General Motors Exceeds Expectations, Shares Surge
General Motors (GM) experienced a significant rise in its share price, climbing over 4% after announcing impressive first-quarter results. The automaker surpassed analysts’ estimates, posting adjusted earnings of $2.62 per share and revenue of $43.01 billion. Analysts had anticipated earnings of $2.15 per share and revenue of $41.92 billion, respectively. Furthermore, GM raised its forecast for adjusted automotive free cash flow to a range of $8.5 billion to $10.5 billion, exceeding its previous projection of $8 billion to $10 billion.
GE Aerospace Reports Strong Earnings, Stock Rises
GE Aerospace, a key player in the aircraft supply industry, also witnessed a surge in its share price, climbing by 7%. The company reported first-quarter adjusted earnings of 82 cents per share, outperforming consensus estimates of 65 cents per share, according to LSEG. GE Aerospace’s revenue of $16.1 billion also exceeded analysts’ expectations of $15.14 billion.
PepsiCo Shares Dip Despite Beating Expectations
PepsiCo, a leading beverage and snack company, experienced a modest decline in its share price, despite surpassing first-quarter expectations. The company reported adjusted earnings per share of $1.61, exceeding analysts’ estimates of $1.52 per share, as reported by LSEG. However, despite the positive first-quarter results, PepsiCo maintained its full-year outlook.
Novartis Raises Guidance, Shares Gain
Novartis, a Swiss drugmaker with U.S.-listed shares, witnessed a 2.6% increase in its share price following the announcement of raised full-year guidance.
JetBlue Airways Forecasts Revenue Decline, Shares Plunge
JetBlue Airways experienced a significant drop in its share price, falling by 16% after the airline company downgraded its revenue projections for the second quarter and full-year 2024. Although JetBlue’s first-quarter revenue met expectations, it posted a narrower adjusted loss per share than analysts had predicted, as per LSEG.
Cleveland-Cliffs and Nucor Post Earnings Misses, Shares Fall
Cleveland-Cliffs, a steel producer, witnessed an 8.7% decline in its share price after missing both earnings and revenue expectations in the first quarter. The company reported adjusted earnings of 18 cents per share on revenue of $5.2 billion, falling short of analysts’ estimates of 22 cents per share and $5.35 billion in revenue. Similarly, Nucor, another steelmaker, experienced a 7% drop in its share price after missing estimates on both earnings and revenue for the first quarter. The company also anticipates lower second-quarter earnings, citing reduced average selling prices.
Danaher and Spotify Beat Expectations, Shares Surge
Danaher, a life sciences firm, posted a significant increase in its share price of over 7% after exceeding analysts’ expectations for its first-quarter results. The company reported adjusted earnings of $1.92 per share on revenue of $5.8 billion, surpassing estimates of $1.72 per share and $5.62 billion in revenue, as per FactSet. Spotify, a streaming music company, also witnessed a surge in its share price, climbing by 16% after surpassing earnings expectations. The company reported 97 euro cents per share for the first quarter, compared to the 65 euro cents anticipated by analysts, according to LSEG. Spotify also exceeded expectations for quarterly gross margin.
Sherwin-Williams and Roblox Endure Stock Declines
Sherwin-Williams, a manufacturer of paints and coatings, experienced a 2% decline in its share price after posting first-quarter adjusted earnings of $2.17 per share, below the consensus estimate of $2.22 per share, as per FactSet. The company’s revenue of $5.37 billion also missed analysts’ expectations of $5.50 billion. Roblox, a gaming platform, witnessed a moderate increase of 5.8% in its share price after JPMorgan upgraded the company to an overweight rating.
Sunnova Energy, LKQ, and MSCI Experience Stock Volatility
Sunnova Energy, a solar company, gained 2.8% in its share price, while LKQ, an aftermarket auto parts distributor, declined by nearly 15% after its first-quarter results fell short of analysts’ forecasts. MSCI, a provider of investment indexes, experienced a 13% drop in its share price after reporting revenue that missed Wall Street’s estimates.
