General Electric, Warner Bros. Discovery and more
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An GE sign was seen at the China International Import Expo, (CIIE) Shanghai on Friday 6 November 2019.
Reuters| Reuters
Take a look at the top midday traders.
General Electric — Shares slid more than 11% despite the industrial company reportingThe first quarter’s top and bottom numbers beat estimates. Chief Executive Officer Lawrence Culp stated that GE “trends toward the lower end” of its guidance because of inflation pressure. Culp also stated that GE’s revenues were affected by supply chain problems, war in Ukraine, and Covid.
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 reported earnings of $1.61 per sen last quarter. That’s higher than the StreetAccount estimates of $1.54. Revenue for the quarter rose by more than 7 percent to $5 billion, surpassing expectations.
United Parcel Service — The shipping stock dropped 2.6% despite a stronger-than-expected first quarter report. UPS made an adjusted $3.05 per Share on revenue of $24.38 billion. Refinitiv’s analysts surveyed expected to earn $2.88 per share on $23.78 trillion in revenue. Although the company retained its guidance, Carol Tome, CEO of Refinitiv stated that revenue growth in e-commerce is slowing compared to Covid’s boom.
Warner Bros. Discovery — The media giant’s shares fell more than 4% after the company warned its 2022 profit would be lowerIt was more than anticipated. Gunnar Wiedenfels, chief financial officer of WarnerMedia, cited “unexpected project” and a lower WarnerMedia operating profit in the first quarter on company’s earnings conference.
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. StreetAccount from FactSet shows that the company posted a $1.29 profit per share, which was higher than expected at $1.14. The revenue came in at $4.66 Billion, which is lower than the 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. StreetAccount’s FactSet also indicated that the net interest income of Zions was below estimates. Zions’ financial guidance, unchanged from last year, showed moderate growth in the coming years.
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. StreetAccount from FactSet shows that analysts estimated earnings at $2.47 per share.
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 stated that it expects lower mask demand as well rising costs to be a factor in its future growth.
SeaWorld Entertainment — Shares of SeaWorld dipped nearly 4% even as Rosenblatt Securities initiated coverage of the stockWith a Buy rating. Based on Scott Ross’s clear roadmap to profitability, SeaWorld’s chairman of the board and major investor who has a bullish outlook, which indicates that there is approximately 24% upside in this entertainment and theme park, the buy rating.
Redfin — The real estate company’s shares fell 6.6% after Piper Sandler downgraded its shares to underweightCiting a difficult housing outlook, analysts at the firm said that they believe it will get worse in the coming two years as 30-year interest rates rise above 5%.
— CNBC’s Jesse Pound, Sarah Min and Yun Li contributed reporting
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