UNH, SEDG, BAC, TSLA and more

Check out the companies making headlines in midday trading. UnitedHealth saw shares climb more than 6%, single-handedly pushing the Dow Jones Industrial Average higher on Tuesday. The company posted better-than-expected first-quarter revenue and reaffirmed its full-year earnings forecast of $27.50 to $28 per share, excluding items. Analysts polled by FactSet had forecasted $27.50.
Johnson & Johnson slipped 2% despite beating first-quarter profit estimates and reporting in-line revenue. The drugmaker adjusted its full-year sales forecast for 2024 to a range of $88 billion to $88.4 billion compared to a previous forecast of $87.8 billion to $88.6 billion.
Barclays maintained an underweight rating on SolarEdge Technologies, stating that its fixed costs will weigh on profit margins. This helped send the stock down 2%, even though the Wall Street bank raised its price target on SolarEdge to $61 from $50.
Morgan Stanley saw shares gain nearly 4% after reporting better-than-expected first-quarter results in its wealth management, trading, and advisory businesses. The firm also surpassed analysts’ earnings and revenue estimates.
Tesla pulled back more than 2% after announcing plans to lay off 10% of its workforce, or roughly 14,000 employees.
Live Nation Entertainment slumped more than 6% following a report that the Justice Department would file an antitrust lawsuit against the concert promoter.
Bank of America fell 3.5% after quarterly profit tumbled 18% to $6.67 billion, or 76 cents a share. Excluding a $700 million FDIC assessment, profit was 83 cents a share. Revenue slipped 1.6% to $25.98 billion, about in line with estimates, as net interest income declined from a year earlier. CNBC’s Sarah Min and Tanaya Macheel contributed reporting.

Shares of UnitedHealth jumped over 6% after the company reported better-than-expected first-quarter revenue and reaffirmed its full-year earnings forecast. Johnson & Johnson also beat profit estimates in the first quarter but saw its stock slip 2%. SolarEdge Technologies received an underweight rating from Barclays, causing its stock to drop 2%, despite the bank raising its price target. Morgan Stanley saw shares rise nearly 4% on strong first-quarter results. Tesla fell over 2% after announcing layoffs of 10% of its workforce. Live Nation Entertainment slumped over 6% following reports of a potential antitrust lawsuit. Bank of America’s quarterly profit dropped 18%, causing its shares to fall 3.5%.

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