Stocks with the biggest gainers at noon: SMCI, SBUX, PFE | Wilnesh News
Take a look at the companies making headlines in midday trading. New York Community Bank – “We have a clear path to profitability over the next two years,” CEO Joseph Otting said in a release as the hard-hit bank Bank shares rose more than 31%. The bank on Wednesday reported a quarterly loss of $335 million due to a rise in bad business loans and higher expenses. Super Micro Computer – The server supplier’s third-quarter revenue fell short of expectations, and its stock price fell 15%. AMD, however, beat analysts’ expectations for its adjusted earnings and raised its revenue forecast for fiscal 2024. Starbucks — The coffee chain reported quarterly revenue and net income that fell short of expectations, sending its shares plummeting more than 16%. Starbucks reported adjusted earnings of 68 cents per share on revenue of $8.56 billion. The company’s earnings per share and revenue missed analysts’ expectations of 79 cents and $9.13 billion, according to LSEG. Pfizer — Shares of Pfizer rose 3% after the drugmaker beat Wall Street’s first-quarter revenue forecasts and raised its full-year profit guidance. Pfizer now expects full-year adjusted earnings per share of $2.15 to $2.35, up from its previous forecast of $2.05 to $2.25 per share. Skyworks Solutions — TD Cowen downgraded Skyworks to “hold” from “buy,” sending shares of the Apple supplier down 15%. The company said it sees a number of headwinds, with the stock’s risk-reward ratio skewing negative “until visibility on the action content catalyst improves.” Amazon – The tech giant’s shares rose 1.3% on strong growth in first-quarter profit and revenue. Advertising revenue grew 24% in the first quarter, and Amazon Web Services also reported results that exceeded analysts’ expectations. SiriusXM — Shares of SiriusXM rose nearly 4% after Goldman Sachs upgraded the broadcaster’s rating to neutral from sell, citing the company’s recent underperformance, largely based on valuation. CVS Health — The pharmacy chain and pharmacy benefit manager missed first-quarter adjusted earnings and revenue estimates, sending its shares tumbling 16%. In addition, CVS lowered its full-year profit forecast, citing rising medical costs, which was also lower than market consensus. Powell Industries — Shares of the Houston-based power infrastructure company jumped 22% after its second-quarter earnings beat Wall Street expectations. Powell reported earnings of $2.75 per share on revenue of $255 million. In the same period last year, the company earned 70 cents per share on revenue of $171.4 million. Estée Lauder — The beauty and skin care group’s fourth-quarter guidance was disappointing, sending its shares down 12%. Estée Lauder now expects adjusted earnings of 19 cents to 29 cents per share, below analysts’ expectations of 76 cents per share, according to LSEG. Kraft Heinz — Shares of the ketchup and prepared foods maker fell 6.6% on weak first-quarter revenue. Kraft Heinz generated revenue of $6.41 billion in the three months, slightly below the $6.43 billion forecast by analysts polled by LSEG. Adjusted earnings were 69 cents per share, in line with expectations. Pinterest — The social media platform’s first-quarter revenue and profit beat Wall Street estimates, sending shares soaring 21%. Pinterest’s second-quarter revenue guidance also topped expectations, with the company expecting sales of $835 million to $850 million, compared with LSEG’s consensus estimate of $827 million. Advanced Micro Devices – The chipmaker’s stock price fell 9.5% after the chipmaker issued second-quarter sales guidance, predicting sales for this quarter of approximately $5.7 billion, with an annual growth rate of 6%. Yum Brands — Shares of Yum Brands fell nearly 4% after the fast-food giant reported quarterly adjusted earnings and revenue that fell short of analysts’ expectations. KFC and Pizza Hut reported same-store sales declines as they struggled to attract customers, while Taco Bell’s same-store sales rose just 1%. 3M — Shares of 3M rose 2.8% after JPMorgan upgraded the stock to overweight from neutral as improving demand for electronics boosted profit forecasts that outperformed current trading prices and earnings momentum. —CNBC’s Alex Harring, Yun Li, Lisa Kailai Han, Hakyung Kim and Michelle Fox contributed reporting.
