A General Electric (GE) sign is seen during the second China International Import Expo (CIIE) in Shanghai, China, November 6, 2019.
Aly Song | Reuters
Find out which companies are making headlines in the midday business.
General Electric – Shares fell more than 11% despite the industrial company reporting higher and lower first-quarter results. CEO Lawrence Culp said GE was “tending down” on its guidance in part because of inflationary pressure. Additionally, pressures from supply chain issues, the war in Ukraine and the spread of Covid hurt GE’s revenue by six percentage points, Culp said.
Sherwin-Williams – Shares of the paint company jumped more than 9% after the company beat Wall Street estimates for its first-quarter earnings. Sherwin-Williams reported earnings of $1.61 per share last quarter, beating estimates of $1.54 per 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 – Shipping stock fell 2.6% despite a stronger than expected first quarter report. UPS earned an adjusted $3.05 per share on $24.38 billion in revenue. Analysts polled by Refinitiv had expected $2.88 per share and $23.78 billion in revenue. The company stuck to its guidance, but CEO Carol Tome said on a conference call with analysts that e-commerce growth was slowing from the Covid boom.
Warner Bros. Discovery – The media giant’s shares fell more than 4% after the company warned that its 2022 profit would fall below forecasts. Chief Financial Officer Gunnar Wiedenfels cited “unexpected plans” and weaker first-quarter operating profit from WarnerMedia during the company’s earnings call.
Waste management – The waste management services company rose its shares 5.7% after reporting first-quarter earnings and revenue that beat analysts’ estimates. The company earned $1.29 per share, versus estimates of $1.14, according to FactSet’s StreetAccount. Revenue was $4.66 billion, versus expectations of $4.45 billion.
Zions Bancorporation – Shares of the regional bank fell more than 7% following a downgrade by Raymond James to market performance. The company also posted net interest income below estimates, according to FactSet’s StreetAccount. Zions’ financial guidance, which remained unchanged, included moderate growth over the next year.
Universal Health Services – Shares of the health services operator fell about 9.5% following the company’s quarterly results, which included weaker-than-expected earnings of $2.15 per share. Analysts estimated earnings at $2.47 per share, according to FactSet’s StreetAccount.
3M – Shares in the industrial conglomerate fell more than 3% despite the company reporting quarterly earnings and revenue above consensus estimates. 3M also said it anticipates weaker mask demand and increased cost pressures.
SeaWorld Entertainment – Shares of SeaWorld fell nearly 4% even as Rosenblatt Securities launched coverage of the stock with a buy rating. The bullish outlook is based on a clear path to profitability charted by Scott Ross, chairman of the board of SeaWorld and a major investor, who points to around 24% upside for the theme park and entertainment company.
Redfin – Shares of the real estate company fell 6.6% after Piper Sandler downgraded its shares to underweight, citing a tough real estate outlook that analysts say will only get worse over the next two years , with 30-year mortgage rates exceeding 5%.
– CNBC’s Jesse Pound, Sarah Min and Yun Li contributed reporting