Several companies made headlines in midday trading, including New York Community Bank, which saw a significant increase in its stock price after CEO Joseph Otting announced a clear path to profitability over the next two years. However, the bank reported a quarterly loss of $335 million due to soured commercial loans and higher expenses. Super Micro Computer’s stock dropped 15% after missing revenue expectations for its fiscal third quarter, despite beating analysts’ expectations for adjusted earnings. Starbucks also saw a decline in its stock price, plunging over 16% after posting weaker-than-expected quarterly results on both the top and bottom lines.
On the positive side, Pfizer’s shares rose 3% after the drugmaker topped Wall Street’s first-quarter revenue forecast and raised its full-year profit guidance. Skyworks Solutions, on the other hand, saw a 15% decrease in its stock price after being downgraded by TD Cowen to hold from buy, citing various headwinds. Amazon’s stock rose 1.3% following a strong first-quarter profit and revenue beat, driven by growth in advertising revenue and better-than-expected results from Amazon Web Services. SiriusXM’s stock jumped nearly 4% after Goldman Sachs upgraded the company to neutral from sell based on valuation considerations and recent underperformance.
CVS Health, however, saw a 16% drop in its stock price after missing first-quarter adjusted earnings and revenue estimates and cutting its full-year profit outlook due to higher medical costs. Powell Industries, a Houston-based electrical infrastructure company, advanced 22% after beating Wall Street’s fiscal second-quarter expectations. Estée Lauder’s stock dropped 12% as a result of disappointing guidance for the fiscal fourth quarter. Kraft Heinz also experienced a decline in its stock price, tumbling 6.6% following weak first-quarter revenue results.
Pinterest, on the other hand, saw its stock soar 21% after surpassing Wall Street’s top- and bottom-line estimates for the first quarter. The company also provided better-than-expected second-quarter revenue guidance. Advanced Micro Devices fell 9.5% after issuing in-line guidance for sales in the second quarter. Yum Brands lost nearly 4% after reporting quarterly adjusted earnings and revenue that fell short of analysts’ expectations. 3M’s shares added 2.8% after JPMorgan upgraded the conglomerate’s shares to overweight from neutral, citing its current trading price and strong earnings momentum.
In conclusion, the midday trading session saw a mix of positive and negative performance from various companies. While some companies experienced gains due to strong financial results and positive outlooks, others faced declines in their stock prices as a result of missing revenue expectations or cutting profit outlooks. Investors will continue to monitor these companies and their performance in the coming quarters to assess their potential for future growth and profitability.
