Stocks move mid-day: BA, JPM, UNH, RIVN
A Boeing 737 MAX 8 sits outside the hangar during a media tour of the Boeing 737 MAX at the Boeing facility in Renton, Washington.
Matt McKnight | Reuters
Check out the companies making the biggest moves in the middle of the day:
Boeing — Shares fell more than 6 percent. Boeing warned on Thursday that it will have to halt some deliveries of its 737 Max plane because of a problem with parts made by a supplier, Spirit AeroSystems. Shares in Spirit AeroSystems fell 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, topping analysts’ estimates of $36.19 billion, per Refinitiv. Adjusted earnings per share were $4.32, compared to expectations of $3.41 per share.
Citigroup — The bank’s shares rose more than 4% after the company reported rising net income and a revenue beat for the first quarter. Citigroup had $21.45 billion in revenue, compared with expectations of $19.99 billion, according to Refinitiv.
UnitedHealth — The health insurance provider’s shares fell 2.5% amid investor concerns about how some 2024 policy changes will affect Medicare Advantage plans’ profits in the near term. The decline in shares came even after UnitedHealth beat top- and bottom-line estimates and raised its full-year outlook.
Hello Group — The Chinese entertainment stock rose 5.5% after 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 rose 2.7% after it reported adjusted earnings per share of $7.93 in the first quarter, topping the $7.76 per share estimate from analysts polled by Refinitiv. Revenue was $4.24 billion, in line with expectations.
PNC Financial Services — The bank’s stock fell 1.8%. PNC provided guidance for fiscal 2023 of 4% to 5% year-over-year revenue growth, down from previous 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 fell 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 car maker retreated nearly 8% in midday trading on Friday. Piper Sandler downgraded the stock to neutral from neutral earlier in the day, saying the company needs more cash. The new price target now represents only marginal upside for the Rivian share. Piper Sandler added that they still like Rivian’s strategy of pursuing vertical integration for its vehicles.
VF Corp — The parent company of apparel retailers such as Vans and The North Face rose nearly 3% midday. Goldman Sachs upgraded the shares, citing the company’s latest strategic moves as a potential boost to the stock. Thanks to VF’s strong management strategy and new products, the stock could jump more than 23%, Goldman said.
Catalent — Shares fell 26% after the biotech company warned of productivity issues and higher-than-expected costs at three of its facilities, which will have a material impact on its third-quarter earnings.
— CNBC’s Alex Harring, Samantha Subin, Tanaya Macheel and Brian Evans contributed reporting.
