A Boeing 737 MAX 8 sits outside of the hangar during a media tour of the Boeing 737 MAX at the Boeing facility in Renton, Washington.
Matt McKnight | Portal
Check out the companies making the biggest moves at noon:
Boeing shares fell more than 6%. On Thursday, Boeing warned that some deliveries of its 737 Max aircraft may be halted over a problem with parts from supplier Spirit AeroSystems. Spirit AeroSystems shares are down 20%.
JPMorgan Chase — Shares rose about 7% after the bank reported record first-quarter earnings thanks to higher interest rates. Revenue came in at $39.34 billion, beating analysts’ estimate of $36.19 billion per Refinitiv. Adjusted earnings per share were $4.32 compared to an expected $3.41 per share.
Citigroup – The bank’s stock rose more than 4% after the company reported rising net income and a decline in revenue for the first quarter. Citigroup reported revenue of $21.45 billion, compared to an expected $19.99 billion, according to Refinitiv.
UnitedHealth — The health insurer’s stock fell 2.5% on investor concerns about how some policy changes in 2024 will affect earnings from the Medicare Advantage plan in the short term. Shares’ decline came even after UnitedHealth beat estimates for revenue and earnings and raised its full-year outlook.
Hello Group – The Chinese entertainment stock rose 5.5% after being upgraded from neutral to overweight by JPMorgan. The company said the company could benefit from improvements in live streaming in China.
BlackRock — Shares of the investment manager rose 2.7% after it reported adjusted earnings per share of $7.93 for the first quarter, beating analysts’ estimate of $7.76 per share who were surveyed by Refinitiv. Revenue was in line with expectations at $4.24 billion.
PNC Financial Services – The bank’s stock slipped 1.8%. PNC provided guidance for fiscal 2023 of 4% to 5% in year-over-year revenue growth, up from the previous guidance of 6% to 8%. PNC’s earnings per share for the first quarter beat estimates, but revenue came in slightly below expectations, according to Refinitiv.
Clear – Shares of the electric-vehicle maker fell more than 6% after the company reported disappointing first-quarter deliveries. Lucid produced 2,314 Air sedans but only delivered 1,406 of them.
Rivian – Shares of the electric vehicle maker fell nearly 8% in midday trade on Friday. Earlier in the day, Piper Sandler downgraded the stock from neutral to neutral and said the company needed more cash. The new price target represents only marginal upside potential for Rivian stock. Piper Sandler added that they still approve of Rivian’s strategy of vertically integrating its vehicles.
VF Corp — The parent company of apparel retailers like Vans and The North Face was up nearly 3% midday. Goldman Sachs has upgraded shares, citing the company’s recent strategic moves as a potential upside for the stock. Thanks to VF’s strong management strategy and new products, the stock can climb more than 23%, Goldman said.
Catalent – Shares fell 26% after the biotech warned productivity issues and higher-than-expected costs at three of its facilities will significantly impact its third-quarter results.
– CNBC’s Alex Harring, Samantha Subin, Tanaya Macheel and Brian Evans contributed coverage.