Several companies were making headlines in midday trading, with notable movements in their stock prices. Eli Lilly saw a 5% increase after beating analysts’ expectations for first-quarter adjusted earnings, with the maker of the Mounjaro diabetes and weight loss drug also lifting its full-year guidance for adjusted earnings and revenue. 3M jumped 4% after posting earnings of $2.39 per share on revenue of $7.72 billion, surpassing estimates. PayPal gained 3.6% after reporting $7.70 billion in first-quarter revenue, higher than analysts’ estimates, with annual growth across total payment volumes and transactions.
McDonald’s shares were relatively unchanged after missing quarterly earnings estimates due to lower-than-expected same-store sales. Chegg saw a 20% decline following disappointing guidance for the second quarter, with forecasted revenue lower than consensus estimates. Tesla slid 5.5% after a previous rally, as Goldman Sachs warned of obstacles in rolling out advanced driver-assistance technology in China. NXP Semiconductor climbed 4% after beating analyst estimates for earnings and revenue, while Tenet Healthcare added 9.8% on strong earnings and raised full-year forecasts.
Corning surged 6.2% after beating earnings and sales estimates, with expectations for higher current-quarter revenue. Amkor Technology climbed nearly 7% after topping analyst estimates for earnings and revenue, as well as providing strong second-quarter guidance. Sysco slipped 2.5% after posting weak fiscal third-quarter revenue, while GE Healthcare Technologies plunged almost 12% after missing revenue estimates due to weaker sales in China. Yum China saw shares drop more than 7% after missing first-quarter revenue estimates, while Medifast tumbled nearly 23% after missing earnings expectations and providing weak forward guidance.
Coursera shed nearly 10% after forecasting second-quarter revenue below analyst expectations, while Paccar dropped 6.6% despite beating expectations with first-quarter earnings and revenue. Paramount Global lost over 3% after CEO Bob Bakish stepped down amid merger talks with Skydance, with the company appointing three executives in the “Office of the CEO.” Needham downgraded Paramount to hold from buy, citing uncertainty. Overall, the midday trading session saw a mix of positive and negative movements among different companies, reflecting a range of factors impacting their stock prices.
