Several companies made headlines in midday trading, with New York Community Bank seeing a significant increase in its shares after CEO Joseph Otting expressed confidence in the bank’s path to profitability over the next two years. Another standout was Super Micro Computer, which dropped 15% after missing revenue expectations for its fiscal third quarter, but beat analysts’ expectations for adjusted earnings and raised its revenue guidance for the fiscal 2024 year. On the other hand, Starbucks experienced a steep plunge of more than 16% after posting weaker-than-expected quarterly results on both the top and bottom lines. The coffee chain’s adjusted earnings and revenue fell short of analysts’ forecasts.
Pfizer’s shares rose 3% after the drugmaker surpassed Wall Street’s first-quarter revenue forecast and raised its full-year profit guidance. Pfizer now expects adjusted earnings for the full year to be higher than its previous forecast. Skyworks Solutions, an Apple supplier, was downgraded by TD Cowen to hold from buy, prompting a 15% decline in its stock. The firm cited several headwinds and a negative risk/reward ratio until there is more clarity on a potential Mobile content catalyst. Amazon, however, saw a 1.3% increase after reporting strong first-quarter profits and revenue beat, with growth in advertising revenue and Amazon Web Services outpacing analysts’ expectations.
SiriusXM’s stock jumped nearly 4% after Goldman Sachs upgraded it to neutral from sell based on valuation, while CVS Health’s shares plunged 16% following a first-quarter adjusted earnings and revenue miss. CVS also reduced its full-year profit outlook, which was below the consensus estimate, attributing it to higher medical costs. Powell Industries, a Houston-based electrical infrastructure company, advanced 22% after exceeding Wall Street’s fiscal second-quarter expectations. Estée Lauder saw a 12% drop in its shares due to disappointing guidance for the fiscal fourth quarter, and Kraft Heinz’s stock tumbled 6.6% following weak first-quarter revenue.
Pinterest’s shares soared 21% after surpassing Wall Street estimates for the first quarter and providing better-than-expected second-quarter revenue guidance. Advanced Micro Devices fell 9.5% after issuing in-line guidance for sales in the second quarter, and Yum Brands lost nearly 4% after reporting quarterly adjusted earnings and revenue that missed expectations. 3M saw a 2.8% increase in its shares after JPMorgan upgraded the conglomerate to overweight from neutral, citing its current trading price and earnings momentum driven by improved electronics demand. Overall, these companies saw mixed reactions in midday trading based on their earnings reports and guidance.
