Well, well, well, looks like Citigroup is having a good day! The bank’s stock is up more than 4% because of its rising net income and a revenue beat for the first quarter! Citigroup posted a whopping $21.45 billion in revenue, which is way more than the expected $19.99 billion, according to Refinitiv. Beat that, Refinitiv!
But UnitedHealth isn’t faring as well as Citigroup, with its stock dipping 2.5% due to investor concerns over how some 2024 policy changes will impact Medicare Advantage plan profits in the near term. Even though the company surpassed estimates on the top and bottom lines and boosted its full-year outlook, the investors just aren’t having it. Tough crowd!
Now, let’s talk about Hello Group, the Chinese entertainment stock. The stock popped up 5.5% after its upgrade to overweight from neutral by JPMorgan. The firm believes that the company could benefit from improvements in live streaming in China. Looks like someone’s getting their streaming game on!
BlackRock is a winner too with a 2.7% increase in its shares after it reported first-quarter adjusted earnings per share of $7.93, topping the estimate of $7.76 per share from analysts polled by Refinitiv. Oh, and did we forget to mention that its revenue of $4.24 billion was in line with expectations? Looks like someone’s getting their budget on!
PNC Financial Services is definitely having a bad day. The bank’s stock has slipped 1.8% due to its reduced guidance for fiscal year 2023 of 4% to 5% of revenue growth year over year, down from its prior guidance of 6% to 8%. Although PNC’s earnings per share for the first quarter topped estimates, its revenue was slightly below expectations, per Refinitiv. Maybe they should try sending some revenue growth seeds their way!
Lucid is definitely not feeling the love. The EV maker’s shares dropped more than 6% after the company reported underwhelming first-quarter deliveries. Lucid produced 2,314 Air sedans, but delivered only 1,406 of them. That’s like ordering pizza and getting only a slice. Not cool, Lucid, not cool.
Rivian is not doing great either. Shares of the electric vehicle maker pulled back nearly 8% in midday trading on Friday. Piper Sandler downgraded the stock to neutral from neutral earlier in the day and said the company needs more cash. The new price target now only represents marginal upside for Rivian stock. Piper Sandler added that they still like Rivian’s strategy of pursuing vertical integration for its vehicles. Looks like Rivian might need some electrician help!
VF Corp is having a good day, though! The parent company to apparel retailers like Vans and The North Face rose close to 3% midday. Goldman Sachs upgraded the shares, citing the company’s latest strategic moves as potential boosts to the stock. Thanks to VF’s strong management strategy and new products, the stock can jump more than 23%, Goldman said. That’s some high-quality apparel!
And our last but not the least, Catalent. The biotech company’s share sank 26% after warning about productivity issues and higher-than-expected costs at three of its facilities that will materially impact its fiscal third-quarter earnings results. Ouch, that hurts more than a vaccine shot!
Serious News: cnbc
