Stocks making the biggest moves midday: MSFT, GOOGL, XOM, SNAP
Check out the companies making headlines in midday trading. Microsoft — Shares jumped 2% after the tech giant reported better-than-expected fiscal third-quarter results as its Azure business continued to show momentum. Alphabet — The Google-parent company rallied 10%. Alphabet posted first-quarter results that topped estimates and authorized its first-ever dividend, as well as a $70 billion buyback. Earnings of $1.89 per share beat the $1.51 in earnings per share anticipated by analysts polled by LSEG. Revenue of $80.54 billion surpassed expectations of $78.59 billion. Exxon Mobil — The energy stock fell more than 2% after Exxon Mobil posted first-quarter adjusted earnings that missed analysts’ forecasts. Earnings of $2.06 per share, excluding items, fell below the LSEG consensus estimate of $2.20 earnings per share. Revenue of $83.08 billion topped estimates of $78.35 billion. ResMed — Shares soared 17% after fiscal third-quarter results topped analysts’ estimates. The medical device company posted $2.13 earnings per share, excluding items, on $1.20 billion in revenue. Analysts polled by FactSet had forecasted $1.93 in earnings per share on $1.17 billion in revenue. Intel — The chipmaker declined 9% after the company issued a weak forecast for the current quarter. Revenue for the second quarter is expected to range between $12.5 billion to $13.5 billion, while analysts polled by LSEG were looking for $13.6 billion. Adjusted earnings per share for the period is also forecasted to come in below the Street’s expectations. Snap — Shares soared 28% after the social media company posted adjusted earnings and revenue that defied analysts’ expectations, per LSEG. Snap’s revenue grew 21% in the quarter, spurred by regrowth in its digital advertising business. Charter Communications — The broadband and cable provider slipped 2% on weak first-quarter results. Charter earned $7.55 per share on $13.68 billion in revenue, below the Street’s estimates of $7.92 a share in earnings and $13.74 billion of revenue, per LSEG. Skechers — The footwear company rallied nearly 13% after posting a top and bottom line beat in the first quarter. Skechers posted earnings of $1.33 per share and revenue of $2.25 billion. That topped the earnings of $1.10 per share and $2.2 billion in revenue anticipated by analysts polled by LSEG. Roku – The streaming stock slumped 8% after posting first-quarter results. Roku topped revenue expectations, per FactSet. However, the company warned of “difficult year-over-year growth rate comparisons” within its stream service distribution activities, citing past price hikes and a mix shift toward ad-supported streamers. T. Rowe Price Group — Shares advanced 5% following better-than-expected quarterly results. The asset management company posted first-quarter adjusted earnings of $2.38 per share on revenue of $1.75 billion. Analysts called for $2.04 per share in earnings and revenue of $1.71 billion, per FactSet. L3Harris Technologies — The defense company gained 3% after reporting an earnings and revenue beat in the first quarter. Management also raised its guidance for the full year. — CNBC’s Samantha Subin, Alex Harring, Lisa Kailai Han and Sarah Min contributed reporting
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