Check out the companies with the biggest midday moves:
CVS Health — Shares fell 3.68% after the company lowered its 2023 forecast due to costs related to its recent acquisitions of Signify Health and Oak Street Health. CVS lowered its 2023 adjusted earnings per share forecast to $8.50 to $8.70 per share from its previous forecast of $8.70 to $8.90 per share. However, the company’s first-quarter earnings and revenue topped expectations.
kraft heinz — Consumer staples rose 2.03 percent after the company beat analysts’ expectations for both revenue and adjusted earnings per share, according to Refinitiv data. The company also raised its full-year guidance, bringing adjusted earnings per share to a range of $2.83 to $2.91, from a previous range of $2.67 to $2.75.
Estee Lauder — Shares fell nearly 17.34 percent after the beauty products company cut its full-year guidance, citing volatility in Asian travel and a slower-than-expected recovery in the region. It guided for adjusted earnings per share of $3.29 to $3.39 for the year, compared with previous guidance of $4.87 to $5.02 and analyst estimates of $4.96, per StreetAccount.
Eli Lilly — The stock rose 6.68% after the drugmaker’s clinical trial data showed its donanemab drug slowed the progression of Alzheimer’s disease.
Starbucks — Shares in the world’s largest coffee chain fell 9.17%. On Tuesday, the company reported quarterly earnings and revenue that topped analysts’ expectations. Same-store sales rose in China, the company’s second-largest market, its first increase since the third quarter of fiscal 2021.
Clorox — Shares rose 4.7 percent.On Tuesday, the consumer goods company released Adjusted earnings per share for the fiscal third quarter At $1.51 a share, analysts polled by Refinitiv were expecting $1.22 a share. Revenue also beat Wall Street expectations of $1.82 billion to $1.91 billion.
immunogen — Shares of this biotech company soared 135.77% after memmunoGen publishes ‘practice-changing’ results Phase 3 trial of its experimental ovarian cancer drug Elahere. The trial showed the drug showed a “statistically significant and clinically meaningful improvement” in prolonging patients’ lives, the company said.
Levante — The stock rose 6.95%.Lithium companies reported a Big first-quarter earnings top expectations Tuesday. Adjusted earnings per share were 60 cents, compared with the 39 cents expected by analysts polled by FactSet. Its revenue was $253.5 million, beating estimates of $230.2 million.
General Electric — Shares of the generator maker rose 11.61%. Generac beat expectations for quarterly earnings earlier in the day, reporting 63 cents a share, compared with the 48 cents forecast by analysts polled by FactSet.
Advanced Micro DevicesCompany — Semiconductor stocks fell 9.22%. On Tuesday, the company reported a 9% drop in first-quarter revenue from a year earlier, with PC and processor sales down 65%. AMD also said it expects sales of about $5.3 billion for the quarter, below Wall Street expectations of $5.48 billion.
Cheg — The struggling stock rebounded 12% on Wednesday after falling more than 48% in the previous session. The online education company said on an earnings call Monday night that ChatGPT was hurting its growth. On Tuesday, Chief Executive Officer Dan Rosensweig called the plunge “overblown.”
yum brand — Shares of the restaurant operator fell 3.91% after the company’s earnings missed expectations. Its first-quarter adjusted earnings per share were $1.06, compared with a Refinitiv estimate of $1.13. Revenue, however, topped estimates at $1.65 billion versus expectations of $1.62 billion.
pacific western bank, western union bank — Shares of PacWest fell 1.98 percent, following Tuesday’s 28 percent drop, as concerns about the health of the industry intensified again.The Western Conference fell 4.4%, while zion bank corp. down 5.27%.
Pearson — U.S. shares of the education technology stock jumped 11% after Bank of America expressed sympathy for Chegg as the stock took an unfair hit following Tuesday’s decline.
wing stop – Wingstop rose 9.35% after beating first-quarter estimates. chain restaurant rReported adjusted EPS of 59 cents, earning more than 45 cents a share, according to the FactSet consensus estimate. The chicken wing chain’s revenue of $108.7 million beat estimates of $99.5 million.
Verisk Analysis – Shares rose 7.93% after the company reported first-quarter adjusted earnings per share of $1.29, topping the FactSet estimate of $1.19. Revenue also beat estimates of $633.2 million to $651.6 million.
— CNBC’s Brian Evans, Yun Li, Alex Harring and Sarah Min contributed reporting.
