A Boeing 737 Max 8 sits outside the hangar during a media tour of the Boeing 737 Max at the Boeing plant in Renton, Washington.
Matt McKnight Reuters
Check out the companies making the biggest moves in the middle of the day:
Boeing – Shares fell more than 6%. Boeing warned Thursday that it will have to pause some shipments of its 737 Max because of a problem with parts made by a supplier, Spirit AeroSystems. Shares of Spirit AeroSystems sank 20%.
JPMorgan Chase – Shares rose about 7% after the bank reported record first-quarter revenue thanks to higher interest rates. Revenue was $39.34 billion, beating analyst estimates of $36.19 billion per Refinitiv. Adjusted earnings per share was $4.32, compared to the $3.41 per share expected.
Citigroup – The bank’s stock added more than 4% after the company reported higher net income and outperforming revenue in the first quarter. Citigroup had revenues of $21.45 billion, compared to an expected $19.99 billion, according to Refinitiv.
UnitedHealth — The health insurance provider’s stock fell 2.5% on investor concerns about how some 2024 policy changes will affect Medicare Advantage plan earnings in the near term. The decline in the shares came even after UnitedHealth beat estimates in profit and loss and boosted its full-year outlook.
Hello Group — Chinese entertainment stock rose 5.5% after being upgraded to overweight from neutral by JPMorgan. The company said the company could benefit from improvements in live streaming in China.
BLACKROCK — Shares of the investment management company rose 2.7% after it reported first-quarter adjusted earnings per share of $7.93, beating the $7.76 per share estimate of analysts polled by Refinitiv. Revenue was $4.24 billion, in line with expectations.
PNC Financial Services – The bank’s stock fell 1.8%. The PNC provided guidance for fiscal 2023 of 4% to 5% year-over-year revenue growth, down from its previous guidance of 6% to 8%. PNC’s earnings per share for the first quarter beat estimates, but revenue was just below expectations, Refinitiv reports.
Lucid Shares of the electric car maker fell more than 6% after the company reported disappointing first-quarter deliveries. Lucid produced 2,314 air sedans, but delivered only 1,406 of them.
Rivian – Shares of the electric car maker fell nearly 8% at midday on Friday. Piper Sandler downgraded the stock to neutral from neutral earlier in the day and said the company needs more liquidity. 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 of its vehicles.
VF Corp — the parent company of clothing retailers like Vans and The North Face — was up nearly 3% at midday. Goldman Sachs upgraded the stock, citing the company’s recent strategic moves as potential stock boosts. With VF’s aggressive management strategy and new products, Goldman said the stock could jump more than 23%.
Catalent – Shares sank 26% after the biotechnology company warned about higher-than-expected productivity and cost issues at three of its facilities that will materially affect its fiscal third-quarter earnings results.
— CNBC’s Alex Harring, Samantha Subin, Tanaya Machel, and Brian Evans contributed to the report.
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