Take a look at the companies making headlines in midday trading. UnitedHealth — Shares of UnitedHealth rose 5.2% on Tuesday, pushing the Dow Jones Industrial Average higher. UnitedHealth reported better-than-expected first-quarter revenue and reiterated its full-year profit forecast of $27.50 to $28 per share, excluding items. Analysts polled by FactSet forecast $27.50. Johnson & Johnson — The drugmaker fell 2.2% despite beating first-quarter profit estimates and reporting revenue in line with expectations. Johnson & Johnson adjusted its full-year sales forecast for 2024 to US$88 billion to US$88.4 billion, compared with the previous forecast of US$87.8 billion to US$88.6 billion. SolarEdge Technologies — Barclays maintained its underweight rating on the solar company, saying fixed costs will impact margins, sending the stock down 2%. However, the Wall Street bank raised its price target on SolarEdge to $61 from $50. Shares closed at $60.44 on Monday. Morgan Stanley – Shares rose 2.4% after first-quarter results beat expectations and the investment bank’s wealth management, trading and advisory businesses grew more than expected. The company’s profit and revenue also beat analysts’ expectations. Tesla — Shares of Tesla fell 2.7%, adding to Monday’s losses, after Tesla said it would cut 10% of its workforce, or about 14,000 employees. Live Nation Entertainment – The concert organizer’s stock price fell more than 7% after the Wall Street Journal reported that the U.S. Department of Justice would file an antitrust lawsuit against it. Bank of America — Shares of Charlotte-based Bank of America fell 3.5% as quarterly profit fell 18% to $6.67 billion, or 76 cents a share. Excluding the $700 million FDIC assessment, profit per share was 83 cents. As net interest income fell from the same period last year, revenue fell 1.6% to US$25.98 billion, basically in line with LSEG’s expectations. —CNBC’s Sarah Min and Tanaya Macheel contributed reporting.
