Chegg, Expedia, BP and more

Chegg, Expedia, BP and more

Take a look at the businesses making headlines in noon buying and selling.

Paramount World – Shares fell 1.7% after the leisure large reported first-quarter income beneath expectations. The media firm posted income of $7.33 billion versus the StreetAccount consensus of $7.39 billion. Revenue got here in above estimates, with Paramount posting adjusted quarterly earnings of 60 cents per share versus 52 cents per share.

Logitech – The know-how inventory dipped 1.8% after the corporate decreased its fiscal 12 months 2023 outlook because of the warfare in Ukraine. The corporate beat Wall Road expectations on the highest and backside traces.

Chegg – Shares cratered 28% regardless of the monetary schooling firm’s beat on earnings expectations. Chegg shared weak steering for the second quarter and 12 months. Additional, executives famous that individuals are prioritizing incomes over studying, which is resulting in smaller course hundreds and delayed faculty enrollment.

Nutrien – Shares gained 6.7% after Nutrien raised its full-year steering amid a surge in crop costs. The corporate did, nevertheless, put up a weaker-than-expected earnings per share, in accordance with StreetAccount estimates.

Hilton Worldwide – Shares of the resort large fell 2.2% after the corporate issued a lower-than-expected full-year outlook as a part of its earnings report for the latest quarter. The inventory worth fell on the steering regardless of the resort operator beating earnings estimates.

Biogen – Biogen shares jumped about 1.1% after the corporate beat on income and reported earnings that fell consistent with estimates within the latest quarter. The drugmaker additionally mentioned its CEO Michel Vounatsos could be stepping down.

Pfizer – Pfizer’s inventory added 1.7% after earnings and income within the first quarter beat estimates on the highest and backside traces. The corporate reported a revenue of $1.62 per share on revenues of $25.66 billion. Analysts anticipated $1.47 per share on $23.86 billion in income, in accordance with Refinitiv.

Expedia – The journey reserving website operator’s shares tumbled by more than 13% after the corporate reported a blended earnings report that led at the least eight Wall Road analysts to lower their worth targets on the inventory. Expedia posted a lack of 47 cents per share for its most up-to-date quarter, though that was narrower than the loss anticipated by analysts, by 15 cents per share, in accordance with Refinitiv.

BP – The power inventory jumped about 7.7% after the oil firm reported better-than-expected earnings and income for its newest quarter. BP did take a $25.5 billion cost for exiting its Russian operations.

Clorox — Shares rose about 2% after the maker of cleansing merchandise surpassed earnings expectations. Clorox earned $1.31 per share on revenues of $1.81 billion in its most up-to-date quarter. Analysts surveyed by Refinitiv forecast 97 cents earnings per share on revenues of $1.79 billion. The agency additionally lowered its full-year gross margin estimates.

DocuSign – Shares fell 1.6% after Wedbush downgraded the inventory to underperform from impartial. “This WFH beneficiary could see difficult growth ahead not factored into shares at current prices in our opinion,” Wedbush mentioned.

Tyson Meals – Shares pulled again practically 3% after Piper Sandler downgraded the inventory and mentioned the corporate may very well be damage by rising meals costs as customers lower down on spending. “Consumers we survey say they are cutting back on basics,” Piper Sandler mentioned.

JPMorgan Chase, Morgan Stanley – Shares rose after Oppenheimer upgraded the financial institution shares, saying the names are “on sale” after a pullback this 12 months. JPMorgan Chase gained 2.9% whereas Morgan Stanley added 3.1%.

Carvana – Shares sunk more than 5% after Wells Fargo downgraded the inventory to equal weight from chubby, citing a scarcity of near-term catalysts.

Constitution Communications – The cable firm noticed shares fall 1.5% after Financial institution of America downgraded the inventory to impartial from purchase on account of broadband development considerations.

Estee Lauder – Shares dropped 4.8% after the wonder firm missed income estimates in its newest quarterly report. Estee Lauder posted income of $4.25 billion versus the Refinitiv consensus estimate of $4.31 billion.

Devon Power – The power inventory jumped more than 9% after a stronger-than-expected quarterly report. The corporate posted adjusted earnings of $1.88 per share versus $1.75 per share anticipated, in accordance with StreetAccount.

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

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