Check out the companies making headlines in midday trading. Nvidia – The chipmaker rose 4% to hit an all-time high after Goldman Sachs raised its price target to $800 per share from $625. Catalent, Novo Nordisk – The contract drugmaker rose about 10% on an agreement to be acquired by Novo Holdings. The cash sale, expected to close in late 2024, offers $63.50 per share. Novo Nordisk shares rose more than 3%. McDonald’s – Shares fell 4% after the fast food chain reported a loss in sales in the previous quarter. McDonald’s posted adjusted earnings of $2.95 per share on revenue of $6.41 billion. Analysts had expected earnings of $2.82 per share and revenue of $6.45 billion, according to LSEG, formerly known as Refinitiv. Management cited the Middle East conflict as the reason for the decline in sales. Snap – The social media stock fell more than 3% after Snap said Monday it would lay off 10% of its workforce, or about 500 employees. Eli Lilly – The pharmaceutical company rose nearly 5% ahead of its quarterly results due on Tuesday. Analysts polled by FactSet forecast fourth-quarter earnings of $2.30 per share on revenue of $8.9 billion. Data on the U.S. Food and Drug Administration website also shows a shortage of the company’s anti-diabetic drug Mounjaro, suggesting strong demand for the drug. On Tuesday, the company is expected to provide updates on the launch of its obesity drug Zepbound. Boeing – Shares of the aerospace giant fell nearly 2% after Boeing said it had identified a new quality problem on some undelivered 737 Max planes that could delay deliveries of about 50 of the vehicles. Tyson Foods – The food processor rose 2% after reporting strong financial results for its latest quarter. The company had adjusted earnings of 69 cents per share on revenue of $13.32 billion. Analysts had expected earnings of 41 cents per share on revenue of $13.27 billion, according to LSEG. Caterpillar – Shares rose nearly 2% to hit a 52-week high after the heavy equipment maker improved its operating profit margins in the fourth quarter. CEO Jim Umpleby called 2023 “the best year in our 98-year history, including record full-year sales and earnings, record adjusted earnings per share and record ME&T free cash flow.” Caterpillar reported adjusted earnings of $5 .23 per share on revenue of $17.07 billion. Estée Lauder – Shares of the cosmetics company rose more than 11%, according to FactSet, after the company beat analysts’ expectations for sales and profit in its second fiscal quarter. ON Semiconductor – The semiconductor company rose nearly 9% after fourth-quarter results beat Wall Street estimates in both revenue and adjusted earnings per share, according to FactSet. Air Products and Chemicals – Shares fell 14% after the company missed Wall Street estimates for sales and profit in its fiscal first quarter. Air Products and Chemicals reported adjusted earnings of $2.82 per share on revenue of $3 billion, while analysts polled by StreetAccount reported earnings of $3 per share on revenue of $3.20 billion -dollar forecasts. Zscaler – The cybersecurity stock fell about 6%. Late Friday, the company announced the resignation of its chief operating officer, Dali Rajic, effective immediately. On Monday, Reuters reported that the executive joined cybersecurity startup Wiz as COO. —CNBC’s Tanaya Macheel, Jesse Pound, Hakyung Kim, Alex Harring, Michelle Fox, Sarah Min and Darla Mercado contributed reporting.

Source : www.cnbc.com

Leave a Reply

Your email address will not be published. Required fields are marked *