Take a look at the companies making headlines in midday trading: Boeing – Shares of the aerospace giant fell 1.5% even after it noted it burned through $3.9 billion in cash in the first quarter. Cash burn was lower than analysts had feared. Boeing also reported an adjusted loss of $1.13 per share on revenue of $16.57 billion, beating the adjusted loss of $1.76 per share and revenue of $16.23 billion that analysts polled by LSEG had forecast. Tesla – Shares rose 9% despite the company’s weaker-than-expected first-quarter financial results after CEO Elon Musk said Tesla plans to begin production of new affordable electric vehicle models “in early 2025, if not end of this year.” The company previously planned to begin production in the second half of 2025. Musk’s comments came during Tesla’s conference call on Tuesday. Old Dominion Freight Line – Freight carrier shares fell 10% after the company’s mixed first-quarter financial report showed earnings of $1.34 per diluted share, in line with analyst estimates, according to FactSet. Revenue of $1.46 billion was slightly below expectations of $1.47 billion. Hilton Worldwide Holdings – Hotel shares rose 4% on strong first-quarter adjusted earnings and higher full-year guidance. Hilton earned $1.53 per share, excluding items, on revenue of $2.57 billion. Analysts surveyed by LSEG had forecast earnings per share of $1.42 and revenue of $2.53 billion. Texas Instruments – Shares rose 6% after the chipmaker reported first-quarter profit of $1.20 per share at revenue of $3.66 billion, beating analysts’ estimates of $1.07 per share on profit of $3.61 billion, according to LSEG. Mattel — The toy maker’s stock price rose 3% after its per-share loss was smaller than expected. Mattel said it adjusted a loss of 5 cents per share in the first quarter, less than the 12-cent loss expected by analysts polled by LSEG. Mattel posted revenue of $810 million for the quarter, below the consensus estimate of $832 million. Hasbro — Shares soared about 11% after the company’s first-quarter results. Adjusted earnings per share came in at 61 cents, beating analysts’ expectations of 27 cents per share, LSEG said. Revenue of $757 million was more than analysts’ expectations of $739 million. Enphase Energy – Solar shares fell 5% amid disappointing quarterly results and pessimistic revenue forecasts for the current quarter. According to LSEG, the company reported adjusted earnings of 35 cents per share on revenue of $263 million in the first quarter, while analysts expected earnings of 40 cents per share and revenue of $280 million. Enphase expects revenue to be the second quarter will range from $290 million to $330 million, in line with the consensus estimate of $349 million. General Dynamics — Shares of the aerospace and defense company fell more than 5% after a drop in first-quarter profit. General Dynamics reported earnings per share of $2.88, below analysts’ expectations of $2.93 per share, according to LSEG. Biogen — The company’s shares rose nearly 5% after the drugmaker reported adjusted earnings per share of $3.67, beating the $3.45 per share forecast expected by analysts polled by LSEG. Sales of Biogen’s Alzheimer’s disease drug Leqembi were about $19 million in the quarter, beating analysts’ estimates of $11 million, according to FactSet. Seagate Technology – Shares of the data storage company fell nearly 2% after fiscal third-quarter revenue of $1.66 billion, slightly missing analysts’ estimates of $1.68 billion, and issued guidance for revenue for the fourth quarter, in line with estimates. Seagate reported adjusted earnings of 33 cents per share, beating Street expectations of 29 cents per share, and gave a strong earnings outlook for the fiscal fourth quarter. — CNBC’s Jesse Pound, Alex Harring, Michelle Fox and Lisa Hahn contributed reporting.
