Check out the companies making headlines before the market opens. TSMC — The Taiwanese chip maker’s U.S.-listed shares fell 2.4% despite beating first-quarter revenue and profit expectations. The company reported that an earthquake in Taiwan in early April caused no structural damage, but noted that some wafers “had to be scrapped.” Management said most of the lost production will be recovered in the second quarter. TSMC forecasts healthy growth in 2024 and guided for second-quarter revenue between US$19.6 billion and US$20.4 billion. Tesla – Shares of the electric car maker fell more than 2% after Deutsche Bank downgraded its rating to hold from buy. “Delays in Model 2 development create the risk that Tesla will have no new vehicles in its consumer product lineup for the foreseeable future, which will put continued downward pressure on its sales and pricing for many years to come,” the bank said. DR Horton — Shares of DR Horton rose 3.3% after the homebuilder beat fiscal second-quarter earnings estimates. DR Horton earned $3.52 per share on revenue of $9.11 billion. Analysts polled by London Stock Exchange Group (LSEG) expected earnings of $3.06 per share on revenue of $8.27 billion. Alaska Airlines — Shares rose nearly 3% after the airline reported better-than-expected first-quarter results. Loss per share was 92 cents, below analysts’ expectations of $1.05, according to LSEG. Revenue was $2.23 billion, beating expectations of $2.19 billion. Blackstone — The asset manager cut its dividend to 83 cents a share from 94 cents a share, sending shares down 2.2%. Meanwhile, first-quarter earnings per share came in at 98 cents, slightly above LSEG’s consensus estimate of 96 cents. Alcoa — Shares of Alcoa rose 2.4% after the aluminum producer beat first-quarter revenue estimates. Alcoa reported revenue of $2.6 billion, beating the LSEG consensus estimate of $2.56 billion. On the other hand, the company reported a loss of 81 cents per share excluding items, beating expectations. That beat the expected loss of 55 cents per share. eBay — Shares of eBay rose nearly 4% after Morgan Stanley double upgraded the e-commerce stock to overweight from underweight. Morgan Stanley said the e-commerce stock appears undervalued relative to peer Etsy. Etsy — The stock fell nearly 5% after Morgan Stanley downgraded the stock to underweight from equal weight. The company said margin expansion appeared to be limited and was pessimistic about Etsy’s medium-term growth prospects. Match Group — Shares of Match Group fell nearly 2% after Morgan Stanley downgraded the stock to equal weight from overweight. The company noted that the growth of online dating is slowing. Elevance Health — Shares of Elevance Health rose 3.3% after the health insurance company reported better-than-expected earnings and raised full-year guidance. The company earned $10.64 per share excluding items in the first quarter, while analysts had expected $10.52, according to FactSet. Meanwhile, revenue was slightly below expectations. Zoom Video Communications — Shares of the software company rose about 2% after Rosenblatt Securities upgraded the stock to buy from neutral. The company is optimistic about Zoom’s “refocused” channel strategy and its healthy balance sheet. —CNBC’s Alex Harring, Sarah Min, Jesse Pound and Fred Imbert contributed reporting
