Midday movers: Procter&Gamble, Discover Financial, Allstate and more

By Liz Moyer

Investing.com — Stocks were falling on Thursday on fresh fears of a recession as the U.S. reached its federal borrowing limit. Here are the midday movers for Jan. 19.

• Procter&Gamble Company (NYSE:PG) stock fell 1.6% after the consumer product giant reported a drop in revenue and profit from a year earlier, though in line with expectations. It sees higher sales growth this year than previously forecast as it continues to raise prices.
• Discover Financial Services (NYSE:DFS) stock fell 0.8% after the credit card company raised its provision for loan losses and projected higher net charge-offs, an indication consumers will eventually have trouble keeping up with their payments.

• Allstate Corp (NYSE:ALL) stock fell 7% after the property and casualty insurer released preliminary results that foresee an adjusted net loss of $335 million to $385M because of claims related to severe winter weather.

• Norwegian Cruise Line Holdings Ltd (NYSE:NCLH) shares fell 5.7% after it said it would record a loss for the most recent quarter and for 2022, and it foresees revenue of approximately $4.7 billion to $5.0B for the year ended Dec. 31, 2022.

• Northern Trust Corporation (NASDAQ:NTRS) shares fell 7% after it reported weaker-than-expected results, including earnings per share of 71 cents, which was below consensus estimates of $1.81 a share.