Several companies made headlines in midday trading, with Boeing falling 1.5% despite reporting that it burned through $3.9 billion in cash in the first quarter, which was less than analysts had feared. The aerospace giant also posted an adjusted loss of $1.13 per share on revenue of $16.57 billion, surpassing analysts’ expectations. Tesla’s shares surged 9% after CEO Elon Musk announced plans to start production of new affordable electric vehicle models earlier than previously anticipated. Old Dominion Freight Line saw a 10% drop in its stock following a mixed first-quarter financial update, while Hilton Worldwide Holdings climbed 4% on strong earnings and raised guidance.
Texas Instruments’ shares rose 6% after the chipmaker reported better-than-expected first-quarter earnings, while Mattel’s stock price increased by 3% as losses per share were narrower than expected. Hasbro’s shares also soared about 11% following its first-quarter results, with earnings per share beating analysts’ expectations. Enphase Energy, on the other hand, saw a 5% decline in its stock price due to a miss on quarterly results and downbeat revenue outlook for the current quarter. General Dynamics shares dropped more than 5% after reporting a first-quarter earnings miss.
Biogen’s stock gained almost 5% after the drugmaker reported adjusted earnings per share that topped analysts’ expectations. Sales of Biogen’s Alzheimer’s drug were also higher than anticipated. Seagate Technology saw its shares fall nearly 2% as its revenue for the fiscal third quarter slightly missed estimates, although it issued fourth-quarter revenue guidance in line with expectations. Overall, these companies’ performance in midday trading reflected a mix of strong earnings, misses on revenue expectations, and updates on future plans for production and growth.
Boeing’s stock fell despite a cash burn in the first quarter that was lower than expected, while Tesla’s shares surged on news of earlier production plans for affordable electric vehicles. Old Dominion Freight Line experienced a drop in stock price following a mixed first-quarter financial update, while Hilton Worldwide Holdings saw an increase on strong first-quarter earnings. Texas Instruments, Mattel, Hasbro, and Biogen all reported earnings that beat analysts’ expectations, resulting in positive movements in their stock prices. Enphase Energy, General Dynamics, and Seagate Technology, however, saw declines in their stock prices due to various factors such as misses on revenue expectations and lower-than-expected guidance. In summary, the midday trading session showcased a variety of performances across different sectors, with some companies exceeding expectations and others facing challenges.
