Chegg, Expedia, BP and more

Take a look at the businesses making headlines in noon buying and selling.

Paramount Global – Shares fell 1.7% after the leisure large 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 diminished its fiscal yr 2023 outlook as a result of struggle in Ukraine. The corporate beat Wall Road expectations on the highest and backside traces.

Chegg – Shares cratered 28% regardless of the monetary training firm’s beat on earnings expectations. Chegg shared weak steerage for the second quarter and yr. Additional, executives famous that persons are prioritizing incomes over studying, which is resulting in smaller course hundreds 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 keeping with StreetAccount estimates.

Hilton Worldwide – Shares of the resort large 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 worth fell on the steerage regardless of the resort operator beating earnings estimates.

Biogen – Biogen shares jumped about 1.1% after the corporate beat on income and reported earnings that fell in keeping with estimates within the latest quarter. The drugmaker additionally stated 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 traces. 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 keeping 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 no less than eight Wall Road 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 keeping with Refinitiv.

BP – The power 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 may see tough development forward not factored into shares at present costs in our opinion,” Wedbush stated.

Tyson Foods – Shares pulled again almost 3% after Piper Sandler downgraded the stock and stated the corporate might be damage by rising meals costs as shoppers lower down on spending. “Customers we survey say they’re slicing again on fundamentals,” Piper Sandler stated.

JPMorgan Chase, Morgan Stanley – Shares rose after Oppenheimer upgraded the financial institution shares, saying the names are “on sale” after a pullback this yr. JPMorgan Chase gained 2.9% whereas Morgan Stanley added 3.1%.

Carvana – Shares sunk greater than 5% after Wells Fargo downgraded the inventory to equal weight from obese, citing a scarcity of near-term catalysts.

Charter Communications – The cable firm noticed shares fall 1.5% after Bank of America downgraded the stock to impartial from purchase as a consequence of broadband development issues.

Estee Lauder – Shares dropped 4.8% after the sweetness 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 power 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 keeping with StreetAccount.

— CNBC’s Samantha Subin, Sarah Min and Tanaya Macheel contributed reporting.