Global Courant 2023-05-04 02:19:29
Take a look at the companies that take the biggest steps in the afternoon:
CVS Health — Shares fell 3.68% after the company cut its 2023 forecast due to costs associated with recent acquisitions of Signify Health and Oak Street Health. CVS lowered its adjusted 2023 earnings outlook to a range of $8.50 to $8.70 per share from its previous forecast of $8.70 to $8.90 per share. However, the company beat its earnings and revenue expectations for the first quarter.
Kraft Heinz — Consumer staples shares rose 2.03% after the company beat analyst expectations for both revenue and adjusted earnings per share, according to Refinitiv. The company also raised its full-year guidance to adjusted earnings per share of $2.83 to $2.91 from its previous guidance of $2.67 to $2.75 per share.
Estee Lauder — Shares fell nearly 17.34% after the beauty company lowered its full-year expectations, citing volatility in Asian travel and a slower-than-expected recovery in the region. It led to adjusted earnings per share of $3.29 to $3.39 for the year, versus previous forecasts of $4.87-$5.02 and analyst estimates of $4.96 per StreetAccount.
Eli Lilly — The stock gained 6.68% after data from the pharmaceutical company’s clinical trials showed that the drug donanemab slows the progression of Alzheimer’s disease.
Starbucks — Shares of the world’s largest coffee chain fell 9.17%. On Tuesday, the company reported quarterly earnings and revenue that beat analyst expectations. China, the company’s second-largest market, saw same-store sales rise for the first time since Starbucks’ fiscal third quarter of 2021.
Clorox — Stocks rose 4.7%. The consumer products company reported this on Tuesday adjusted earnings per share for the fiscal third quarter of $1.51 surpassed the $1.22 per share expected by analysts polled by Refinitiv. Revenue also topped out at $1.91 billion versus the $1.82 billion expected by Wall Street.
ImmunoGen — Shares of the biotech company rose 135.77% after ImmunoGen announced the “practice-changing” results of its phase three trial for its experimental ovarian cancer drug, Elahere. The trial showed that the drug showed “statistically significant and clinically meaningful improvement” in extending patients’ lives, the company said.
living — The share increased by 6.95%. The lithium company reported a big profit in the first quarter on Tuesday. Adjusted earnings per share came in at 60 cents, versus the 39 cents expected by analysts polled by FactSet. Revenue of $253.5 million surpassed estimates of $230.2 million.
General — Generator manufacturer shares added 11.61%. Generac beat expectations for quarterly earnings earlier in the day, reporting 63 cents per share, while analysts polled by FactSet were forecasting 48 cents.
Advanced micro devices — Semiconductor stocks fell 9.22%. On Tuesday, the company reported a 9% drop in first-quarter sales over the prior year and a 65% drop in PC and processor sales. AMD also said it expects about $5.3 billion in sales in the current quarter, less than the $5.48 billion expected by Wall Street.
Chegg — The beleaguered stock bounced back 12% on Wednesday, after losing more than 48% in the previous session. On Monday night, the online education company said in its earnings call that ChatGPT is hurting its growth. On Tuesday, CEO Dan Rosensweig called the plunge “extremely exaggerated.”
Yum Brands — The restaurant operator’s stock lost 3.91% after the company’s earnings missed estimates. Adjusted earnings per share for the first quarter came in at $1.06, compared to the expected $1.13 per Refinitiv. However, sales topped estimates at $1.65 billion, versus the $1.62 billion expected.
PacWest Bancorp, Bancorp of the Western Alliance — Shares of PacWest fell 1.98%, contributing to Tuesday’s 28% loss on renewed concerns about the health of the industry. Western Alliance lost 4.4% while Zion Ban Corporation decreased by 5.27%.
Pearson – US shares of the educational technology stock rose 11% after Bank of America said the shares were unfairly hit out of sympathy for Chegg’s fall on Tuesday.
Wing stop — Wingstop rose 9.35% after beating Q1 estimates. The restaurant chain rreported adjusted earnings of 59 cents per share, above the forecast 45 cents per share, according to FactSet consensus estimates. The chicken wing chain posted sales of $108.7 million, surpassing the $99.5 million estimate.
Verisk analysis – Shares rose 7.93% after the company reported adjusted earnings per share of $1.29 for the first quarter, beating FactSet estimates of $1.19. Revenue also surpassed, coming in at $651.6 million versus the expected $633.2 million.
— CNBC’s Brian Evans, Yun Li, Alex Harring and Sarah Min contributed to the reporting.
