A customer walks to the entrance of the CVS Health Corp. store. in the center of Los Angeles, California, USA, on Friday, October 27, 2017.
Christopher Lee Bloomberg | Getty Images
See the companies that make headlines in the lunch trade.
US Steel – Bucking declines in the broader market, US Steel shares rose 5.8% in lunch trading after Credit Suisse modernized shares to outperform its lower. Analyst Kurt Woodworth said in a note to customers that the rise in steel prices clearly shows that the industry is in a “super cycle.”
CVS Health – The pharmacy stock gained 3.8% shortly after 11 a.m. in New York after CVS said it earned $ 2.04 a share in the first quarter, above the expected $ 1.72. CVS sales, which also exceeded expectations, increased in its stores as customers flocked to the company’s locations to receive their Covid-19 vaccine. The company raised its forecast for the whole year.
Microsoft, Apple, Amazon, Facebook, Alphabet – Shares of Big Tech shares fell on Tuesday, and the Nasdaq Composite fell more than 2%. Shares of Netflix lost 1.6% and Microsoft fell 2.1%. Amazon and Facebook decreased by about 2.6%. Apple fell 3.8 percent and Alphabet fell more than 3 percent.
SolarEdge – Shares of the solar inverter manufacturer fell more than 14% after the company warned that margins could be lower in the future due to higher transportation costs. However, SolarEdge met analysts’ expectations during the period. The company earned 98 cents a share, excluding items, while revenue was $ 405.5 million. Analysts polled by FactSet expected earnings of 80 cents per share and $ 395.4 million in revenue.
Under Armor – Shares fell 3.6%, although the company surpassed the forecasts for the top and bottom in the first quarter. The trader reported adjusted earnings per share of 16 cents with revenue of 1.26 billion dollars. Analysts analyzed by Refinitiv expected the company to report earnings per share of 3 cents with revenues of 1.13 billion dollars. Apart from Under Armor, they said they had reached an agreement with the Securities and Exchange Commission on non-compliance claims.
Kroger, Alberstons – Shares of food chains fell about 3.6% and 2%, respectively, after Goldman Sachs said restaurant returns and rising food prices should put pressure on supermarket stocks in the coming months. Goldman downgraded Kroger from neutral to neutral and Albertsons to neutral from buying, saying companies were likely to be pressured by weakening demand and higher costs.
Quest Diagnostics – Quest Diagnostics shares gained 2% after UBS upgraded stocks to buy from neutral, saying the fundamentals of the industry appear to be at its healthiest for more than a decade, even when the flow of testing revenue of Covid weakens.
Avis Budget – Shares of the car rental company fell 4% despite a better-than-expected earnings report Avis reported a loss of 46 cents per share, less than the expected loss of $ 2.16 per share, according to Refinitiv. Revenues also exceed forecasts. Avis’ management commented on the chip shortage and did not provide guidance for the future.
iRobot – Shares of iRobot fell 11% after confirming the scope of its earnings guidelines, which is below the analysts’ expectations. However, the company reported EPS of 41 cents per share, well above the 9 cents per share expected on Wall Street, according to Refinitiv. Revenues also exceed forecasts.
Arconic – The share price of the industrial company jumped by more than 16% after exceeding the top and bottom of its quarterly results. Arconic reported earnings of 46 cents per share on revenue of $ 1.68 billion. Analysts forecast earnings of 27 cents per share on revenue of $ 1.54 billion.
– with reports from Pippa Stevens and Tom Frank from CNBC.
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