Before you call, check out the companies that are making headlines. Taiwan Semiconductor Manufacturing – U.S.-traded shares of the Taiwanese chipmaker fell 2.4% despite first-quarter revenue and profit beating expectations. The company reported no structural damage from the Taiwan earthquake in early April, but noted that some plates “had to be scrapped.” Management believes most of the lost production will be recovered in the second quarter. TSMC forecast healthy growth in 2024 and forecast second-quarter revenue in the range of $19.6 billion to $20.4 billion. Tesla – Shares of the electric vehicle maker fell more than 2% after Deutsche Bank downgraded its rating to “don’t buy.” . “Delaying Model 2 development creates the risk that there will be no new vehicles in Tesla’s consumer lineup for the foreseeable future, which will place ongoing downward pressure on its volumes and prices for many years,” the bank said. J.R. Horton — Shares jumped 3.3% after the homebuilder beat expectations in its fiscal second quarter. DR Horton earned $3.52 per share on revenue of $9.11 billion. Analysts polled by LSEG had forecast $3.06 per share and $8.27 billion in revenue. Alaska Air — Shares of the airline rose nearly 3% after better-than-expected first-quarter results. The per-share loss of 92 cents was below analysts’ estimates of $1.05, according to LSEG. Revenue was $2.23 billion, beating estimates of $2.19 billion. Blackstone – The asset manager’s shares fell 2.2% after cutting its dividend to 83 cents per share from 94 cents per share. Meanwhile, first-quarter earnings came in at 98 cents per share, slightly above LSEG’s consensus estimate of 96 cents per share. Alcoa — The company’s shares rose 2.4% after the aluminum producer beat first-quarter revenue expectations. Alcoa reported revenue of $2.6 billion, beating the LSEG consensus estimate of $2.56 billion. On the other hand, the company reported a wider-than-expected loss of 81 cents per share, excluding items. That was more than the expected loss of 55 cents per share. EBay – Shares of e-commerce companies rose nearly 4% after Morgan Stanley doubled its rating on the stock to “overweight” from “underweight.” The e-commerce stock appears undervalued compared to its peer Etsy, according to Morgan Stanley. Etsy — E-commerce shares fell nearly 5% after Morgan Stanley downgraded the stock to underperform from equal weight. Margin growth appears limited, the company said, which is pessimistic about Etsy’s medium-term growth prospects. Match Group – Shares fell nearly 2% after Morgan Stanley downgraded the stock to equal weight from overweight. The firm noted a slowdown in online dating growth. Elevance Health — Shares of the health insurer rose 3.3% after reporting strong earnings growth and raising its full-year guidance. In the first quarter, the company reported earnings per share of $10.64, compared with analysts’ estimates of $10.52, according to FactSet. Meanwhile, revenue was slightly below expectations. Zoom Video Communications – Shares of the software company rose about 2% after Rosenblatt Securities upgraded its rating on the stock to neutral. The firm is optimistic about Zoom’s “refocused” channel strategy and its healthy balance sheet. — CNBC’s Alex Harring, Sarah Min, Jesse Pound and Fred Imbert contributed reporting.
