A General Electric (GE) sign is seen at the second China International Import Expo (CIIE) in Shanghai, China November 6, 2019.
Aly Song | Reuters
Check out the companies making headlines in midday trading.
General Electric — Shares slid more than 11% despite the industrial company reporting top and bottom line beats for the first quarter. CEO Lawrence Culp said GE is “trending toward the low end” of its guidance due in part to inflation pressure. Additionally, pressures from supply chain issues, the war in Ukraine and the spread of Covid hurt GE’s revenue by six percentage points, Culp said.
Sherwin-Williams — Shares of the paint company jumped more than 9% after the company beat Wall Street estimates for its first-quarter earnings. Sherwin-Williams posted earnings of $1.61 per share last quarter, topping estimates of $1.54 per share, according to FactSet’s StreetAccount. The company’s revenue for the quarter rose more than 7% to $5 billion from last year, also beating expectations.
United Parcel Service — The shipping stock dropped 2.6% despite a stronger-than-expected first quarter report. UPS earned an adjusted $3.05 per share on $24.38 billion of revenue. Analysts surveyed by Refinitiv were expecting $2.88 per share and $23.78 billion of revenue. The company maintained its guidance, but CEO Carol Tome said on a conference call with analysts that e-commerce growth was slowing relative to the boom during Covid.
Warner Bros. Discovery — The media giant’s shares fell more than 4% after the company warned its 2022 profit would be lower than expected. Chief financial officer Gunnar Wiedenfels cited “unexpected projects” and weaker first-quarter WarnerMedia operating profit on the company’s earnings call.
Waste Management — The waste services company got a 5.7% boost in its shares after it reported earnings and revenue for the first quarter that topped analysts’ estimates. The company made a profit of $1.29 per share, versus estimates of $1.14, according to FactSet’s StreetAccount. Revenue came in at $4.66 billion, compared to expectations of $4.45 billion.
Zions Bancorporation — The regional bank’s shares dropped more than 7% following a downgrade by Raymond James to market perform. The company also posted net interest income that was lower than estimates, according to FactSet’s StreetAccount. Zions’ financial guidance, which was unchanged, included moderate growth over the next year.
Universal Health Services — Shares of the health services operator fell about 9.5% following the company’s quarterly results, which include weaker-than-expected earnings of $2.15 per share. Analysts estimated earnings of $2.47 per share, according to FactSet’s StreetAccount.
3M — Shares of the industrial conglomerate declined by more than 3% despite the company reporting quarterly earnings and revenue that came in above consensus estimates. 3M also said it anticipates weaker mask demand and rising cost pressures.
SeaWorld Entertainment — Shares of SeaWorld dipped nearly 4% even as Rosenblatt Securities initiated coverage of the stock with a buy rating. The bullish outlook is based on a clear path to profitability laid out by Scott Ross, SeaWorld’s board chairman and a major investor, that indicates roughly 24% upside for the theme park and entertainment company
Redfin — The real estate company’s shares fell 6.6% after Piper Sandler downgraded its shares to underweight, citing a challenging housing outlook its analysts think will only get worse over the next two years as 30-year mortgage rates jump above 5%.
— CNBC’s Jesse Pound, Sarah Min and Yun Li contributed reporting