A Normal Electrical (GE) signal is seen on the second China Worldwide Import Expo (CIIE) in Shanghai, China November 6, 2019.
Aly Tune | Reuters
Take a look at the businesses making headlines in noon buying and selling.
General Electric — Shares slid greater than 11% regardless of the industrial company reporting prime and backside line beats for the primary quarter. CEO Lawrence Culp mentioned GE is “trending towards the low finish” of its steerage due partially to inflation strain. Moreover, pressures from provide chain points, the battle in Ukraine and the unfold of Covid damage GE’s income by six share factors, Culp mentioned.
Sherwin-Williams — Shares of the paint firm jumped greater than 9% after the corporate beat Wall Road estimates for its first-quarter earnings. Sherwin-Williams posted earnings of $1.61 per share final quarter, topping estimates of $1.54 per share, in response to FactSet’s StreetAccount. The corporate’s income for the quarter rose greater than 7% to $5 billion from final 12 months, additionally beating expectations.
United Parcel Service — The transport inventory dropped 2.6% regardless of a stronger-than-expected first quarter report. UPS earned an adjusted $3.05 per share on $24.38 billion of income. Analysts surveyed by Refinitiv have been anticipating $2.88 per share and $23.78 billion of income. The corporate maintained its steerage, however CEO Carol Tome mentioned on a convention name with analysts that e-commerce development was slowing relative to the increase throughout Covid.
Warner Bros. Discovery — The media large’s shares fell greater than 4% after the corporate warned its 2022 profit would be lower than anticipated. Chief monetary officer Gunnar Wiedenfels cited “surprising tasks” and weaker first-quarter WarnerMedia working revenue on the corporate’s earnings name.
Waste Management — The waste companies firm received a 5.7% enhance in its shares after it reported earnings and income for the primary quarter that topped analysts’ estimates. The corporate made a revenue of $1.29 per share, versus estimates of $1.14, in response to FactSet’s StreetAccount. Income got here in at $4.66 billion, in comparison with expectations of $4.45 billion.
Zions Bancorporation — The regional financial institution’s shares dropped greater than 7% following a downgrade by Raymond James to market carry out. The corporate additionally posted web curiosity earnings that was decrease than estimates, in response to FactSet’s StreetAccount. Zions’ monetary steerage, which was unchanged, included reasonable development over the subsequent 12 months.
Universal Health Services — Shares of the well being companies operator fell about 9.5% following the corporate’s quarterly outcomes, which embody weaker-than-expected earnings of $2.15 per share. Analysts estimated earnings of $2.47 per share, in response to FactSet’s StreetAccount.
3M — Shares of the commercial conglomerate declined by greater than 3% regardless of the corporate reporting quarterly earnings and income that got here in above consensus estimates. 3M additionally mentioned it anticipates weaker masks demand and rising price pressures.
SeaWorld Entertainment — Shares of SeaWorld dipped practically 4% at the same time as Rosenblatt Securities initiated coverage of the stock with a purchase score. The bullish outlook is predicated on a transparent path to profitability laid out by Scott Ross, SeaWorld’s board chairman and a serious investor, that signifies roughly 24% upside for the theme park and leisure firm
Redfin — The true property firm’s shares fell 6.6% after Piper Sandler downgraded its shares to underweight, citing a difficult housing outlook its analysts suppose will solely worsen over the subsequent two years as 30-year mortgage charges soar above 5%.
— CNBC’s Jesse Pound, Sarah Min and Yun Li contributed reporting