Coca-Cola, Bed Bath, Getty Images, First Republic, C3.ai, First Solar and more Movers
Stock futures traded slightly higher on Monday on fears that the Federal Reserve will continue to raise interest rates to cool inflation and as investors awaited earnings reports from many of the biggest technology companies.
Coca-Cola ( KO ) reported first-quarter adjusted earnings of 68 cents a share on sales of $11 billion. Analysts had expected a profit of 65 cents a share on sales of $10.8 billion. Average sales prices increased by 11% during the quarter. The drinks giant’s share rose 0.9%.
Bed Bath & Beyond ( BBBY ) has filed for Chapter 11 bankruptcy protection in New Jersey district court after a series of financial maneuvers designed to turn around the retailer’s business fell short. Bed Bath shares fell 27.6% to around 21[ads1] cents.
Getty Images (GETY) rose 40.9% to $7.13 after Trillium Capital made a proposal to buy the photo company for $10 a share in cash.
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First Republic (FRC) will report quarterly results after the stock market closes. Investors will be watching to see how far First Republic’s deposit base has fallen, and whether the regional bank is still profitable. The bank’s fortunes changed in March after the collapse of Silicon Valley Bank, which triggered a slide in regional bank stocks and prompted bank customers to withdraw deposits. The share rose 5.5 percent.
Reports are expected later this week from Alphabet (GOOGL), General Motors (GM), Microsoft (MSFT), United Parcel Service (UPS), Verizon (VZ), Visa (V), Meta Platforms (META), Boeing (BA). ), Amazon.com (AMZN), Caterpillar (CAT), Intel (INTC), Chevron and Exxon Mobil (XOM).
Shares of artificial intelligence software company C3.ai ( AI ) were downgraded to Underperform from Peer Perform at Wolfe Research with a price target of $14. The stock fell 5.7% to $18.92.
First Solar
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( FSLR ) fell 6.8% to $201.11 after shares of the solar company were downgraded to Sell from Neutral with a price target of $194, down from $220.
Medtronic ( MDT ) rose 3% after analysts at Wells Fargo raised their rating to Overweight from Equal Weight on shares of the medical technology company.
Credit Suisse ( CS ) gained 2.1% after the Swiss bank, which is being acquired by UBS, reported a profitable first quarter after writing off $17 billion in bonds linked to the takeover. Credit Suisse said customers withdrew about $75 billion in deposits during the first quarter.
US-listed shares in the Dutch health technology company Philips
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(PHG) rose 12% on strong first quarter earnings.
Write to Joe Woelfel at joseph.woelfel@barrons.com
