Several companies were making headlines in midday trading. Eli Lilly saw shares increase by 5% after beating analysts’ expectations for first-quarter adjusted earnings. 3M also experienced a 4% jump in shares after surpassing estimates for earnings and revenue. PayPal gained 3.6% after reporting higher revenue for the first quarter. McDonald’s, however, missed quarterly earnings estimates, leading to little change in their share price. Chegg’s shares sank 20% after issuing disappointing guidance for the second quarter, and Tesla slid 5.5% following a previous rally. NXP Semiconductor, Tenet Healthcare, Corning, Amkor Technology, Sysco, GE Healthcare Technologies, Yum China, Medifast, Coursera, Paccar, and Paramount Global all had varying results in midday trading as well.
Eli Lilly’s strong performance in the first quarter led to a 5% increase in shares. The company, known for the Mounjaro diabetes and weight loss drug, exceeded analysts’ expectations and raised its full-year guidance for adjusted earnings and revenue. 3M also saw a 4% rise in shares after reporting earnings of $2.39 per share on revenue of $7.72 billion, surpassing estimates from analysts. PayPal reported $7.70 billion in revenue for the first quarter, leading to a 3.6% increase in shares. However, McDonald’s missed quarterly earnings estimates due to lower same-store sales.
Chegg experienced a 20% drop in shares after issuing disappointing guidance for the second quarter, with forecasted revenue lower than the previous consensus estimate. Tesla’s shares slid 5.5% despite a previous rally, with some concerns raised by Goldman Sachs about providing full self-driving technology in China. NXP Semiconductor saw a 4% increase in shares after beating analyst estimates in earnings, while Tenet Healthcare’s strong earnings performance led to a 9.8% increase in shares. Corning surged 6.2% after beating earnings and sales estimates, and Amkor Technology climbed nearly 7% after surpassing analyst estimates in earnings and revenue.
Sysco, however, slipped 2.5% after posting weak fiscal third-quarter revenue, and GE Healthcare Technologies saw shares plunge almost 12% after missing analysts’ first-quarter revenue estimates. Yum China’s shares dropped more than 7% after missing revenue estimates for the first quarter. Medifast’s shares tumbled nearly 23% after missing earnings expectations for the first quarter and providing weak forward guidance for earnings and revenue. Coursera also saw a 10% drop in shares after projecting lower revenue for the second quarter than anticipated by analysts.
Paccar’s shares dropped 6.6% despite beating expectations in their latest results. Paramount Global shed more than 3% after CEO Bob Bakish stepped down as merger talks with Skydance continue. Needham downgraded Paramount to hold from buy following the news, citing uncertainty. Overall, the diverse performances of these companies reflect the volatility and challenges present in the current market environment. Each company’s specific circumstances and performance have influenced their share prices in midday trading.
