Global Courant 2023-05-03 01:22:48
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Check out the companies making headlines during midday trading.
Uber — Shares of the ride-hailing giant rose 11.6% after the company reported first-quarter earnings that beat analyst expectations. Revenue for the quarter was up 29% year over year. CEO Dara Khosrowshahi said Uber has had a “strong start” to the year.
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Chegg — The education technology company plummeted 48.4% after the company said ChatGPT hurt its growth. Chegg beat analysts’ expectations for the first quarter, while offering disappointing current quarter expectations.
Icon Enterprises — Carl Icahn’s conglomerate saw its shares fall 20% after notable short seller Hindenburg Research took a short position against the company, including over alleged “inflated” asset valuations.
Dupont de Nemours — Shares fell 6.3% following the company’s weak Q2 expectations. The adjusted earnings-per-share forecast of 84 cents fell short of the 88 cents expected by analysts polled by StreetAccount, while the $3.02 billion revenue expectation fell short of the $3.10 billion expected. Dupont cited a slowdown in the recovery of the electronics market.
Arista Networks — Cloud network share fell 15.7% after the company said it expects cooling spending and growth slowdown from “cloud titans.” Still, the company beat expectations for the quarter and offered strong guidance.
NXP Semiconductors — Shares of the chipmaker rose 3.3% after the company beat analysts’ expectations for first-quarter revenue and operating profit. The revenue forecast for the second quarter was also better than expected.
Dell Technologies — Equities rose 2.2% after being upgraded to equal weight overweight by Morgan Stanley. The Wall Street firm believes shares of the technology and PC company could rise 25.5% from Monday’s close as the PC market forms a bottom.
BP – US-listed shares of the British energy titan plunged 8.1% on news of delayed share buybacks. The energy company beat analysts’ expectations for the first quarter.
HSBC — US-listed shares of HSBC rose 3.5% on strong quarterly results and year-over-year earnings growth. The global bank also announced an upcoming $2 billion share buyback program and restored its quarterly dividend.
Marriott International — The hotel operator rose 5% after beating first-quarter profit and revenue expectations, according to Refinitiv, and raising full-year expectations. The company emphasized its strong position in international markets and reported an increase in revenue per available room worldwide.
Diamondback energy — Oil and gas reserves lost 4.9%. Diamondback posted earnings per share of $4.10, lower than the consensus estimate of $4.33 from analysts polled by FactSet. But the company narrowly beat sales, posting $1.93 billion against the Street’s estimate of $1.92 billion.
Shallows — The solar business was down 10.1% following a downgrade by Barclays from an equal weight to underweight. The company said the company has expensive valuation and risk potential this year.
Quest diagnosis — Shares fell 1% after Bank of America cut its health stock from buying to neutral as it said it was concerned about the Haystack Oncology deal.
SoFi — Shares of the student loan refinance company fell 10.3% on Tuesday, building on their sharp losses from the previous session. The company reported quarterly results a day earlier and added $2.7 billion in deposits. Company executives noted during a call with investors that loans originated in the fourth quarter would generate less revenue than previously expected due to interest rate hikes despite higher demand.
Pac West — Shares fell 27.8% as the bankruptcy of the First Republic put pressure on regional banks. Western Alliance was another laggard with a loss of over 15%.
— CNBC’s Yun Li, Tanaya Macheel, Michelle Fox, Samantha Subin, Brian Evans, Jesse Pound and Mike Bloom contributed reporting
