The Microsoft logo on their booth during Mobile World Congress 2023 on March 2, 2023 in Barcelona, Spain.
Joan Cros | Nurphoto | Getty Images
Check out the companies making the biggest moves at noon:
Microsoft – Shares in tech giant Microsoft rose more than 8% on Wednesday after releasing a better-than-expected earnings report a day earlier. Analysts have added bullish sentiment to the stock as Microsoft digs deeper into artificial intelligence investments and integration with Azure.
alphabet — Shares of Google’s parent company rose about 1% after reporting earnings that beat expectations. The company earned $1.17 per share on sales of $69.79 billion, while analysts polled by Refinitiv expected it to post $1.07 per share on sales of $68.9 billion. would make dollars. The company also announced a $70 billion share buyback.
Amazon – Positive tech earnings also helped lift Amazon stock 3.9% ahead of the e-commerce giant’s earnings report, which is due Thursday. Amazon also began layoffs in cloud computing and human resources on Wednesday. The cuts were previously announced.
Chipotle Mexican Grill — Shares of the Mexican fast-food chain surged nearly 15% to an all-time high after the company reported quarterly earnings and earnings that beat analysts’ expectations. The strong results were driven by robust same-business sales growth. CEO Brian Niccol also said the chain has demonstrated its pricing power.
Boeing – Shares rose 3% after the company released its latest quarterly results and said it would ramp up production of 737 Max aircraft later this year despite a production issue. Boeing reported an adjusted loss of $1.27 per share on $17.92 billion in revenue, while analysts called it a loss per share of $1.07 on revenue of $17.57 billion, according to Refinitiv expected.
Activision Blizzard — Shares fell 11% after a UK regulator blocked Microsoft’s purchase of the video game publisher. Activision Blizzard has said it will “aggressively” work with Microsoft to reverse the block. The company also released better-than-expected adjusted earnings and sales for the first quarter. 107230585
First Republic — Shares in the regional bank fell more than 20% on Wednesday, extending their sharp losses for the week. First Republic advisors are proposing larger banks for a possible bailout deal, sources told CNBC after the regional lender experienced a massive deposit flight in the first quarter.
PacWest — The regional bank’s stock rose 15% after the regional bank reported that deposit inflows have stabilized, although they were still declining in the first quarter. PacWest reported a $1.8 billion increase in deposits from March 20 through April 24. However, deposits for the first quarter were approximately $28.2 billion compared to $33.9 billion in the fourth quarter of 2022.
General dynamics — Shares fell 3.9% despite a hit to earnings and sales in the first quarter. However, the aerospace segment saw revenue decline due to fewer aircraft deliveries. CEO Phebe Novakovic also said the company will incur some period costs as it builds a “significant” number of Gulfstream G700s, which are scheduled for delivery in the third and fourth quarters.
Enphase Energy — Shares plummeted nearly 25% after second-quarter revenue guidance came in at $700 million to $750 million, missing estimates of $765.2 million by analysts polled by StreetAccount. Enphase CEO Badri Kothandaraman told CNBC’s Pippa Stevens that growth in the US has stalled. rivals SolarEdge Technologies And first sun also fell by 8.6% and 3.4% respectively.
Old Dominion freight line — The freighter fell 9% after reporting first-quarter earnings and earnings that missed analyst estimates, according to FactSet. The company also reported volume declines, citing continued domestic weakness and increased overheads.
Teck Resources — The stock rose 4.5% after the Canada-based mining company announced it would not go ahead with its proposed split into two companies. Instead, Teck Resources will seek to develop a “simpler and more direct” separation plan.
– CNBC’s Yun Li, Hakyung Kim, Brian Evans, Pia Singh, Jesse Pound, Alex Harring and Tanaya Macheel contributed coverage.