The Microsoft logo displayed on their stand during the Mobile World Congress 2023 on March 2, 2023, in Barcelona, Spain.
Joan Cros | Nurphoto | Getty Images
Check out the companies making the biggest moves midday:
2 hours ago
Alphabet — Shares of the Google parent rose about 1% after reporting earnings that beat expectations. The company earned $1.17 per share on $69.79 billion in revenue, while analysts polled by Refinitiv expected it to earn $1.07 per share on revenue of $68.9 billion. The company also announced a $70 billion share buyback.
Amazon — Positive tech earnings also helped lift Amazon shares 3.9% ahead of the e-commerce giant’s earnings report, due Thursday. Amazon also began layoffs in its cloud computing and human resources divisions Wednesday. The cuts were previously announced.
Boeing — Shares rose 3% after the company posted its latest quarterly results and said it would increase production of 737 Max planes later this year despite a production issue. Boeing reported an adjusted loss of $1.27 per share and $17.92 billion in revenue, while analysts anticipated a loss per share of $1.07 on $17.57 billion in revenue, according to Refinitiv.
Activision Blizzard — Shares slid 11% after a UK regulator blocked Microsoft’s purchase of the video game publisher. Activision Blizzard has said it will work “aggressively” with Microsoft to reverse the block. The company also posted better-than-expected adjusted earnings and revenue for the first quarter. 107230585
PacWest — The regional bank’s stock popped 15% after the regional bank reported deposit inflows have stabilized, although they were still down in the first quarter. PacWest saw a $1.8 billion increase in deposits from March 20 to April 24. However, deposits for the first quarter totaled about $28.2 billion, down from $33.9 billion from the fourth quarter of 2022.
General Dynamics — Shares sank 3.9% despite a beat on earnings and revenue for the first quarter. However, its aerospace segment saw a decline in revenue thanks to fewer aircraft deliveries. CEO Phebe Novakovic also said the company will incur some period costs as it builds a “considerable” number of Gulfstream G700s to be delivered in the third and fourth quarters.
Enphase Energy — Shares tanked nearly 25% after its second-quarter revenue forecast came in at $700 million to $750 million, missing estimates of $765.2 million from analysts surveyed by StreetAccount. Enphase CEO Badri Kothandaraman told CNBC’s Pippa Stevens growth in the U.S. is at a standstill. Rivals SolarEdge Technologies and First Solar also sank 8.6% and 3.4%, respectively.
Old Dominion Freight Line — The freight shipping company saw shares slide 9% after posting earnings and revenue for the first quarter that missed analysts’ estimates, according to FactSet. The company also reported volume declines, citing continued domestic softness and increased overhead costs.