Check out the companies making the biggest moves midday:
CVS Health — Shares fell about 3% after the company cut its 2023 forecast due to costs related to recent acquisitions of Signify Health and Oak Street Health. CVS cut its 2023 adjusted earnings guidance to a range of $8.50 to $8.70 per share from its previous projection of $8.70 to $8.90 per share. However, the company beat earnings and revenue expectations for the first quarter.
Kraft Heinz — The consumer staples stock added 4% after the company topped analysts’ expectations for both revenue and adjusted earnings per share, according to Refinitiv. The company also upped its guidance for the full year, to an adjusted EPS of $2.83 to $2.91 from its prior guidance of $2.67 to $2.75 per share.
Estée Lauder — Shares tumbled nearly 15% after the beauty products company slashed its full-year guidance, citing volatility in Asian travel and a slower recovery in the region than expected. It guided for adjusted earnings per share of $3.29 to $3.39 for the year, versus prior guidance of $4.87-$5.02 and analyst estimates of $4.96, per StreetAccount.
Eli Lilly — The stock gained 5.8% after the pharmaceutical company’s clinical trial data showed its donanemab drug slowed the progression of Alzheimer’s disease.
Starbucks — Shares of the world’s largest coffee chain fell 8.6%. On Tuesday, the company reported quarterly earnings and revenue that beat analysts’ expectations. China, the company’s second-largest market, saw its same-store sales increase, for the first time since Starbucks’ fiscal third quarter in 2021.
Clorox — Shares rallied 6%. On Tuesday, the consumer products firm posted fiscal third-quarter adjusted earnings per share of $1.51 topped the $1.22 per share expected by analysts polled by Refinitiv. Revenue also beat, coming in at $1.91 billion versus the $1.82 billion expected by Wall Street.
ImmunoGen — Shares of the biotech company soared more than 120% after ImmunoGen announced the “practice-changing” results of its phase three trial for its experimental ovarian cancer drug, Elahere. The trial showed the drug demonstrated a “statistically significant and clinically meaningful improvement” in prolonging the lives of patients, the firm said.
Livent — The stock jumped 8%. The lithium company reported a big first-quarter earnings beat on Tuesday. Adjusted earnings per share came in at 60 cents, versus the 39 cents expected by analysts polled by FactSet. Its revenue of $253.5 million topped estimates of $230.2 million.
Generac — Shares of the generator manufacturer added about 15%. Generac surpassed expectations for quarterly earnings earlier in the day, reporting 63 cents per share, while analysts polled by FactSet forecasted 48 cents.
Advanced Micro Devices — The semiconductor stock fell 8.8%. On Tuesday, the company reported a 9% decline in first-quarter revenue from the year prior, and a 65% drop in PC and processor sales. AMD also said it expects about $5.3 billion in sales in the current quarter, less than the $5.48 billion expected by Wall Street.
Chegg — The beleaguered stock bounced back 17% on Wednesday, after losing more than 48% in the prior session. On Monday evening, the online education company said on the earnings call that ChatGPT is hurting its growth. On Tuesday, CEO Dan Rosensweig called the plunge “extraordinarily overblown.”
Yum Brands — The restaurant operator’s stock shed nearly 4% after the company’s earnings missed estimates. Its adjusted earnings per share for the first quarter came in at $1.06, compared to the $1.13 expected, per Refinitiv. Revenue topped estimates, however, at $1.65 billion, versus the $1.62 billion expected.
PacWest Bancorp, Western Alliance Bancorp — Shares of PacWest added 6% after sliding about 28% on Tuesday on renewed concerns over the health of the sector. Western Alliance gained 3.5%, while Zions Bancorporation added 2.8%.
Pearson — U.S.-shares of the educational technology stock rose about 10% after Bank of America said the stock was unfairly hit in sympathy with Chegg’s Tuesday fall.
Wingstop — Wingstop jumped more than 7% after beating first-quarter estimates. The restaurant chain reported adjusted earnings of 59 cents per share, topping the 45 cents per share predicted, according to consensus estimates from FactSet. The chicken wing chain posted revenue of $108.7 million, topping the $99.5 million estimate.
Verisk Analytics – Shares gained 9% after the company reported adjusted earnings per share of $1.29 for the first quarter, topping estimates of $1.19, per FactSet. Revenue also beat, coming in at $651.6 million, versus the $633.2 million expected.
— CNBC’s Brian Evans, Yun Li, Alex Harring and Sarah Min contributed reporting.
