The General Electric (GE) brand at the 2nd China International Import Expo (CIIE) in Shanghai, China, November 6, 2019.
on the song | Reuters
Check out which companies are making the headlines in midday trading.
General Electric – Shares fell more than 11% though Industrial company reports Top and bottom line beats in the first quarter. CEO Lawrence Kolb said GE is “heading towards the low end” of its guidance due in part to inflation pressures. In addition, pressures from supply chain issues, the war in Ukraine and the spread of the Covid virus hurt GE’s revenue by six percentage points, Kolb said.
Sherwin Williams – The paint company’s shares jumped more than 9% after the company beat Wall Street estimates for first-quarter earnings. Sherwin-Williams reported earnings of $1.61 a share last quarter, beating estimates of $1.54 a share, according to FactSet’s StreetAccount. The company’s revenue for the quarter rose more than 7% to $5 billion from a year ago, also beating expectations.
United Parcel Service – Sea freight inventory down 2.6% despite a First quarter report stronger than expected. UPS earned $3.05 per share, adjusted for $24.38 billion in revenue. Analysts polled by Refinitiv expected $2.88 per share on revenue of $23.78 billion. The company maintained its guidance, but CEO Carol Tomei said on a conference call with analysts that e-commerce growth has been slowing compared to the boom during Covid.
Warner Brothers Discovery – Shares of the media giant fell more than 4% after the company It warned that its profits in 2022 will be lower than expected. Chief Financial Officer Gunnar Wiedenfels cited “unexpected projects” and weaker first-quarter operating profit from WarnerMedia on the company’s earnings call.
waste management The waste services company posted a 5.7% increase in its stock after it reported first-quarter earnings and revenue that beat analyst estimates. The company earned $1.29 per share, versus estimates of $1.14, according to FactSet’s StreetAccount. Revenue came in at $4.66 billion, compared to expectations of $4.45 billion.
Zion Bank – Regional bank shares fell more than 7% after the credit rating downgrade by Raymond James for market performance. The company also reported lower-than-estimated net interest income, according to FactSet’s StreetAccount. Zion’s fiscal guidance, which did not change, included moderate growth over the following year.
Comprehensive health services – Shares of the health services operator fell 9.5% following the company’s quarterly results, which include weaker-than-expected earnings of $2.15 per share. Analysts estimated earnings of $2.47 per share, according to FactSet’s StreetAccount.
15:00 The industrial conglomerate’s shares fell more than 3% despite the company reporting quarterly earnings and revenue that came in above consensus estimates. 3M also said it expects weaker demand for masks and increased cost pressures.
Sea World Entertainment SeaWorld shares are down nearly 4% even with Rosenblatt Securities Inventory coverage started With a buy rating. The bullish outlook is based on a clear path to profitability laid out by Scott Ross, SeaWorld’s chairman and principal investor, which points to a roughly 24% rise for the theme park and entertainment company.
Redfin The real estate company’s stock fell 6.6% after Piper Sandler Downgraded its stock rating to underweightciting a tough housing outlook that analysts believe will only get worse over the next two years as 30-year mortgage rates jump above 5%.
CNBC’s Jesse Pound, Sarah Min, and Yoon Lee contributed reporting
“Beer fan. Travel specialist. Amateur alcohol scholar. Bacon trailblazer. Music fanatic.”