Check out the companies making headlines in midday trading: New York Community Bank Shares of the battered regional bank rose more than 31% after CEO Joseph Otting said in a statement, “We have a clear path to profitability over the next two years.” The bank on Wednesday reported a quarterly loss of $335 million, due to higher non-performing business loans and higher expenses. Super Micro Computer – The server vendor fell 15% after missing revenue expectations for the fiscal third quarter. However, Super Micro beat analysts' expectations on its adjusted earnings and raised its revenue guidance for fiscal 2024. Starbucks — Shares fell more than 16% after the coffee chain reported weaker-than-expected quarterly results on the top and bottom lines Starbucks reported adjusted earnings of 68 cents per share on revenue of $8.56 billion It beat analysts' expectations of 79 cents per share in earnings and $9.13 billion in revenue, per LSEG Pfizer – Shares of the drug company rose 3% after Pfizer beat Wall Street's first-quarter revenue forecasts and raised its full-year earnings guidance Adjusted earnings of $2.15 to $2.35 per share for the full year, higher than its previous forecast of $2.05 to $2.25 per share Skyworks Solutions – TD Cowen downgraded Skyworks to hold after buying, sending the Apple supplier down 10%. 15%. The company said it sees several headwinds, and that the stock's risk/reward ratio is skewing negative “until there is greater visibility to the mobile content catalyst.” Amazon – The tech giant added 1.3% on the back of its strong first-quarter earnings and revenue. Advertising revenue grew 24% in the first quarter, and Amazon Web Services also posted results that beat analysts' expectations. SiriusXM – The streaming company's stock jumped nearly 4% after Goldman Sachs upgraded SiriusXM to Neutral from Sell mainly on valuation, citing its recent underperformance. CVS Health – Shares fell 16% after adjusted earnings and adjusted revenue for the pharmacy chain and pharmacy benefits manager in the first quarter. Additionally, CVS cut its full-year earnings forecast, which also came in below the consensus estimate, citing higher medical costs. Powell Industries – The Houston-based electric infrastructure company advanced 22% after beating Wall Street's fiscal second-quarter expectations. Powell generated earnings of $2.75 per share on revenue of $255 million. In the same quarter last year, the company reported earnings of 70 cents per share and revenue of $171.4 million. Estée Lauder – Shares of the cosmetics and skincare group fell 12% on its disappointing fiscal fourth-quarter guidance. Estée Lauder said it now expects adjusted earnings per share of 19 cents to 29 cents, which is below analysts' expectations of 76 cents per share, according to LSEG. Kraft Heinz – The ketchup and prepared foods maker's stock fell 6.6% on weak first-quarter revenue. Kraft Heinz saw $6.41 billion in revenue in the three-month period, slightly below the $6.43 billion estimate of analysts polled by LSEG. Adjusted earnings were in line with expectations at 69 cents per share. Pinterest – Shares of the social media platform rose 21% after the company beat Wall Street estimates for the first quarter. Pinterest's revenue guidance for the second quarter also beat expectations, with the company forecasting sales of $835 million to $850 million compared to LSEG's estimate of $827 million. Advanced Micro Devices – The chipmaker's stock fell 9.5% after it issued embedded second-quarter sales guidance, forecasting sales of about $5.7 billion in the current quarter, or 6% annual growth. Yum Brands – The fast food giant lost nearly 4% after reporting adjusted quarterly earnings and revenue that beat analysts' expectations. KFC and Pizza Hut reported lower same-store sales as they struggled to attract customers, while Taco Bell's same-store sales rose just 1%. 3M – Shares rose 2.8% after JPMorgan upgraded the group's shares to Overweight from Neutral, excited by the current trading price and earnings momentum after the company posted a beat on earnings estimates driven by improving electronics demand. — CNBC's Alex Haring, Yun Lee, Lisa Kailai Han, Hakyung Kim and Michelle Fox contributed reporting.
Stocks making the biggest moves at midday: SMCI, SBUX, PFE
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