In midday trading, United Airlines saw a surge in its shares by 17.5% after posting a narrower-than-expected loss in the first quarter, with revenue coming in at $12.54 billion. Travelers Companies, on the other hand, saw a 7.4% drop in their stock following a disappointing first-quarter report, with higher-than-expected catastrophe losses being a contributing factor. Eli Lilly remained flat despite announcing promising results for its Zepbound weight loss drug in treating obstructive sleep apnea, while ResMed, a company that makes medical devices for sleep and breathing disorders, saw a 6% slump in their stock.
ASML, a Dutch semiconductor equipment company, experienced a 7.1% drop in its U.S.-listed stock after sales and new bookings fell short of expectations, with a 22% year-over-year decline in net sales. Interactive Brokers saw their shares rise by 1.7% after posting quarterly results that surpassed Wall Street’s expectations and increasing their dividend. On the other hand, J.B. Hunt Transport Services saw an 8% decrease in their stock after falling short of analysts’ estimates in their quarterly results, posting earnings of $1.22 per share on $2.94 billion in revenue instead of the expected $1.52 per share on $3.12 billion in revenue.
Tapestry, the parent company of Coach and Kate Spade, slipped around 1% following reports that the Federal Trade Commission is preparing to block its takeover of Versace owner Capri Holdings, leading to a 2.7% dip in Capri’s shares. Autodesk saw nearly a 6% drop in their shares after announcing a delay in their annual 10-K filing due to an internal investigation into some of the company’s accounting practices. U.S. Bancorp experienced a 4% drop in their shares after lowering their net interest income guidance for 2024 due to inflation and an extended period of high interest rates.
Abbott Laboratories saw a 3% decrease in their stock following weak guidance for current-quarter earnings, despite beating analysts’ forecasts in the first quarter. Alcoa, an aluminum company, ended 1.5% lower after President Joe Biden announced plans to triple the China tariff rate on aluminum and steel imports, with Alcoa set to report earnings after the bell. Urban Outfitters saw a 2.5% dip in their shares after being downgraded by Jefferies to underperform, citing concerns about slowing foot traffic, promotional headwinds, and increased competition from other retailers.
