A Boeing 737 MAX 8 is parked outside the hangar during a media tour of the Boeing 737 MAX at the Boeing factory in Renton, Washington.
Matt McKnight | Reuters
Check out the companies with the biggest midday moves:
Boeing — Shares fell 5.56%. On Thursday, Boeing Co warned it would have to suspend deliveries of some 737 Max planes due to problems with parts made by supplier Spirit AeroSystems. Shares of Spirit AeroSystems fell 20%.
JPMorgan — Shares soared 7.55% after the bank reported record first-quarter revenue amid rising interest rates. Revenue was $39.34 billion, topping analysts’ estimate of $36.19 billion, according to Refinitiv. Adjusted earnings per share came in at $4.32, compared with expectations for $3.41 per share.
Citigroup — Shares of the bank rose 4.78% after the company reported an increase in net income and first-quarter revenue beat expectations. Citigroup reported revenue of $21.45 billion, compared with expectations for $19.99 billion, according to Refinitiv data.
joint health — Shares of the health insurance provider fell 2.74% as investors worried about how some policy changes in 2024 would affect Medicare Advantage plan profits in the near term. Shares fell even after UnitedHealth beat revenue and profit estimates and raised its full-year outlook.
hello group — Chinese entertainment stocks surged 4.81% after JPMorgan upgraded its rating to overweight from neutral. The company said it could benefit from improvements in live streaming in China.
black stone — The investment manager reported first-quarter adjusted earnings of $7.93 per share, topping the $7.76 a share expected by analysts polled by Refinitiv, with shares up 3.07%. Revenue of $4.24 billion was in line with expectations.
PNC Financial Services — Shares in the bank were down 1.8% at midday, but ended the day slightly up 0.36%. PNC provided fiscal 2023 guidance for year-over-year revenue growth of 4% to 5%, down from previous guidance of 6% to 8%. According to Refinitiv data, PNC’s first-quarter earnings per share beat expectations, but revenue slightly missed expectations.
sober — Shares of the electric car maker fell 6.3% after it reported weak first-quarter deliveries. Lucid produced 2,314 Air sedans but only delivered 1,406 of them.
Rivian — Shares of the electric car maker retreated 6.89% in midday trading on Friday. Earlier in the day, Piper Sandler downgraded the stock to neutral from neutral, saying the company needs more cash. The new price target now represents only marginal upside for Rivian stock. Piper Sandler added that they still like Rivian’s strategy of pursuing vertical integration for its vehicles.
VF Corporation — The parent company of apparel retailers including Vans and The North Face rose 3.02 percent. Goldman Sachs upgraded the stock, saying the company’s latest strategic move could boost the stock. Goldman Sachs said the stock could rise more than 23% due to VF’s strong management strategy and new products.
Catalent — Share price down 26.84% biotech company warning Regarding productivity issues at three of its facilities and higher-than-expected costs, that will have a big impact on its fiscal third-quarter earnings results.
— CNBC’s Alex Harring, Samantha Subin, Tanaya Macheel and Brian Evans contributed reporting.