Take a look at the companies making headlines in midday trading. Eli Lilly — Eli Lilly, the maker of diabetes and weight-loss drug Mounjaro, rose 5% after first-quarter adjusted earnings beat analysts’ expectations. The Indianapolis-based drugmaker also raised its full-year guidance for adjusted profit and revenue. 3M — The industrial products and adhesives maker reported earnings of $2.39 per share on revenue of $7.72 billion, beating analysts’ expectations of $2.10 per share on revenue of $7.63 billion, according to LSEG, sending shares up 4%. PayPal – Shares rose 3.6% after the payments company reported first-quarter revenue of $7.7 billion, beating analysts’ expectations of $7.51 billion, according to LSEG. PayPal reports year-over-year increases in total payment volume and transaction volume. McDonald’s — Shares of McDonald’s were little changed after falling 4% after the fast-food chain missed quarterly profit estimates due to lower-than-expected same-store sales. Higher prices help McDonald’s revenue, but also scare away some low-income customers. Chegg — Shares of Chegg fell 20% a day after the online education company issued disappointing second-quarter guidance. Chegg forecast revenue in the range of $159 million to $161 million, below the LSEG consensus estimate of $174 million. Jeffries downgraded the stock to underperform after the results, saying free artificial intelligence tools had emerged as “attractive alternatives.” Tesla – The electric car maker’s shares fell 5.5% after rising 15% on Monday on news that the company has cleared a key hurdle in launching advanced driver-assistance technology in China. Goldman Sachs has warned that Tesla still faces obstacles in offering fully autonomous driving technology in China. NXP Semiconductor — Shares rose about 4% after earnings beat analysts’ expectations. The chipmaker reported adjusted earnings of $3.24 per share, beating the consensus estimate of $3.16 per share, according to LSEG. Revenue of $3.13 billion was in line with analysts’ expectations. Tenet Healthcare — Shares rose 9.8% on strong earnings. Tenet had adjusted earnings of $3.22 per share on revenue of $5.37 billion, while analysts polled by FactSet forecast earnings of $1.45 per share on revenue of $5.15 billion. Tenet also raised its internal forecasts for both metrics for the full year. Corning — The fiber optic cable maker’s stock surged 6.2% after its profit and sales beat estimates. Corning reported earnings of 38 cents per share on core revenue of $3.26 billion, above the consensus estimate of 35 cents per share on core revenue of $3.12 billion, according to analysts polled by FactSet. Revenue for the current quarter is expected to be above analysts’ expectations. Amkor Technology — Shares of the semiconductor packaging company rose nearly 7% after earnings and revenue beat analysts’ expectations. Earnings were 24 cents per share on revenue of $1.37 billion, beating consensus estimates of 11 cents and $1.36 billion, according to FactSet. Second-quarter profit and revenue guidance also beat expectations. Sysco — Shares of Sysco fell 2.5% after the wholesale restaurant supplier reported weak fiscal third-quarter revenue of $19.38 billion, compared with analysts’ consensus estimate of $19.74 billion, according to FactSet. Houston-based Sysco earned 96 cents per share excluding one-time items, 1 cent above Wall Street expectations. GE Healthcare – Shares of GE Healthcare plunged nearly 12% after the medical equipment maker’s first-quarter revenue fell short of analysts’ expectations due to weak sales in China and falling demand for imaging. The company’s total sales were $4.65 billion, while analysts polled by LSEG had forecast $4.8 billion. Yum China – The Taco Bell and KFC operator reported first-quarter revenue of $2.96 billion, missing Wall Street expectations of $3.05 billion, according to London Stock Exchange Group (LSEG), sending shares down more than 7 %. Adjusted earnings per share were 71 cents, above expectations of 65 cents per share. Medifast — Shares of Medifast fell nearly 23% after the nutrition and weight loss company missed profit expectations and said it would revamp its products to support consumers using the best-selling weight-loss drug. Excluding items in the first quarter, Kuaibao earned 66 cents per share, lower than analysts’ expectations of 80 cents, according to FactSet data. Forward guidance for earnings and revenue for the quarter was weak. Coursera — The online education stock fell nearly 10% a day after the company said it expected second-quarter revenue of $162 million to $166 million, below the $178 million expected by analysts polled by LSEG. Paccar — Shares of Paccar fell 6.6% after the truck maker’s latest results beat expectations. The stock was up more than 16% so far in 2024 through Monday, outperforming the S&P 500. Revenue reached $8.74 billion, above expectations of $8.25 billion. Paramount Global — The CBS television parent and movie studio owns CBS after CEO Bob Bakish resigned as merger talks with Skydance continue Shares fell more than 3%. He will be replaced by three senior executives in the company’s so-called “Office of the CEO.” Following the news, Needham downgraded Paramount to “hold” from “buy,” citing too much uncertainty. —CNBC’s Tanaya Macheel, Michelle Fox, Yun Li, Lisa Kailai Han, Pia Singh and Sarah Min contributed reporting
