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Check out the companies making headlines in midday trading.
Over — Shares of the ride-hailing giant rose 11.6% after the company reported first-quarter revenue that beat analysts’ expectations. Revenue for the quarter increased 29% year over year. CEO Dara Khosrowshahi said Uber got off to a “strong start” to the new year.
chegg — The education technology company plunged 48.4% after the company said ChatGPT was hurting its growth. Chegg beat analysts’ expectations for the first quarter while offering a disappointing guidance for the current quarter.
Icahn company — Carl Icahn’s conglomerate fell 20% after notable short seller Hindenburg Research took a short position on the company, in part because of allegedly “inflated” asset valuations.
Dupont de Nemours — Shares fell 6.3% after the company’s weak second-quarter guidance. Adjusted earnings per share guidance of 84 cents fell short of the 88 cents expected by analysts polled by StreetAccount, while revenue guidance of $3.02 billion fell short of $3.10 billion expected. Dupont cited a delay in the electronics market recovery.
Arista Networks – Cloud networking stock fell 15.7% after the company said it expects spending to fall and growth from “cloud titans” to slow. Still, the company beat expectations for the quarter and issued strong guidance.
NXP semiconductor — Shares of the chipmaker rose 3.3% after the company beat analysts’ expectations for first-quarter revenue and operating income. The sales forecast for the second quarter was also better than expected.
Dell Technologies — Equities rose 2.2% after being upgraded from equal weight to overweight by Morgan Stanley. The Wall Street company believes the technology and PC company’s shares could rise 25.5% from the close on Monday as the PC market bottoms.
bp — US-listed shares of the British energy giant plunged 8.1% amid news of slowing share buybacks. The energy company beat analysts’ expectations for its first quarter.
HSBC — US-listed HSBC shares rose 3.5% year-on-year on strong quarterly results and earnings growth. The global bank also announced an upcoming $2 billion share buyback program and restored its quarterly dividend.
Marriott International — The hotel operator rose 5% after beating first-quarter profit and revenue expectations and raising its full-year guidance, according to Refinitiv. The company highlighted its strength in international markets, reporting an increase in revenue per available room worldwide.
Diamondback Energy — The oil and gas stock lost 4.9%. Diamondback posted earnings per share of $4.10, below the consensus estimate of $4.33 from analysts polled by FactSet. But the company just topped sales, posting $1.93 billion versus the Street’s estimate of $1.92 billion.
swarms — The solar company slipped 10.1% on a downgrade from equal weight to underweight by Barclays. The firm said the company has an expensive valuation and risk potential this year.
Quest diagnostics – Shares fell 1% after Bank of America downgraded healthcare stock to neutral from buy and said it had concerns about the Haystack Oncology deal.
SoFi – Shares of the student loan refinancer fell 10.3% on Tuesday, building on their sharp losses from the previous session. The company reported quarterly results a day earlier and added $2.7 billion in deposits. Company executives during a call with investors noted that loans originated in the fourth quarter would experience lower levels of monetization than previously expected due to rate hikes despite higher demand.
PacWest — Shares fell 27.8% as the failure of the First Republic put pressure on regional banks. Western Alliance was another laggard, down more than 15%.
– CNBC’s Yun Li, Tanaya Macheel, Michelle Fox, Samantha Subin, Brian Evans, Jesse Pound and Mike Bloom contributed coverage