Here’s a look at the companies making headlines in midday trading: Microsoft – Shares of Microsoft rose 2% after the tech giant reported better-than-expected fiscal third-quarter results and continued momentum in its Azure business. Shares of Alphabet — the parent company of Google — rose 10%. Alphabet reported first-quarter results that beat expectations and authorized its first dividend and $70 billion in buybacks. Earnings per share of $1.89 exceeded analysts’ expectations of $1.51 per share polled by LSEG. Revenue of $80.54 billion beat expectations of $78.59 billion. EXXON Mobil – Exxon Mobil’s energy stock fell more than 2% after the company reported first-quarter adjusted profit that fell short of analysts’ expectations. Earnings per share excluding items were $2.06, missing the LSEG consensus estimate of $2.20 per share. Revenue reached $83.08 billion, above expectations of $78.35 billion. ResMed — Shares of ResMed soared 17% after fiscal third-quarter results beat analysts’ expectations. The medical device company reported earnings excluding items of $2.13 per share on revenue of $1.2 billion. Analysts polled by FactSet expected earnings of $1.93 per share and revenue of $1.17 billion. Intel — Shares of Intel fell 9% after the chipmaker issued a weak forecast for the current quarter. Second-quarter revenue is expected to be between $12.5 billion and $13.5 billion, while analysts polled by LSEG expected $13.6 billion. Adjusted earnings per share for the period are also expected to be below Wall Street forecasts. Snap — The social media company reported adjusted profit and revenue that beat analysts’ expectations, sending its shares soaring 28%, according to LSEG. Snap’s revenue grew 21% this quarter, driven by renewed growth in its digital advertising business. Charter Communications — The broadband and cable provider fell 2% on weak first-quarter results. Charter earned $7.55 a share on revenue of $13.68 billion, missing Wall Street expectations for LSE Group earnings of $7.92 a share on revenue of $13.74 billion. Skechers — Shares of Skechers rose nearly 13% after the footwear company beat first-quarter revenue and profit estimates. Skechers reported earnings of $1.33 per share on revenue of $2.25 billion. That beat analysts polled by LSEG who expected earnings of $1.10 per share and revenue of $2.2 billion. Roku — The streaming stock fell 8% after releasing first-quarter results. Roku’s revenue topped expectations, according to FactSet. However, the company warned that “year-over-year growth rates are difficult to compare” in its streaming service distribution activity, citing past price increases and the shift toward ad-supported streaming. T. Rowe Price Group — Shares rose 5% after better-than-expected quarterly results. The asset manager reported first-quarter adjusted earnings of $2.38 per share on revenue of $1.75 billion. Analysts expected earnings of $2.04 per share on revenue of $1.71 billion, according to FactSet. L3Harris Technologies — Shares of L3Harris Technologies rose 3% after the defense company reported first-quarter profit and revenue that beat expectations. Management also raised its full-year guidance. —CNBC’s Samantha Subin, Alex Harring, Lisa Kailai Han and Sarah Min contributed reporting.
