Check out the companies making headlines in midday trading. General Motors – Shares rose more than 4% after the automaker beat analysts' expectations for first-quarter results. GM reported adjusted earnings of $2.62 per share on revenue of $43.01 billion. Analysts were expecting earnings of $2.15 per share and revenue of $41.92 billion, according to LSEG. The company also raised its auto adjusted free cash flow forecast to between $8.5 billion and $10.5 billion, higher than its previous forecast of $8 billion to $10 billion. GE Aerospace – The aircraft supplier's stock rose 8% after reporting first-quarter adjusted earnings of 82 cents per share, above consensus estimates of 65 cents per share, per LSEG. GE Aerospace's revenue of $16.1 billion also exceeded analysts' expectations of $15.14 billion. PepsiCo – Snacks and beverage stocks fell 3% despite a stronger-than-expected first quarter. PepsiCo reported adjusted earnings per share of $1.61, beating the $1.52 per share that analysts had expected, according to LSEG. Even with its first-quarter outperformance, PepsiCo kept its full-year outlook intact. Novartis – US-listed shares of the Swiss pharmaceutical company rose 2% after Novartis raised its full-year guidance. JetBlue Airways – Shares fell 19% after the airline cut its revenue forecast for the second quarter and full-year 2024. JetBlue's first-quarter revenue came in line with expectations, while it reported a narrower adjusted loss per share than analysts expected. According to LSEG. Cleveland Cliffs – The steel producer fell 11% after reporting first-quarter earnings and revenue loss. The Cleveland-Cliffs reported adjusted earnings of 18 cents per share on revenue of $5.2 billion, while analysts surveyed by LSEG expected earnings of 22 cents per share on revenue of $5.35 billion. Nucor – Shares fell 9% after the steelmaker missed first-quarter earnings and revenue estimates. Nucor also said it expects second-quarter earnings to decline, citing lower average selling prices, which will only be partially offset by a modest increase in volume, within its steel mill segment. Danaher – Shares of the life sciences company rose 7% after beating analysts' expectations for first-quarter results. Danaher reported adjusted earnings of $1.92 per share on revenue of $5.8 billion. This exceeded the $1.72 per share on revenue of $5.62 billion that analysts had expected, according to FactSet. Spotify – The streaming music company rose 11% after easily beating earnings expectations. Spotify reported 97 euro cents per share in the first quarter, compared to the 65 euro cents that analysts had expected, according to LSEG. Spotify also beat expectations for quarterly gross margin. Sherwin Williams – The paint and coatings maker fell 2% after reporting first-quarter adjusted earnings of $2.17 per share, below the consensus estimate of $2.22 per share, according to FactSet. Sherwin-Williams' revenues of $5.37 billion were also lower than analysts' expectations of $5.50 billion. Roblox – Shares added 4% after JPMorgan upgraded the gaming platform to an overweight rating. The bank believes recent investor skepticism, which has contributed to the stock's roughly 20% year-to-date decline, has now provided a compelling entry point. Sunnova Energy – Solar stock is up nearly 3%. KeyBanc Capital Markets downgraded Sunnova Energy to sector weight from overweight, citing caution on residential solar names especially ahead of first-quarter earnings. Sunnova's price has already fallen more than 74% this year. LKQ – The aftermarket auto parts distributor's stock fell 15% after first-quarter results fell short of analysts' expectations. LKQ reported adjusted earnings of 82 cents per share on revenue of $3.7 billion, while analysts called for earnings of 95 cents per share on revenue of $3.76 billion, according to FactSet. MSCI – The investment index provider fell 13% after reporting revenue that beat Wall Street estimates. In the first quarter, MSCI reported revenue of $680 million, while analysts surveyed by FactSet expected revenue of $685.5 million. Earnings came in at $3.52 per share, beating expectations by 5 cents. — CNBC's Michelle Fox, Sarah Main and Jesse Pound contributed reporting.
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Stocks making the biggest moves at midday: SPOT, JBLU, DHR, GM
