Take a look at the companies making headlines in midday trading. General Motors — Shares of General Motors rose more than 4% after the company’s first-quarter results beat analysts’ expectations. General Motors reported adjusted earnings of $2.62 per share on revenue of $43.01 billion. Analysts expected earnings of $2.15 per share on revenue of $41.92 billion, according to LSEG. The company also raised its adjusted auto free cash flow forecast to $8.5 billion to $10.5 billion, up from its previous forecast of $8 billion to $10 billion. GE Aviation – The aircraft supplier reported first-quarter adjusted earnings of 82 cents per share, beating the London Stock Exchange Group’s (LSEG) consensus estimate of 65 cents per share, sending its shares up 7%. GE Aviation’s revenue of $16.1 billion also beat analysts’ expectations of $15.14 billion. PepsiCo — The snack and beverage stock fell 2% despite stronger-than-expected first-quarter results. PepsiCo reported adjusted earnings of $1.61 per share, beating analysts’ expectations of $1.52, according to LSEG. Despite poor first-quarter results, PepsiCo kept its full-year outlook unchanged. Novartis — Shares of the U.S.-listed Swiss drugmaker rose 2.6% after Novartis raised its full-year guidance. JetBlue Airways — The airline cut its second-quarter and full-year 2024 revenue forecasts, sending its shares plummeting 16%. London Stock Exchange reports. CLEVELAND CLIFFS — Shares of the steelmaker fell 8.7% after reporting first-quarter profit and revenue that missed estimates. Cleveland-Cliffs reported adjusted earnings of 18 cents per share on revenue of $5.2 billion, while analysts polled by LSEG expected earnings of 22 cents per share on revenue of $5.35 billion. Nucor — Nucor shares fell 7% after the steelmaker missed first-quarter profit and revenue estimates. Nucor also said it expected profits to fall in the second quarter, citing lower average selling prices, which would only be partially offset by modest sales growth in its steel mill business. Danaher — The life sciences company’s first-quarter results beat analysts’ expectations, sending its shares up more than 7%. Danaher reported adjusted earnings of $1.92 per share on revenue of $5.8 billion. That beat analysts’ expectations of $1.72 per share on revenue of $5.62 billion, according to FactSet. Spotify — Shares of the streaming music company soared 16% after handily beating profit expectations. According to LSEG, Spotify’s first-quarter earnings per share were 97 euro cents, while analysts expected 65 euro cents. Spotify’s quarterly gross margin also beat expectations. Sherwin-Williams — Shares fell 2% after the paint and coatings maker reported first-quarter adjusted earnings of $2.17 a share, missing the consensus estimate of $2.22 a share, according to FactSet. Sherwin-Williams’ revenue of $5.37 billion was also below analysts’ expectations of $5.5 billion. Roblox — Shares of Roblox rose 5.8% after JPMorgan upgraded the gaming platform to an overweight rating. The bank believes that recent investor skepticism, which has driven the stock down about 20% year-to-date, now represents a compelling entry point. Sunnova Energy — Solar stocks rose 2.8%. KeyBanc Capital Markets downgraded Sunnova Energy to sector weight from overweight, citing caution on residential solar brands, especially ahead of first-quarter earnings. Sunnova’s stock price has fallen more than 74% this year. LKQ — The aftermarket auto parts distributor’s first-quarter results fell short of analysts’ expectations, sending its shares down nearly 15%. LKQ reported adjusted earnings of 82 cents per share on revenue of $3.7 billion, while analysts expected earnings of 95 cents per share on revenue of $3.76 billion, according to FactSet. MSCI — Shares of MSCI fell 13% after the investment index provider reported revenue that fell short of Wall Street expectations. MSCI’s first-quarter revenue was $680 million, while analysts polled by FactSet forecast revenue of $685.5 million. Earnings per share were $3.52, beating estimates by 5 cents. —CNBC’s Michelle Fox, Sarah Minh and Jesse Pond contributed reporting.
