Stocks traded mixed as Wall Street awaited the Federal Reserve’s interest rate decision on Wednesday. The central bank is widely expected to leave interest rates unchanged.
CVS Health’s first-quarter adjusted earnings per share were $1.31, below analysts’ expectations of $1.69. The company also lowered its adjusted earnings forecast for this year to at least $7 per share from $8.30, citing rising Medicare Advantage costs. The stock price fell 17%.
Advanced Micro Devices shares rose to 9.5 after the company reported first-quarter earnings in line with Wall Street expectations and forecast second-quarter sales of $5.7 billion plus or minus $300 million. %, and rose 6% at the midpoint of the range. It’s exactly in line with the estimate. AMD said data center revenue rose 80% in the first quarter, but gaming revenue fell 48%. AMD CEO Lisa Su said the company now expects data center GPU revenue to reach more than $4 billion in 2024, up from previous expectations of $3.5 billion.
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The artificial intelligence hardware company reported better-than-expected revenue in its third quarter results, but revenue of $3.85 billion was below expectations of $3.96 billion. The company said it expects fourth-quarter adjusted earnings of $7.62 to $8.42 per share on revenue of $5.1 billion to $5.5 billion. Analysts had expected adjusted earnings per share of $7.18 and revenue of $4.9 billion. The stock price fell 15%.
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Amazon.com rose 1.2% after the company reported first-quarter profit and revenue that beat analysts’ expectations, driven by strong growth in its AWS cloud computing business and impressive advertising demand. Was. Amazon Web Services’ revenue rose 17% to his $25 billion, beating expectations of his $24.6 billion and the highest increase in four quarters. Overall sales rose 13% to $143.3 billion, a record high for the January-March period.
Pfizer rose 3.5% in the first quarter, with adjusted earnings of 82 cents a share, beating analysts’ expectations of 51 cents. The pharmaceutical company also raised its adjusted profit forecast for 2024.
Coffee giant Starbucks reported second-quarter results that fell short of Wall Street expectations, with global same-store sales down 4%. CEO Laxman Narasimhan said: “In a very challenging environment, our results this quarter do not reflect the strength of our brand, our capabilities or the opportunities that lie ahead.” The company also lowered its profit and sales forecasts for the remainder of 2024, and its stock price fell 17%.
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The company soared 21% after the social media platform reported better-than-expected first-quarter revenue and revenue, with second-quarter revenue expected to rise from $835 million to $835 million, above expectations of $827 million. He said he expected it to be worth $50 million. According to the company, there were 518 million active users in the first quarter.
DuPont’s first-quarter adjusted earnings were 79 cents per share, beating expectations of 65 cents. Materials and chemical companies also raised their full-year forecasts. The stock price rose 7.2%.
Norwegian Cruise Line Holdings fell 11% after the cruise company missed quarterly revenue, although it beat first-quarter revenue expectations and raised its full-year outlook.
Biotechne was up 18% after the life sciences company reported third-quarter profit and sales that beat analysts’ expectations.
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Estée Lauder fell 13% after the company released a fiscal year forecast for sales to decline 2% to 3%, a wider range than previously expected.
Skyworks Solutions reported second-quarter revenue of $1.05 billion, within the company’s target range of $1.02 billion to $1.07 billion, and earnings per share of $1.55, analysts said. It reported that it was 3 cents more than expected. However, CEO Liam Griffin said the company’s mobile phone business in the second quarter was “below normal trends” and “end market demand was lower than expected.” For its fiscal third quarter, Skyworks expects revenue of $900 million, below consensus of $1.02 billion, and adjusted earnings per share of $1.21, below analyst estimates of $1.46. said. The stock price fell 15%.
Kraft Heinz fell 6.6% after the food and beverage brand company’s first-quarter sales fell 1.2% to $6.41 billion, below consensus of $6.43 billion.
Qualcomm is expected to release its financial results after the closing bell on Wednesday.
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Email Joe Weelfel at joseph.woelfel@barrons.com.
