A customer holds a can of Pepsi drink at a shopping mall in Shaoxing, Zhejiang province, China, 9 March 2022.
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Check out the companies making headlines in midday trading.
Kimberly-Clark — Stock rose 1.6% after quarterly earnings and revenue came in higher than analysts’ estimates, according to FactSet. Kimberly-Clark, maker of Kleenex, raised its adjusted earnings growth for 2023 to a range of between 6% and 10% year over year, beating analysts’ expectations of 5.7% growth.
Brown & Brown — Shares gained 3.9% after the company’s first-quarter earnings and revenue beat Wall Street expectations. The insurance company had adjusted earnings per share of 84 cents and revenue of $1.11 billion. Analysts polled by FactSet had expected earnings per share of 82 cents and revenue of $1.07 billion.
First Republic Bank – Shares in the regional bank plummeted as much as 44%. First Republic said Monday deposits fell 40% to $104.5 billion in the first quarter, below Wall Street expectations. Trading was briefly halted on Tuesday afternoon. The San Francisco-based bank said its deposit flows have since stabilized. Shares are down about 90% year to date.
Fiserv – Shares of the global payments processor rose 3.6%. Fiserv’s first-quarter earnings per share and revenue beat analyst estimates, according to FactSet. The company also raised its full-year outlook, saying it expects organic sales growth of between 8% and 9%.
Centene – Shares of the healthcare provider rose 3% after Centene reported a hit to its adjusted earnings and sales for the first quarter. The company’s full-year guidance for 2023 also beat expectations. According to FactSet, Centene’s full-year 2024 outlook is below analyst estimates.
Laboratory Corp. of America — Shares fell nearly 4% after the company released its first-quarter earnings report. LabCorp had adjusted earnings per share of $3.82 and revenue of $3.78 billion. Meanwhile, Wall Street had estimated earnings per share of $3.96 and revenue of $3.69 billion, according to FactSet. The company slightly raised its full-year earnings guidance, but it still falls short of analysts’ estimates.
MSCI — Stock fell 10% after a mixed earnings report for the first quarter. MSCI posted adjusted earnings per share of $3.14, beating FactSet analysts’ estimate of $3. However, the company’s quarterly revenue of $592.2 million fell below the $593.9 million expected by Wall Street.
Cal-Maine Foods — Shares in egg producer Cal-Maine Foods plunged more than 4% after Stephens downgraded shares from overweight to equal weight. The company cited a weak price background in the egg and chicken sector. Shares are down more than 9% year-to-date.
Northern Trust – The regional bank’s stock fell 9.5% after reporting first-quarter earnings and revenue were down. Northern Trust posted earnings of $1.51 per share on revenue of $1.76 billion. Meanwhile, analysts polled by FactSet had estimated earnings per share of $1.52 and revenue of $1.78 billion.
GE Healthcare Technologies — Shares of the medical technology company plunged 8.9% after reporting first-quarter results. Although the company’s adjusted quarterly earnings and sales beat analysts’ expectations, investors may have been disappointed by the muted full-year outlook. The company estimates its full-year adjusted earnings per share will fall between $3.60 and $3.75, while analysts had expected earnings per share of $3.72.
United Parcel Service — Shares of the shipping giant fell 9.3%. According to Refinitiv, the company fell short of analysts’ expectations in terms of revenue and earnings.
Cadence Design Systems — The electronics systems developer’s stock fell 4.6% after it announced its first-quarter earnings. According to FactSet, Cadence’s first-quarter adjusted earnings per share and revenue came in above analysts’ estimates. However, the company’s earnings and revenue prospects for the second quarter were weaker than expected.
Ameriprise Financial – Shares of the financial services company fell 6.5%. Although assets under management were up 8% year-on-year through the end of the first quarter, strong net inflows from clients were offset by market devaluations and unfavorable exchange rates. Meanwhile, adjusted operating income and revenue for the first quarter came in higher than analysts had expected, according to FactSet.
PepsiCo — Shares of PepsiCo surged over 2% after the drinks and snacks giant reported earnings and earnings that beat Wall Street expectations. PepsiCo also issued an upbeat outlook for the full year.
Danaher – Shares of the biotechnology company fell 7%. Danaher’s GAAP operating income of $1.79 billion fell below analyst estimates of $2.12 billion, according to FactSet. The company also lowered its outlook for its bioprocessing segment and lowered its annual revenue growth forecast due to a weak outlook.
General Motors’ shares fell 3.3% after the automaker lowered its forecast for 2023 net income attributable to shareholders. The new range is now between $8.4 billion and $9.9 billion compared to previous forecasts of $8.7 billion and $10.1 billion. The company attributed the change to an $875 million special charge associated with an employee buyout program announced earlier this year.
Moody’s – The rating agency saw shares jump more than 1% after the company reported stronger-than-expected earnings and sales. Moody’s reported adjusted earnings per share of $2.99 for the first quarter, beating a FactSet estimate of $2.22 per share.
– CNBC’s Yun Li, Pia Singh, Alex Harring and Brian Evans contributed coverage
