James Tahaney loads textbooks onto a pallet in preparation for shipment at the Chegg warehouse in Shepherdsville, Kentucky, April 29, 2010.
John Somers II | Bloomberg | Getty Images
Check out the companies that make the headlines during midday trading.
Paramount Global – Shares fell 1.7% after the entertainment giant reported below-expected first-quarter revenue. The media company posted revenue of $7.33 billion against the StreetAccount consensus of $7.39 billion. Earnings came in above estimates, with Paramount posting an adjusted quarterly profit of 60 cents per share versus 52 cents per share.
Logitech – Technology inventory fell 1.8% after the company lowered its fiscal 2023 outlook due to the war in Ukraine. The company exceeded Wall Street’s expectations for upper and lower floors.
Chegg – Shares have plunged 28% despite earnings expectations from the financial education company. Chegg shared weak guidance for the second quarter and year. Furthermore, executives noted that people prioritize earning over learning, leading to reduced course load and delayed school enrollment.
Nutrien – Shares gained 6.7% after Nutrien raised its full-year outlook amid a surge in crop prices. However, the company posted lower-than-expected earnings per share, according to StreetAccount estimates.
Hilton Worldwide – Shares of the hotel giant fell 2.2% after the company released a lower-than-expected full-year outlook as part of its earnings report for the most recent quarter. The share price fell on guidelines, despite the hotel operator beating earnings estimates.
Biogen – Biogen shares were up about 1.1% after the company beat revenue and reported profits in line with estimates made in the recent quarter. The drugmaker also said its CEO Michel Vounatsos would resign.
Pfizer – Shares of Pfizer added 1.7% after first quarter earnings and sales exceeded top and bottom estimates. The company reported earnings of $1.62 per share on revenue of $25.66 billion. Analysts expected $1.47 per share on revenue of $23.86 billion, according to Refinitiv.
Expedia – Shares of the travel booking site operator plunged more than 13% after the company reported a mixed earnings report that led at least eight Wall Street analysts to lower their price targets for the stock. Expedia posted a loss of 47 cents a share for the most recent quarter, although that was smaller than the loss analysts had expected at 15 cents a share, Refinitiv said.
BP – Energy stocks rose about 7.7% after the oil company reported better-than-expected earnings and earnings for the last quarter. BP did charge a $25.5 billion lawsuit for ending its Russian operations.
Clorox — Shares rose about 2% after the cleaning products maker beat earnings expectations. Clorox made $1.31 per share on revenue of $1.81 billion in the most recent quarter. Analysts polled by Refinitiv predict earnings per share of 97 cents on revenue of $1.79 billion. The company also lowered its gross margin estimates for the full year.
DocuSign – Shares fell 1.6% after Wedbush downgraded the stock from neutral to underperformance. “This WFH beneficiary, in our view, could expect a difficult growth that we believe is not reflected in equities at current prices,” Wedbush said.
Tyson Foods – Shares rallied nearly 3% after Piper Sandler lowered shares and said the company could be damaged by rising food prices if consumers cut spending. “Consumers we survey say they are cutting back on the basics,” Piper Sandler said.
JPMorgan Chase, Morgan Stanley – Shares rose after Oppenheimer upgraded banking shares, saying the names are “on sale” after a slump this year. JPMorgan Chase won 2.9% while Morgan Stanley won 3.1%.
Carvana – Shares fell more than 5% after Wells Fargo lowered its stock to an equal weight of overweight, citing a lack of short-term catalysts.
Charter Communications – The cable company saw shares fall 1.5% after Bank of America lowered its stock from buy to neutral on concerns over broadband growth.
Estee Lauder – Shares fell 4.8% after the beauty company missed revenue estimates in its latest quarterly report. Estee Lauder posted revenue of $4.25 billion versus Refinitiv consensus estimate of $4.31 billion.
Devon Energy – Energy stocks are up more than 9% after a stronger-than-expected quarterly report. According to StreetAccount, the company posted adjusted earnings of $1.88 per share, versus $1.75 per share.
– CNBC’s Samantha Subin, Sarah Min and Tanaya Macheel reported.