See the companies making headlines in midday trading. New York Community Bank. Shares of the beleaguered regional bank jumped more than 31% after CEO Joseph Oetting said in a release that “we have a clear path to profitability over the next two years.” On Wednesday, the bank reported a quarterly loss of $335 million, helped by a rise in bad commercial loans and rising costs. Super Micro Computer – Shares of the server provider fell 15% after missing fiscal third-quarter earnings expectations. However, Super Micro beat analysts’ expectations on adjusted earnings and raised its fiscal 2024 revenue forecast. Starbucks — Shares fell more than 16% after the coffee chain posted weaker-than-expected quarterly revenue and profit results. Starbucks posted adjusted earnings of 68 cents per share on revenue of $8.56 billion. LSEG estimates the company missed analysts’ estimates of earnings of 79 cents per share and revenue of $9.13 billion. Pfizer – Shares of the drugmaker rose 3 % after Pfizer beat Wall Street’s first-quarter revenue forecast and raised its full-year profit forecast. Pfizer now expects full-year adjusted earnings of $2.15 to $2.35 per share, up from its previous forecast of $2.05 to $2.25 per share. Skyworks Solutions – TD Cowen downgraded Skyworks to hold buy, sending shares of the Apple supplier down 15%. The firm said it sees numerous headwinds and that the stock’s risk-reward profile turns negative “until the mobile content catalyst becomes more prominent.” The tech giant Amazon gained 1.3% on the back of strong earnings and revenue in the first quarter. Advertising revenue rose 24% in the first quarter, and Amazon Web Services also posted results that beat analysts’ expectations. SiriusXM — Shares of the broadcaster jumped nearly 4% after Goldman Sachs upgraded SiriusXM from sell to neutral, largely on valuation, citing its recent underperformance. CVS Health — Shares fell 16% after the pharmacy chain and pharmacy benefit manager lost adjusted first-quarter earnings. Additionally, CVS cut its full-year profit forecast, which also missed consensus, citing higher medical costs. Powell Industries — Shares of the Houston electric utility rose 22% after beating Wall Street expectations in the fiscal second quarter. Powell reported earnings of $2.75 per share on revenue of $255 million. In the year-ago quarter, the company reported earnings of 70 cents per share on revenue of $171.4 million. Estée Lauder — Shares of the beauty and skin care conglomerate fell 12% on disappointing guidance for its fiscal fourth quarter. Estee Lauder said it now expects adjusted earnings per share to be between 19 cents and 29 cents, which was below analysts’ forecast of 76 cents per share, according to LSEG. Kraft Heinz — Shares of the ketchup and prepared foods maker fell 6.6% amid weak first-quarter revenue. Kraft Heinz earned $6.41 billion in the three-month period, slightly below the $6.43 billion estimate by analysts surveyed by LSEG. Adjusted earnings were in line with expectations at 69 cents per share. Pinterest — Shares of the social network soared 21% after the company beat Wall Street’s first-quarter revenue and profit estimates. Pinterest’s second-quarter revenue forecast also beat expectations, with the company forecasting sales of $835 million to $850 million, compared with the LSEG consensus estimate of $827 million. Advanced Micro Devices, the chipmaker’s shares fell 9.5% after it reported second-quarter sales forecast, projecting sales of about $5.7 billion in the current quarter, or year-over-year growth of 6%. Yum Brands — Shares of the fast food giant fell nearly 4% after it reported quarterly adjusted profit and revenue that missed analysts’ expectations. KFC and Pizza Hut reported declining same-store sales as they struggled to attract customers, while Taco Bell’s same-store sales rose just 1%. 3M – Shares gained 2.8% after JPMorgan upgraded the conglomerate’s stock from neutral to overweight, encouraged by its current trading price and earnings momentum after the company issued better-than-expected earnings forecasts driven by improving demand for electronics. . — CNBC’s Alex Harring, Yoon Lee, Lisa Kailai Han, Hakyung Kim and Michelle Fox contributed reporting.
