Check out the companies making the biggest moves midday:
Boeing — Shares dropped more than 6%. On Thursday, Boeing warned it will have to pause some deliveries of its 737 Max plane due to a problem with parts made by a supplier, Spirit AeroSystems. Shares of Spirit AeroSystems sank 20%.
related investing news
JPMorgan Chase — Shares soared about 7% after the bank reported record first-quarter revenue thanks to higher interest rates. Revenue came in at $39.34 billion, topping analysts’ estimate of $36.19 billion, per Refinitiv. Adjusted earnings per share was $4.32, compared to the $3.41 per share expected.
Citigroup — The bank’s stock added more than 4% after the company reported rising net income and a revenue beat for the first quarter. Citigroup posted $21.45 billion in revenue, compared to the $19.99 billion expected, according to Refinitiv.
UnitedHealth — The health insurance provider’s stock fell 2.5% on investor concerns over how some 2024 policy changes will impact Medicare Advantage plan profits in the near term. The decline in shares came even after UnitedHealth surpassed estimates on the top and bottom lines and boosted its full-year outlook.
Hello Group — The Chinese entertainment stock popped 5.5% following an upgrade to overweight from neutral by JPMorgan. The firm said the company could benefit from improvements in live streaming in China.
BlackRock — Shares of the investment management company advanced 2.7% after it reported first-quarter adjusted earnings per share of $7.93, topping the estimate of $7.76 per share from analysts polled by Refinitiv. Revenue was $4.24 billion, in line with expectations.
PNC Financial Services — The bank’s stock slipped 1.8%. PNC provided guidance for fiscal year 2023 of 4% to 5% of revenue growth year over year, down from its prior guidance of 6% to 8%. PNC’s earnings per share for the first quarter topped estimates, but revenue was slightly below expectations, per Refinitiv.
Lucid — Shares of the EV maker dropped more than 6% after the company reported underwhelming first-quarter deliveries. Lucid produced 2,314 Air sedans, but delivered only 1,406 of them.
Rivian — Shares of the electric vehicle maker pulled back nearly 8% in midday trading on Friday. Piper Sandler downgraded the stock to neutral from neutral earlier in the day, and said the company needs more cash. The new price target now only represents marginal upside for Rivian stock. Piper Sandler added that they still like Rivian’s strategy of pursuing vertical integration for its vehicles.
VF Corp — The parent company to apparel retailers like Vans and The North Face rose close to 3% midday. Goldman Sachs upgraded the shares, citing the company’s latest strategic moves as potential boosts to the stock. Thanks to VF’s strong management strategy and new products, the stock can jump more than 23%, Goldman said.
Catalent — Shares sank 26% after the biotech company warned about productivity issues and higher-than-expected costs at three of its facilities that will materially impact its fiscal third-quarter earnings results.
— CNBC’s Alex Harring, Samantha Subin, Tanaya Macheel and Brian Evans contributed reporting.