James Tahaney masses textbooks on to a pallet in preparation for transport on the Chegg warehouse in Shepherdsville, Kentucky, April 29, 2010.
John Sommers II | Bloomberg | Getty Photos
Try the businesses making headlines in noon buying and selling.
Paramount Global – Shares fell 1.7% after the leisure big reported first-quarter income beneath expectations. The media firm posted income of $7.33 billion versus the StreetAccount consensus of $7.39 billion. Revenue got here in above estimates, with Paramount posting adjusted quarterly earnings of 60 cents per share versus 52 cents per share.
Logitech – The expertise inventory dipped 1.8% after the corporate decreased its fiscal 12 months 2023 outlook because of the struggle in Ukraine. The corporate beat Wall Avenue expectations on the highest and backside strains.
Chegg – Shares cratered 28% regardless of the monetary training firm’s beat on earnings expectations. Chegg shared weak steerage for the second quarter and 12 months. Additional, executives famous that persons are prioritizing incomes over studying, which is resulting in smaller course masses and delayed college enrollment.
Nutrien – Shares gained 6.7% after Nutrien raised its full-year steerage amid a surge in crop costs. The corporate did, nonetheless, put up a weaker-than-expected earnings per share, in line with StreetAccount estimates.
Hilton Worldwide – Shares of the lodge big fell 2.2% after the corporate issued a lower-than-expected full-year outlook as a part of its earnings report for the newest quarter. The inventory value fell on the steerage regardless of the lodge operator beating earnings estimates.
Biogen – Biogen shares jumped about 1.1% after the corporate beat on income and reported earnings that fell according to estimates within the current quarter. The drugmaker additionally mentioned its CEO Michel Vounatsos would be stepping down.
Pfizer – Pfizer’s inventory added 1.7% after earnings and revenue in the first quarter beat estimates on the highest and backside strains. The corporate reported a revenue of $1.62 per share on revenues of $25.66 billion. Analysts anticipated $1.47 per share on $23.86 billion in income, in line with Refinitiv.
Expedia – The journey reserving website operator’s shares tumbled by greater than 13% after the corporate reported a combined earnings report that led at the least eight Wall Avenue analysts to cut their price targets on the inventory. Expedia posted a lack of 47 cents per share for its most up-to-date quarter, though that was narrower than the loss anticipated by analysts, by 15 cents per share, in line with Refinitiv.
BP – The vitality inventory jumped about 7.7% after the oil firm reported better-than-expected earnings and income for its newest quarter. BP did take a $25.5 billion cost for exiting its Russian operations.
Clorox — Shares rose about 2% after the maker of cleansing merchandise surpassed earnings expectations. Clorox earned $1.31 per share on revenues of $1.81 billion in its most up-to-date quarter. Analysts surveyed by Refinitiv forecast 97 cents earnings per share on revenues of $1.79 billion. The agency additionally lowered its full-year gross margin estimates.
DocuSign – Shares fell 1.6% after Wedbush downgraded the stock to underperform from impartial. “This WFH beneficiary might see troublesome development forward not factored into shares at present costs in our opinion,” Wedbush mentioned.
Tyson Foods – Shares pulled again practically 3% after Piper Sandler downgraded the stock and mentioned the corporate could possibly be harm by rising meals costs as customers minimize down on spending. “Customers we survey say they’re reducing again on fundamentals,” Piper Sandler mentioned.
JPMorgan Chase, Morgan Stanley – Shares rose after Oppenheimer upgraded the financial institution shares, saying the names are “on sale” after a pullback this 12 months. JPMorgan Chase gained 2.9% whereas Morgan Stanley added 3.1%.
Estee Lauder – Shares dropped 4.8% after the wonder firm missed income estimates in its newest quarterly report. Estee Lauder posted income of $4.25 billion versus the Refinitiv consensus estimate of $4.31 billion.
Devon Energy – The vitality inventory jumped greater than 9% after a stronger-than-expected quarterly report. The corporate posted adjusted earnings of $1.88 per share versus $1.75 per share anticipated, in line with StreetAccount.
— CNBC’s Samantha Subin, Sarah Min and Tanaya Macheel contributed reporting.