Several companies made headlines in midday trading, with General Motors leading the way as its shares rose more than 4% after exceeding analysts’ expectations for its first-quarter results. The automaker posted adjusted earnings of $2.62 per share on revenue of $43.01 billion, surpassing the anticipated earnings of $2.15 per share and revenue of $41.92 billion. General Motors also raised its forecast for adjusted automotive free cash flow to between $8.5 billion and $10.5 billion, above its previously anticipated range.
GE Aerospace’s stock added 7% after reporting first-quarter adjusted earnings of 82 cents per share, higher than consensus estimates of 65 cents a share. The company’s revenue of $16.1 billion also exceeded analysts’ expectations of $15.14 billion. On the other hand, PepsiCo’s snack and beverage stock dipped 2% despite a stronger-than-expected first quarter. PepsiCo reported $1.61 in adjusted earnings per share, beating the $1.52 per share expected by analysts. However, the company kept its full-year outlook unchanged.
Novartis’ U.S.-listed shares added 2.6% after the Swiss drugmaker raised its full-year guidance. Meanwhile, JetBlue Airways saw its shares plummet 16% as it lowered its forecasts for revenue for the second quarter and full-year 2024. Cleveland-Cliffs, a steel producer, also tumbled 8.7% after posting a first-quarter earnings and revenue miss. Nucor, another steelmaker, saw its shares drop 7% after missing estimates on earnings and revenue for the first quarter.
Danaher, a life sciences firm, gained over 7% after beating analysts’ expectations for its first-quarter results, reporting adjusted earnings of $1.92 per share on revenue of $5.8 billion. Spotify surged 16% after easily topping earnings expectations, reporting 97 euro cents per share for the first quarter. Sherwin-Williams, a manufacturer of paints and coatings, shed 2% after posting first-quarter adjusted earnings of $2.17 per share, lower than the consensus estimate. Roblox’s shares added 5.8% after JPMorgan upgraded the gaming platform to an overweight rating, believing recent investor skepticism presents a compelling entry point.
Sunnova Energy, a solar stock, gained 2.8% despite being down more than 74% for the year. LKQ, a distributor of aftermarket auto parts, slid nearly 15% after first-quarter results fell short of analysts’ forecasts, posting adjusted earnings of 82 cents a share on revenue of $3.7 billion. MSCI, a provider of investment indexes, dropped 13% after reporting revenue that missed Wall Street’s estimates, with $680 million in revenue in the first quarter. Earnings came in at $3.52 a share, surpassing expectations by 5 cents.
