Before the bell, see which firms are in the news:
1. Hershey – Shares of the chocolate confectionary maker increased by about 1% after Hershey reported a first-quarter earnings beat. The company posted adjusted earnings of $3.07 per share, surpassing analysts’ expectations of $2.76 per share. Hershey’s revenue of $3.25 billion also exceeded the $3.11 billion consensus.
2. Apple – The tech giant saw a more than 7% jump after announcing a $110 billion stock repurchase plan and delivering a strong top- and bottom-line performance for the fiscal second quarter. Apple reported earnings of $1.53 per share on revenue of $90.75 billion, outperforming estimates of $1.50 per share and $90.01 billion in revenue.
3. Amgen – Shares soared 13% after the biotech company reported a first-quarter earnings and revenue beat. Amgen also revealed plans to proceed with a phase 3 trial of its injectable obesity drug, further boosting investor confidence.
4. Cloudflare – The stock plummeted 12% following disappointing full-year guidance, despite posting first-quarter earnings and revenue that beat expectations.
5. Expedia – Shares of the online travel booking company dropped 11% due to lower-than-expected guidance for the fiscal second quarter, attributed to underperformance in its Vrbo segment. Several firms downgraded Expedia following the results.
6. Fortinet – The security stock saw an 8% decline after its second-quarter billings forecast fell short of analyst expectations. However, the company exceeded first-quarter performance estimates.
7. Block – Shares surged 9% following the release of first-quarter adjusted earnings of 85 cents per share, beating analyst projections. Block’s revenue of $5.96 billion also outperformed estimates.
8. DaVita – The healthcare provider rose nearly 5% after reporting adjusted first-quarter earnings of $2.38 per share and revenue of $3.07 billion, surpassing analyst forecasts.
9. Arista Networks – The cloud networking company gained almost 4% after being upgraded to a buy rating by Jefferies. The bank sees Arista as a potential beneficiary in the AI sector.
10. Coinbase – Shares dipped 2% after the cryptocurrency exchange warned of potential rising expenses. However, Coinbase’s first-quarter revenue of $1.64 billion exceeded consensus estimates of $1.34 billion.
11. Union Pacific – Shares climbed over 1% following an upgrade to buy from hold by Stifel, which also raised its price target. Analysts are optimistic about the company’s “sweating-the-assets” strategy as a positive move for business growth.
Source (CNBC)
