Check out the companies making headlines in midday trading. Eli Lilly — Shares added 5% after Eli Lilly, maker of the Mounjaro diabetes and weight loss drug, beat analysts’ expectations for first-quarter adjusted earnings. The Indianapolis-based drugmaker also lifted its full-year guidance for adjusted earnings and revenue. 3M — Shares jumped 4% after the maker of industrial products and adhesives posted earnings of $2.39 per share on revenue of $7.72 billion, topping analysts’ estimate of $2.10 per share on revenue of $7.63 billion, according to LSEG. PayPal — Shares gained 3.6% after the payment company posted $7.70 billion in first-quarter revenue, beating analysts’ estimates for $7.51 billion, according to LSEG. PayPal reported annual growth across total payment volumes and transactions. McDonald’s — Shares were little changed after earlier fdalling as much as 4% after the fast food chain missed quarterly earnings estimates as same-store sales fell short of expectations. Higher prices helped McDonald’s revenue, but scared away some low-income customers. Chegg — Shares sank 20% one day after the online education company issued disappointing guidance for the second quarter. Chegg forecast revenue will come in between $159 million to $161 million, lower than the LSEG consensus estimate of $174 million. In a downgrade to underperform following the results, Jefferies said free AI tools have become an “attractive alternative.” Tesla — The electric vehicle maker slid 5.5%, giving up some of Monday’s 15% rally on news that it had cleared a key hurdle in rolling out advanced driver-assistance technology in China. Goldman Sachs warned that Tesla still faces obstacles providing full self-driving technology in the country. NXP Semiconductor — The stock climbed around 4% after earnings beat analyst estimates. The chipmaker posted adjusted earnings of $3.24 per share, higher than the consensus estimate of $3.16 per share, according to LSEG. Revenue of $3.13 billion matched analysts’ expectations. Tenet Healthcare — Shares added 9.8% on the back of strong earnings. Tenet earned $3.22 in adjusted earnings per share on $5.37 billion in revenue, while analysts polled by FactSet forecast $1.45 per share and $5.15 billion. Tenet also raised its internal forecasts on both measures for the full year. Corning — The maker of fiber optic cable surged 6.2% after beating earnings and sales estimates. Corning reported 38 cents in earnings per share and $3.26 billion in core revenue, topping consensus estimates of 35 cents per share and $3.12 billion from analysts polled by FactSet. Current-quarter revenue is expected to come in higher than analysts anticipate. Amkor Technology — The semiconductor packaging company climbed nearly 7% after earnings and revenue topped analyst estimates. Earnings of 24 cents per share on $1.37 billion in revenue exceeded consensus forecasts of 11 cents and $1.36 billion, according to FactSet. Second quarter earnings and revenue guidance also topped expectations. Sysco — The wholesale restaurant supplier slipped 2.5% after posting weak fiscal third-quarter revenue of $19.38 billion against analysts’ consensus expectation of $19.74 billion, according to FactSet. Houston-based Sysco’s per share earnings of 96 cents excpkuding one-time items exceeded Wall Street estimates by 1 cent. GE Healthcare Technologies — Shares plunged almost 12% after the medical device maker missed analysts’ first-quarter revenue estimates, hurt by weaker sales in China and lower imaging demand. The company’s total sales came in at $4.65 billion, while analysts polled by LSEG forecast $4.8 billion. Yum China — Shares of the Taco Bell and KFC operator slid more than 7% after first-quarter revenue of $2.96 billion missed the Street’s $3.05 billion estimate, according to LSEG. Adjusted earnings of 71 cents per share topped anticipated earnings of 65 cents per share. Medifast — The nutrition and weight loss company tumbled nearly 23% after missing earnings expectations and saying it will transform a product to support consumers using blockbuster weight-loss drugs. Medifast earned 66 cents a share excluding items in the first quarter, lower than analysts’ 80-cent estimate, according to FactSet. Forward guidance for current-quarter earnings and revenue was weak. Coursera — The online education stock shed nearly 10% one day after saying it expects second-quarter revenue between $162 million and $166 million, below the $178 million expected from analysts polled by LSEG. Paccar — Shares dropped 6.6% after the truckmaker’s latest results beat expectations. The stock had climbed more than 16% so far in 2024 through Monday, outperforming the S & P 500. Paccar posted first-quarter earnings of $2.27 per share, more than the FactSet consensus estimate of $2.20. Revenue of $8.74 billion topped an expected $8.25 billion. Paramount Global — The CBS television parent and movie studio owner shed more than 3% after CEO Bob Bakish stepped down as merger talks with Skydance continue. He’ll be replaced by three executives in what the company called the “Office of the CEO.” Needham downgraded Paramount to hold from buy following the news, citing too much uncertainty. — CNBC’s Tanaya Macheel, Michelle Fox, Yun Li, Lisa Kailai Han, Pia Singh and Sarah Min contributed reporting
Original news source Credit: www.cnbc.com
Bank of Japan, Bitcoin, Bitcoin/USD Coin Metrics, Breaking News: Markets, Business News, Central banking, cryptocurrency, Currency markets, Currency pegging, Dividends, DXY US Dollar Currency Index, Earnings, economic growth, Economic outlook, economic policy, Economic stimulus, Eli Lilly and Co, EUR/USD, European Central Bank, Federal Reserve Bank, Federal Reserve System, Forex markets, GBP/USD, Indianapolis, inflation, Interest Rates, Japan government, Japanese yen, Monetary policy, Money markets, Recessions and depressions, U.S. dollar, USD/JPY
Eli Lilly, 3M, PayPal, Tesla and more added by News89 Team on
View all posts by News89 Team →
You must be logged in to post a comment Login