Global Courant 2023-04-26 21:41:33
The Microsoft logo on their booth during Mobile World Congress 2023 on March 2, 2023 in Barcelona, Spain.
Joan Cross | Nurphoto | Getty Images
Take a look at the companies that take the biggest steps in the afternoon:
Microsoft — Shares of tech giant Microsoft gained more than 8% on Wednesday after a better-than-expected earnings report a day earlier. Analysts have increased bullish sentiment on the stock as Microsoft digs deeper into investments in artificial intelligence and integration with Azure.
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Alphabet — Shares of Google’s parent company rose about 1% after reporting earnings that beat expectations. The company earned $1.17 per share on $69.79 billion in revenue, while analysts polled by Refinitiv expected it to earn $1.07 per share on revenue of $68.9 billion. The company also announced a $70 billion share buyback.
Amazon – Positive tech earnings also helped Amazon shares rise 3.9% ahead of the e-commerce giant’s earnings report, due Thursday. Amazon also began layoffs in its cloud computing and human resources divisions on Wednesday. The cuts were announced earlier.
Chipotle Mexican Grill — Shares of the Mexican fast food chain rose nearly 15% to a record high after the company reported quarterly earnings and earnings that beat analysts’ expectations. The strong results were fueled by strong same-store sales growth. CEO Brian Niccol also said the chain has demonstrated its pricing power.
Boeing — Shares rose 3% after the company released its latest quarterly results and said it would ramp up production of 737 Max aircraft later this year despite a production hit. Boeing reported an adjusted loss of $1.27 per share and $17.92 billion in revenue, while analysts expected a loss per share of $1.07 on $17.57 billion in revenue, according to Refinitiv.
Activision Blizzard — Shares fell 11% after a UK regulator blocked Microsoft’s purchase of the video game publisher. Activision Blizzard has said it will work “aggressively” with Microsoft to undo the block. The company also posted better-than-expected adjusted earnings and earnings for the first quarter. 107230585
First Republic — Shares of the regional bank fell more than 20% on Wednesday, extending their hefty losses for the week. First Republic’s advisers are pointing larger banks to a possible bailout, sources told CNBC, after the regional lender saw massive deposit flight in the first quarter.
Pac West — Shares of the regional bank rose 15% after the regional bank reported that deposit inflows have stabilized, although they still fell in the first quarter. PacWest saw a $1.8 billion increase in deposits from March 20 to April 24. However, deposits for the first quarter totaled approximately $28.2 billion, down from $33.9 billion from the fourth quarter of 2022.
General dynamics — Stocks fell 3.9% despite an increase in earnings and sales in the first quarter. However, the aerospace segment saw sales fall due to fewer aircraft deliveries. CEO Phebe Novakovic also said the company will incur some period costs as it builds a “significant” number of Gulfstream G700s that will be delivered in the third and fourth quarters.
Enphase energy – Shares fell nearly 25% after Q2 revenue forecast came in at $700 million to $750 million, missing estimates of $765.2 million from analysts polled by StreetAccount. Badri Kothandaraman, CEO of Enphase, said that the growth of CNBC’s Pippa Stevens in the US has stalled. Rivals SolarEdge Technologies And First solar energy also fell 8.6% and 3.4% respectively.
Old Dominion cargo line — The freighter saw shares fall 9% after publishing first-quarter earnings and earnings that missed analyst estimates, according to FactSet. The company also reported volume declines, citing continued domestic softness and increased overhead costs.
Teck Resources — The stock rose 4.5% following the Canadian-based mining company’s announcement it will not proceed with the proposed split into two companies. Instead, Teck Resources will try to come up with a “simpler and more direct” divorce plan.
– Yun Li, Hakyung Kim, Brian Evans, Pia Singh, Jesse Pound, Alex Harring and Tanaya Macheel from CNBC contributed to the reporting.
