Stock Market

Stocks making the biggest moves midday: First Republic Bank, PepsiCo, Fiserv and more

In this article

A customer holds a can of Pepsi beverage at a shopping mall on March 9, 2022 in Shaoxing, Zhejiang Province of China.
VCG | Getty Images

Check out the companies making headlines in midday trading.

Kimberly-Clark — The stock was up 1.6% after its quarterly earnings and revenue came in higher than analysts’ estimates, according to FactSet. Kimberly-Clark, maker of Kleenex, raised its 2023 adjusted earnings growth to a range between 6% to 10% year over year, topping analysts’ expectations of 5.7% growth. 

Brown & Brown — Shares rallied 3.9% after the company’s earnings and revenue in the first quarter came above Wall Street’s expectations. The insurance company posted 84 cents in adjusted earnings per share and $1.11 billion in revenue. Analysts polled by FactSet had anticipated 82 cents in earnings per share and $1.07 billion in revenue. 

First Republic Bank — Shares of the regional bank plummeted as much as 44%. First Republic said Monday that deposits fell by 40% to $104.5 billion during the first quarter, which came below Wall Street’s expectations. Trading was briefly paused Tuesday afternoon. The San Francisco-based bank said that its deposit flows have since stabilized. Shares have tumbled about 90% year to date. 

Fiserv — The global payments processor’s shares jumped 3.6%. Fiserv’s first-quarter earnings per share and revenue topped analysts’ estimates, according to FactSet. The company also raised its full-year outlook and said it expects organic revenue growth between 8% to 9%. 

Centene — The health-care operator’s shares gained 3% after Centene reported a beat on its adjusted earnings and revenue for the first quarter. The company’s full-year guidance for 2023 also came above expectations. To be sure, Centene’s full-year outlook for 2024 is below analysts’ estimates, according to FactSet. 

Laboratory Corp. of America — Shares were down almost 4% after the company released its first-quarter earnings report. LabCorp posted $3.82 in adjusted earnings per share and revenue of $3.78 billion. Meanwhile, Wall Street had estimated $3.96 in earnings per share and revenue of $3.69 billion, according to FactSet. The company slightly increased its full-year earnings guidance, but it still remains lower than analysts’ estimates. 

MSCI — The stock fell 10% after a mixed earnings report for the first quarter. MSCI posted $3.14 in adjusted earnings per share, topping FactSet analysts’ estimates of $3. However, the company’s $592.2 million quarterly revenue fell below the $593.9 million anticipated by Wall Street. 

Cal-Maine Foods — Shares of egg producer Cal-Maine Foods tumbled more than 4% after Stephens downgraded shares to equal weight from overweight. The firm cited a weak pricing backdrop in the eggs and chicken sector. Shares have declined more than 9% year to date.

Northern Trust — The regional bank’s stock fell 9.5% after reporting an earnings and revenue miss for the first quarter. Northern Trust posted earnings of $1.51 per share and revenue of $1.76 billion. Meanwhile, analysts polled by FactSet had estimated $1.52 in earnings per share and $1.78 billion in revenue. 

GE Healthcare Technologies — The medical technology company’s shares plunged 8.9% following its first-quarter earnings announcement. Although the company’s quarterly adjusted earnings and revenue topped analysts’ expectations, investors may have been disappointed in its muted full-year outlook. The company estimates its full-year adjusted per-share earnings to fall between $3.60 and $3.75, while analysts had anticipated $3.72 per share earnings. 

United Parcel Service  — Shares of the shipping giant fell 9.3%. The company fell short of analysts’ expectations on the top and bottom lines, according to Refinitiv.

Cadence Design Systems — The electronic system designing company’s stock fell 4.6% after announcing its earnings for the first quarter. Cadence’s first-quarter adjusted earnings per share and revenue came above analysts’ estimates, according to FactSet. However, the company’s earnings and revenue outlook for the second quarter was weaker than expected. 

Ameriprise Financial — Shares of the financial services company dropped 6.5%. Despite posting an 8% year-over-year increase in assets under management by the end of the first quarter, it said that strong client net inflows were offset by market depreciation and unfavorable foreign exchange levels. Meanwhile, its adjusted operating earnings and revenue for the first quarter came in higher than analysts had expected, according to FactSet.

PepsiCo – Shares of PepsiCo jumped over 2% after the beverage and snacks giant posted earnings and revenue that topped Wall Street’s expectations. PepsiCo also issued an upbeat outlook on the full year.

Danaher — The biotechnology company’s shares declined 7%. Danaher’s GAAP operating profit of $1.79 billion fell below analysts’ estimates of $2.12 billion, according to FactSet. The company also lowered its outlook for its bioprocessing segment and cut its annual sales growth forecast on weak outlook. 

General Motors — Shares fell 3.3% after the automaker lowered its guidance for net income attributable to stockholders in 2023. The new range is now between $8.4 billion to $9.9 billion, compared to earlier guidance of $8.7 billion to $10.1 billion. The company attributed the change to a a special charge of $875 million tied to an employee buyout program it announced earlier this year.

Moody’s — The ratings agency saw its stock jump more than 1% after the company reported stronger-than-expected earnings and revenue. Moody’s reported an adjusted EPS of $2.99 for the first quarter, handily beating a FactSet estimate of $2.22 per share.

— CNBC’s Yun Li, Pia Singh, Alex Harring and Brian Evans contributed reporting

Articles You May Like

November home sales surged more than expected, boosted by lower mortgage rates
Diageo ‘better get brewing’, says Wetherspoons head amid Guinness shortage
Disney Reportedly Cuts Transgender Storyline From New Animated Show, Releases Stunning Statement About Parental Choice
The Federal Reserve cuts interest rates by another quarter point. Here’s what that means for you
Musk’s attack on F-35s fuels debate over expensive fighter jets