rates as net interest income jumped 25% year over year. CEO Brian Moynihan said he sees a relatively mild recession in the U.S.

Bank of New York Mellon – The bank’s shares dropped 0.3% after a mixed first-quarter earnings report. While the bank’s earnings came in line with Wall Street’s estimates, its revenue came in below expectations. The company posted $4.36 billion in revenue, compared to the $4.40 billion anticipated by Wall Street, according to Refinitiv.

Goldman Sachs – Shares slid 1.3% after Goldman Sachs reported first-quarter revenue of $12.22 billion, lower than the $12.79 billion forecasted by analysts polled by Refinitiv. The investment bank also reported a $470 million hit tied to a partial sale of its Marcus loans portfolio.

Johnson & Johnson – Shares of the health-care products company declined 2.7% despite reporting an earnings and revenue beat for the first quarter. The company reported adjusted earnings of $2.68 per share and revenue of $24.75 billion. Analysts polled by Refinitiv had estimated per-share earnings of $2.50 and $23.67 billion in revenue. The company reported a net loss of $68 million, or 3 cents per share, stemming from its talc-based baby powder troubles and costs from its upcoming spin-off of its consumer health business.

Southwest Airlines – Shares of the airline fell more than 1% after computer issues on Tuesday led Southwest to ground flights around the country. At least 1,500 flights, or 36% of Southwest’s schedule, were delayed, according to flight-tracking site FlightAware.

Bellus Health, GSK – Bellus shares roughly doubled after GSK said it would acquire Canada-based biopharmaceutical company Bellus. Bellus’s stock jumped 98%; the U.S.-listed shares of GSK dipped 1.6%. 

— CNBC’s Brian Evans, Alex Harring, Hakyung Kim, Yun Li, Tanaya Macheel and Pia Singh contributed reporting.