See the companies making headlines in midday trading. General Motors — Shares rose more than 4% after the automaker beat analysts’ expectations for its first-quarter results. General Motors posted adjusted earnings of $2.62 per share on revenue of $43.01 billion. Analysts had expected earnings of $2.15 per share on revenue of $41.92 billion, according to LSEG. The company also raised its forecast for adjusted free cash flow from the auto industry to $8.5 billion to $10.5 billion, up from previously expected $8 billion to $10 billion. GE Aerospace — Aircraft suppliers shares rose 7% after reporting first-quarter adjusted earnings of 82 cents per share. That’s above the consensus estimate of 65 cents per share at LSEG. GE Aerospace’s revenue of $16.1 billion also beat analysts’ expectations of $15.14 billion. PepsiCo — Shares of snacks and beverages fell 2% despite stronger-than-expected first-quarter results. PepsiCo reported adjusted earnings per share of $1.61, beating analysts’ expectations of $1.52 per share, according to LSEG. Even with its first-quarter results, PepsiCo kept its full-year guidance unchanged. Novartis – U.S.-listed shares of the Swiss drugmaker rose 2.6% after Novartis raised its full-year forecast. JetBlue Airways — Shares fell 16% after the airline cut its revenue forecasts for the second quarter and full year 2024. JetBlue’s first-quarter revenue was in line with expectations, although its adjusted loss per share was smaller than analysts had forecast. According to LSEG. CLEVELAND CLIFFS — Shares of the steelmaker fell 8.7% after reporting first-quarter earnings. Cleveland-Cliffs reported adjusted earnings of 18 cents per share on revenue of $5.2 billion, while analysts polled by LSEG expected earnings of 22 cents per share on revenue of $5.35 billion. Nucor – Stock fell 7% after the steel company missed first-quarter profit and revenue estimates. Nucor also said it expects earnings to decline in the second quarter, citing lower average selling prices that will only be partially offset by moderate volume increases in its steel mills segment. Danaher — Shares of the life sciences company rose more than 7% after first-quarter results beat analysts’ expectations. Danaher reported adjusted earnings of $1.92 per share on revenue of $5.8 billion, topping the $1.72 per share on revenue of $5.62 billion that analysts had expected, according to FactSet. Spotify — Shares of the music streaming company rose 16% after its earnings easily beat expectations. Spotify reported 97 eurocents per share in the first quarter, compared with 65 eurocents expected by analysts, according to LSEG. Spotify also beat expectations for quarterly gross profit. Sherwin-Williams — The paints and coatings maker lost 2% after posting first-quarter adjusted earnings of $2.17 per share, below the consensus estimate of $2.22 per share, according to FactSet. Sherwin-Williams’ revenue of $5.37 billion also fell short of the $5.50 billion expected by analysts. Roblox — Shares rose 5.8% after JPMorgan upgraded the gaming platform to an outperform rating. The bank believes recent investor skepticism, which has contributed to the stock falling about 20% year-to-date, now represents a compelling entry point. Sunnova Energy – Solar energy shares rose 2.8%. KeyBanc Capital Markets downgraded Sunnova Energy to industry weight from overweight, citing caution about solar companies, especially ahead of first-quarter earnings. Sunnova shares are already down more than 74% this year. LKQ — Shares of the aftermarket auto parts distributor fell nearly 15% after first-quarter results fell short of analysts’ forecasts. LKQ reported adjusted earnings of 82 cents per share on revenue of $3.7 billion, according to FactSet, while analysts had forecast earnings of 95 cents per share and revenue of $3.76 billion. MSCI – Investment index provider fell 13% after reporting earnings that missed Wall Street estimates. MSCI reported first-quarter revenue of $680 million, compared with analysts polled by FactSet who had forecast $685.5 million. Earnings were $3.52 per share, beating expectations by 5 cents. — CNBC’s Michelle Fox, Sarah Min and Jesse Pound contributed reporting.
