Companies in the spotlight during midday trading include United Airlines, which saw a 14% surge in shares after reporting a smaller loss than expected in the first quarter. Travelers Companies, on the other hand, experienced an 8% drop in stock price following a disappointing first-quarter report. Eli Lilly remained flat despite positive news about its Zepbound weight loss drug, while ResMed, a company specializing in medical devices for sleep and breathing disorders, saw a 6% decline in shares as a result.
ASML, a Dutch semiconductor equipment company, faced an almost 8% drop in its U.S.-listed stock due to lower-than-expected sales and new bookings. On the other hand, Interactive Brokers saw a 3% increase in shares after posting quarterly results that exceeded Wall Street’s expectations and announcing a dividend hike. J.B. Hunt Transport Services, however, saw a 7% decrease in stock value following quarterly results below analysts’ estimates.
Tapestry, the parent company of Coach and Kate Spade, experienced a 1% drop in shares after reports surfaced about potential FTC intervention in its takeover of Capri Holdings, the owner of Versace. Autodesk saw a more than 4% decline in shares after delaying its annual filing due to internal accounting investigations. U.S. Bancorp shares dropped 5% after the bank lowered its net interest income guidance for 2024.
Abbott Laboratories slipped 3.2% following weak guidance for current-quarter earnings, overshadowing a strong first quarter performance. Alcoa, an aluminum company, saw a 1% increase in shares ahead of President Joe Biden’s anticipated announcement on tripling China tariffs on aluminum and steel imports. Lastly, Urban Outfitters shares declined by 3.4% after a downgrade from Jefferies, citing concerns about foot traffic, promotions, and competition in the retail sector.
United Airlines saw a 14% surge in its shares after the airline posted a narrower-than-expected loss in the first quarter, with revenue coming in at $12.54 billion. However, Travelers Companies experienced an 8% decline in their stock after reporting lower earnings per share and revenue than anticipated, with higher catastrophe losses being a factor. Eli Lilly’s stock remained flat despite positive news about its weight loss drug Zepbound. ResMed, a competitor in the medical devices market, saw a decline of over 6% on the news. ASML, a Dutch semiconductor equipment company, saw an 8% drop in its U.S.-listed stock after falling short of sales and new bookings expectations. Interactive Brokers saw its shares rise 3% after slightly beating Wall Street’s expectations in their quarterly results and increasing their dividend. J.B. Hunt Transport Services saw a 7% drop in their stock after reporting earnings and revenue below analysts’ estimates. Tapestry, the parent company of Coach and Kate Spade, saw a 1% decline following reports that the FTC may block its takeover of Capri Holdings, which also experienced a 1% dip in its shares. Autodesk saw a more than 4% decline in its shares after announcing a delay in its annual 10-K filing due to an internal investigation into its accounting practices. U.S. Bancorp shares dropped 5% after lowering its net interest income guidance for 2024 due to inflation and interest rates. Abbott Laboratories slipped 3.2% on weak guidance for current-quarter earnings, despite beating analysts’ forecasts in the first quarter. Alcoa’s shares rose 1% following President Biden’s announcement of tripling the China tariff rate on aluminum and steel imports. Urban Outfitters saw a 3.4% dip in their shares after a downgrade from Jefferies, who expressed concerns about slowing foot traffic, promotional challenges, and increased competition.
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