Take a look at the businesses making headlines in noon buying and selling.
General Electrical — Shares slid more than 11% regardless of the economic firm reporting high and backside line beats for the primary quarter. CEO Lawrence Culp mentioned GE is “trending toward the low end” of its steering due partially to inflation strain. Moreover, pressures from provide chain points, the struggle in Ukraine and the unfold of Covid harm GE’s income by six share factors, Culp mentioned.
Sherwin-Williams — Shares of the paint firm jumped more than 9% after the corporate beat Wall Avenue estimates for its first-quarter earnings. Sherwin-Williams posted earnings of $1.61 per share final quarter, topping estimates of $1.54 per share, based on FactSet’s StreetAccount. The corporate’s income for the quarter rose more than 7% to $5 billion from final yr, additionally beating expectations.
United Parcel Service — The transport inventory dropped 2.6% regardless of a stronger-than-expected first quarter report. UPS earned an adjusted $3.05 per share on $24.38 billion of income. Analysts surveyed by Refinitiv had been anticipating $2.88 per share and $23.78 billion of income. The corporate maintained its steering, however CEO Carol Tome mentioned on a convention name with analysts that e-commerce development was slowing relative to the growth throughout Covid.
Warner Bros. Discovery — The media large’s shares fell more than 4% after the corporate warned its 2022 revenue could be decrease than anticipated. Chief monetary officer Gunnar Wiedenfels cited “unexpected projects” and weaker first-quarter WarnerMedia working revenue on the corporate’s earnings name.
Waste Administration — The waste companies firm obtained a 5.7% enhance in its shares after it reported earnings and income for the primary quarter that topped analysts’ estimates. The corporate made a revenue of $1.29 per share, versus estimates of $1.14, based on FactSet’s StreetAccount. Income got here in at $4.66 billion, in comparison with expectations of $4.45 billion.
Zions Bancorporation — The regional financial institution’s shares dropped more than 7% following a downgrade by Raymond James to market carry out. The corporate additionally posted web curiosity revenue that was decrease than estimates, based on FactSet’s StreetAccount. Zions’ monetary steering, which was unchanged, included reasonable development over the subsequent yr.
Common Well being Providers — Shares of the well being companies operator fell about 9.5% following the corporate’s quarterly outcomes, which embody weaker-than-expected earnings of $2.15 per share. Analysts estimated earnings of $2.47 per share, based on FactSet’s StreetAccount.
3M — Shares of the economic conglomerate declined by more than 3% regardless of the corporate reporting quarterly earnings and income that got here in above consensus estimates. 3M additionally mentioned it anticipates weaker masks demand and rising price pressures.
SeaWorld Leisure — Shares of SeaWorld dipped almost 4% at the same time as Rosenblatt Securities initiated protection of the inventory with a purchase ranking. The bullish outlook is predicated on a transparent path to profitability laid out by Scott Ross, SeaWorld’s board chairman and a serious investor, that signifies roughly 24% upside for the theme park and leisure firm
Redfin — The actual property firm’s shares fell 6.6% after Piper Sandler downgraded its shares to underweight, citing a difficult housing outlook its analysts assume will solely worsen over the subsequent two years as 30-year mortgage charges soar above 5%.
— CNBC’s Jesse Pound, Sarah Min and Yun Li contributed reporting