Check out the companies making headlines in midday trading: Microsoft – Shares rose 1.8% after the tech giant reported better-than-expected third-quarter financial results as its Azure business continues to show momentum. Alphabet – Google's parent company rose 10.2%. Alphabet posted first-quarter results that beat estimates and authorized its first-ever dividend, as well as a $70 billion buyback. Earnings per share of $1.89 exceeded earnings per share of $1.51 expected by analysts surveyed by LSEG. Revenues of $80.54 billion beat expectations of $78.59 billion. ExxonMobil – The energy stock fell more than 2% after ExxonMobil reported adjusted first-quarter earnings that beat analysts' expectations. Earnings per share of $2.06, excluding items, fell below LSEG's consensus estimate of $2.20 in EPS. Revenues of $83.08 billion beat estimates of $78.35 billion. ResMed – Shares rose 18.9% after fiscal third-quarter results beat analysts' estimates. The medical device company reported earnings of $2.13 per share, excluding items, on revenue of $1.20 billion. Analysts polled by FactSet had expected earnings of $1.93 per share on revenue of $1.17 billion. Intel – The chipmaker fell 9.2% after the company issued a weak forecast for the current quarter. Second-quarter revenue is expected to be between $12.5 billion and $13.5 billion, while analysts surveyed by LSEG were looking at $13.6 billion. Adjusted earnings per share for the period are also expected to come in below Street forecasts. Snap – Shares rose 27.6% after the social media company reported revised earnings and revenue that defied analysts' expectations, according to LSEG. Snap's revenue rose 21% during the quarter, driven by regrowth of its digital advertising business. Charter Communications – The broadband and cable provider fell 1.7% on weak first-quarter results. Charter earned $7.55 per share on revenue of $13.68 billion, below Street estimates of $7.92 per share in earnings and $13.74 billion in revenue, per LSEG. Skechers – The shoe company rose nearly 16% after posting top- and bottom-line earnings in the first quarter. Skechers reported earnings of $1.33 per share on revenue of $2.25 billion. That exceeded the $1.10 earnings per share and $2.2 billion in revenue that analysts surveyed by LSEG had expected. Roku – The streaming stock fell 10.3% after publishing first-quarter results. Roku beat revenue expectations, according to FactSet. However, the company warned of “difficult year-over-year growth rate comparisons” within its streaming services distribution business, citing previous price hikes and a shift toward ad-supported streaming programming. T. Rowe Price Group – Shares rose nearly 5% after better-than-expected quarterly results. The asset management company reported first-quarter adjusted earnings of $2.38 per share on revenue of $1.75 billion. Analysts are calling for $2.04 per share in earnings and revenue of $1.71 billion, per FactSet. L3Harris Technologies – The defense company gained about 3.5% after reporting better earnings and revenue in the first quarter. Management also raised its guidance for the full year. — CNBC's Samantha Sobin, Alex Haring, Lisa Kailay Hahn and Sarah Min contributed reporting.
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Stocks making the biggest moves at midday: MSFT, GOOGL, XOM, SNAP
