Check out the companies making headlines in midday trading.
Paramount Global – Shares fell 1.7% after the entertainment giant reported first-quarter revenue below expectations. The media company posted revenue of $7.33 billion versus the StreetAccount consensus of $7.39 billion. Profit came in above estimates, with Paramount posting adjusted quarterly earnings of 60 cents per share versus 52 cents per share.
Logitech – The technology stock dipped 1.8% after the company reduced its fiscal year 2023 outlook due to the war in Ukraine. The company beat Wall Street expectations on the top and bottom lines.
Chegg – Shares cratered 28% despite the financial education company's beat on earnings expectations. Chegg shared weak guidance for the second quarter and year. Further, executives noted that people are prioritizing earning over learning, which is leading to smaller course loads and delayed school enrollment.
Nutrien – Shares gained 6.7% after Nutrien raised its full-year guidance amid a surge in crop prices. The company did, however, post a weaker-than-expected earnings per share, according to StreetAccount estimates.
Hilton Worldwide – Shares of the hotel giant fell 2.2% after the company issued a lower-than-expected full-year outlook as part of its earnings report for the most recent quarter. The stock price fell on the guidance despite the hotel operator beating earnings estimates.
Biogen – Biogen shares jumped about 1.1% after the company beat on revenue and reported earnings that fell in line with estimates in the recent quarter. The drugmaker also said its CEO Michel Vounatsos would be stepping down.
Pfizer – Pfizer's stock added 1.7% after earnings and revenue in the first quarter beat estimates on the top and bottom lines. The company reported a profit of $1.62 per share on revenues of $25.66 billion. Analysts expected $1.47 per share on $23.86 billion in revenue, according to Refinitiv.
Expedia – The travel booking site operator's shares tumbled by more than 13% after the company reported a mixed earnings report that led at least eight Wall Street analysts to cut their price targets on the stock. Expedia posted a loss of 47 cents per share for its most recent quarter, although that was narrower than the loss expected by analysts, by 15 cents per share, according to Refinitiv.
BP – The energy stock jumped about 7.7% after the oil company reported better-than-expected earnings and revenue for its latest quarter. BP did take a $25.5 billion charge for exiting its Russian operations.
Clorox — Shares rose about 2% after the maker of cleaning products surpassed earnings expectations. Clorox earned $1.31 per share on revenues of $1.81 billion in its most recent quarter. Analysts surveyed by Refinitiv forecast 97 cents earnings per share on revenues of $1.79 billion. The firm also lowered its full-year gross margin estimates.
DocuSign – Shares fell 1.6% after Wedbush downgraded the stock to underperform from neutral. "This WFH beneficiary could see difficult growth ahead not factored into shares at current prices in our opinion," Wedbush said.
Tyson Foods – Shares pulled back nearly 3% after Piper Sandler downgraded the stock and said the company could be hurt by rising food prices as consumers cut down on spending. "Consumers we survey say they are cutting back on basics," Piper Sandler said.
JPMorgan Chase, Morgan Stanley – Shares rose after Oppenheimer upgraded the bank stocks, saying the names are "on sale" after a pullback this year. JPMorgan Chase gained 2.9% while Morgan Stanley added 3.1%.
Estee Lauder – Shares dropped 4.8% after the beauty company missed revenue estimates in its latest quarterly report. Estee Lauder posted revenue of $4.25 billion versus the Refinitiv consensus estimate of $4.31 billion.
Devon Energy – The energy stock jumped more than 9% after a stronger-than-expected quarterly report. The company posted adjusted earnings of $1.88 per share versus $1.75 per share expected, according to StreetAccount.
— CNBC's Samantha Subin, Sarah Min and Tanaya Macheel contributed reporting.