Business

Chegg, Expedia, BP and more


James Tahaney loads textbooks onto a pallet for shipment to Chegg’s warehouse in Shepherdsville, Kentucky on April 29, 2010.

John Sommers II | Bloomberg | Getty Images

Find out which companies are making headlines in the midday business.

Paramount Global – Shares fell 1.7% after the entertainment giant reported lower-than-expected first-quarter revenue. The media company reported revenue of $7.33 billion against a consensus of $7.39 billion on StreetAccount. Earnings were above estimates, with Paramount posting adjusted quarterly earnings of 60 cents per share versus 52 cents per share.

Logitech – The technology stock fell 1.8% after the company cut its outlook for fiscal year 2023 due to the war in Ukraine. The company exceeded Wall Street expectations in terms of revenue and earnings.

Chegg – Shares cratered 28% despite the financial education company’s earnings expectations. Chegg shared weak guidance for the second quarter and the year. Additionally, leaders noted that people are prioritizing income over learning, resulting in smaller course loads and delayed school enrollment.

Nutrien – Shares gained 6.7% after Nutrien raised its full-year guidance amid soaring crop prices. The company, however, posted weaker-than-expected earnings per share, according to StreetAccount estimates.

Hilton Worldwide – Shares of the hospitality giant fell 2.2% after the company issued a full-year outlook below expectations as part of its last quarter earnings report. The share price fell as expected despite the hotel operator beating earnings estimates.

Biogen – Shares of Biogen jumped about 1.1% after the company beat earnings and reported earnings that fell in line with last quarter estimates. The drugmaker also said its CEO, Michel Vounatsos, would step down.

Pfizer – Pfizer shares rose 1.7% after first-quarter earnings and revenue beat estimates on the top and bottom lines. The company reported earnings of $1.62 per share on revenue of $25.66 billion. Analysts had expected $1.47 per share on $23.86 billion in revenue, according to Refinitiv.

Expedia – The travel booking site operator’s shares fell more than 13% after the company released a mixed earnings report that led at least eight Wall Street analysts to cut their price targets on the action. Expedia posted a loss of 47 cents per share for its latest quarter, although that was lower than analysts’ expected loss of 15 cents per share, according to Refinitiv.

BP – The energy stock jumped around 7.7% after the oil company reported better-than-expected earnings and revenue for its latest quarter. BP took a $25.5 billion charge to exit its Russian operations.

Clorox – Shares rose about 2% after the cleaning products maker beat earnings expectations. Clorox earned $1.31 per share on revenue of $1.81 billion in its most recent quarter. Analysts polled by Refinitiv had expected earnings per share of 97 cents on revenue of $1.79 billion. The company also lowered its gross margin estimates for the full year.

DocuSign – Shares fell 1.6% after Wedbush downgraded the stock to underperform from neutral. “This WFH beneficiary could see some tough growth ahead unpriced in stocks at current prices in our view,” Wedbush said.

Tyson Foods – Shares fell nearly 3% after Piper Sandler downgraded the stock and said the company could be hurt by rising food prices as consumers cut spending. “Consumers we surveyed say they cut back on commodities,” Piper Sandler said.

JPMorgan Chase, Morgan Stanley – Shares rose after Oppenheimer upgraded bank stocks, saying the names are “for sale” after a pullback this year. JPMorgan Chase gained 2.9% while Morgan Stanley gained 3.1%.

Carvana – Shares fell more than 5% after Wells Fargo downgraded the stock to equal weight from overweight, citing a lack of near-term catalysts.

Charter Communications – The cable company saw its shares fall 1.5% after Bank of America downgraded the stock to neutral due to broadband growth concerns.

Estee Lauder – Shares fell 4.8% after the beauty company missed earnings estimates in its latest quarterly report. Estée Lauder posted revenue of $4.25 billion against Refinitiv’s consensus estimate of $4.31 billion.

Devon Energy – The energy stock jumped more than 9% after a stronger than expected quarterly report. The company posted adjusted earnings of $1.88 per share versus $1.75 per share expected, according to StreetAccount.

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


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William

Friendly bacon buff. Unapologetic problem solver. Avid food lover. Amateur alcoholaholic. Organizer. Student
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