The Microsoft logo displayed 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 midday:
Microsoft – Shares of tech giant Microsoft gained more than 8% on Wednesday after a better-than-expected earnings report a day earlier. Analysts added to the bullish sentiment on the stock as Microsoft deepens its investments in artificial intelligence and its 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 revenue of $69.79 billion, while analysts polled by Refinitiv expected it to earn $1.07 per share on revenue of $69.79 billion. $68.9 billion business. The company also announced a $70 billion share buyback.
Amazon – Positive tech earnings also helped push Amazon shares up 3.9% ahead of the e-commerce giant’s earnings report, due Thursday. Amazon also began laying off its cloud computing and human resources divisions on Wednesday. The cuts were previously announced.
Chipotle Mexican Grill – Shares of the Mexican fast-food chain soared nearly 15% to a record high after the company reported quarterly earnings and revenue that beat analysts’ expectations. The good results were fueled by solid same-store 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 jets later this year despite a production hitch. Boeing reported an adjusted loss of $1.27 per share and $17.92 billion in revenue, while analysts had expected a loss per share of $1.07 on $17.57 billion in revenue, according to Refinitiv.
Activision Blizzard – Shares fell 11% after a UK regulator blocked Microsoft’s purchase of the video game maker. Activision Blizzard said it would work “aggressively” with Microsoft to reverse the blockage. The company also reported better-than-expected first-quarter earnings and adjusted revenue. 107230585
First Republic – Shares of the regional bank fell more than 20% on Wednesday, extending their steep losses for the week. First Republic advisers are offering big banks a potential bailout deal, sources told CNBC, after the regional lender saw a massive flight of deposits in the first quarter.
PacWest — The regional bank’s stock jumped 15% after the regional bank said deposit inflows stabilized, though they were still down in the first quarter. PacWest saw a $1.8 billion increase in deposits from March 20 to April 24. However, deposits for the first quarter totaled approximately $28.2 billion, compared to $33.9 billion from the fourth quarter of 2022.
General Dynamics – Shares fell 3.9% despite lower first-quarter earnings and revenue. However, its aerospace segment saw lower revenue thanks to lower aircraft deliveries. CEO Phebe Novakovic also said the company will incur period costs as it builds a “considerable” number of Gulfstream G700s to be delivered in the third and fourth quarters.
Enphase Energy – Shares fell nearly 25% after its second-quarter revenue forecast came in at between $700 million and $750 million, missing analysts’ estimates of $765.2 million polled by StreetAccount. Enphase CEO Badri Kothandaraman says CNBC’s Pippa Stevens’ growth in the US has stalled. Rivals SolarEdge Technologies and First Solar also fell 8.6% and 3.4% respectively.
Old Dominion Freight Line – The freight company saw its shares tumble 9% after posting first-quarter earnings and revenue that missed analysts’ estimates, according to FactSet. The company also reported lower volumes, citing continued weakness in the domestic market and rising overheads.
Teck Resources — The stock rebounded 4.5% after the Canada-based mining company announced it would not proceed with its proposed split into two companies. Instead, Teck Resources will seek to offer 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 reporting.