Several companies were making headlines in midday trading. United Airlines saw its shares surge 17.5% after posting a narrower-than-expected loss in the first quarter, with quarterly revenue coming in at $12.54 billion. On the other hand, Travelers Companies saw a 7.4% drop in its stock after a disappointing first-quarter report, with earnings per share and revenue falling short of analysts’ expectations due to higher-than-expected catastrophe losses. Eli Lilly remained flat despite announcing that its Zepbound weight loss drug showed promise in treating patients struggling with obstructive sleep apnea. This news caused ResMed, a company that makes medical devices for sleep and breathing disorders, to slump 6%.
ASML, a Dutch semiconductor equipment company, saw its U.S.-listed stock drop 7.1% after sales and new bookings fell short of expectations, with net sales declining about 22% year over year. Meanwhile, Interactive Brokers’ shares popped 1.7% after posting quarterly results slightly ahead of Wall Street’s expectations and hiking its dividend. In contrast, J.B. Hunt Transport Services saw an 8% drop in its stock as quarterly results fell short of analysts’ estimates, with earnings per share and revenue coming in below expectations.
Tapestry, the parent company of Coach and Kate Spade, slipped around 1% following reports that the Federal Trade Commission is readying to block its takeover of Versace owner Capri Holdings, causing shares of Capri to dip 2.7%. Autodesk shares sank nearly 6% after the company announced a delay in its annual 10-K filing due to an ongoing internal investigation into its accounting practices. U.S. Bancorp shares dropped about 4% after the regional bank lowered its net interest income guidance for 2024 due to inflation and the high-for-longer interest rate environment.
Abbott Laboratories saw its stock slip 3% on weak guidance for current-quarter earnings, overshadowing an otherwise strong first quarter where the company beat analysts’ forecasts. Alcoa, an aluminum stock, finished 1.5% lower after President Joe Biden announced plans to triple the China tariff rate on aluminum and steel imports. Urban Outfitters saw its shares dip 2.5% after being downgraded by Jefferies to underperform from hold, citing concerns about slowing foot traffic data, promotional headwinds, and increased competition from peer retailers.
