In midday trading, Boeing saw a 1.5% decrease in its stock price despite having a lower cash burn of $3.9 billion in the first quarter than analysts had expected. The company also reported an adjusted loss of $1.13 per share on revenue of $16.57 billion, beating analysts’ estimates. Tesla’s shares surged 9% following a weaker-than-expected financial update, with CEO Elon Musk announcing plans to start production of new affordable electric vehicle models earlier than previously anticipated. Old Dominion Freight Line saw a 10% drop in its stock price after a mixed first-quarter financial update, meeting earnings estimates but falling short on revenue expectations.
Hilton Worldwide Holdings experienced a 4% increase in its stock price after reporting strong first-quarter adjusted earnings and raising full-year guidance. Texas Instruments saw a 6% rise in its shares after beating analysts’ expectations with first-quarter earnings of $1.20 per share on revenue of $3.66 billion. Mattel’s stock price increased by 3% as losses per share were narrower than anticipated, with adjusted losses of 5 cents per share in the first quarter. Hasbro’s shares rose about 11% after surpassing analysts’ expectations with adjusted earnings per share of 61 cents on revenue of $757 million.
Enphase Energy faced a 5% decline in its stock price due to a miss on quarterly results and downbeat current-quarter revenue outlook. The company reported adjusted earnings of 35 cents per share on revenue of $263 million in the first quarter, falling short of analysts’ estimates. General Dynamics saw over a 5% decrease in its shares after missing first-quarter earnings expectations with $2.88 in earnings per share. Biogen’s stock price increased by almost 5% following the drugmaker’s strong financial performance, reporting adjusted earnings per share of $3.67 and surpassing analysts’ expectations for sales of its Alzheimer’s drug.
Seagate Technology experienced a nearly 2% drop in its shares after reporting revenue of $1.66 billion for its fiscal third quarter, slightly missing analysts’ estimates. The company issued fourth-quarter revenue guidance in line with expectations and reported adjusted earnings of 33 cents per share, beating analysts’ expectations. Overall, companies like Tesla, Hilton Worldwide Holdings, Texas Instruments, Mattel, Hasbro, and Biogen outperformed expectations, leading to increases in their stock prices, while others like Boeing, Old Dominion Freight Line, Enphase Energy, General Dynamics, and Seagate Technology faced declines due to financial misses or downbeat outlooks.
