POLAND – 2023/03/21: In this photo illustration a First Republic Bank logo seen displayed on a smartphone with stock market percentages in the background. (Photo Illustration by Omar Marques/SOPA Images/LightRocket via Getty Images)
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Find out which companies are making headlines in the midday business.
First Republic – Shares of the regional bank fell 50% after sources told CNBC’s David Faber that the likeliest outcome for the First Republic would be a Federal Deposit Insurance Corporate receivership. However, there is still hope that a bailout deal will happen before the regulator steps in, the sources said.
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Snap – Snapchat’s parent company fell about 18% after missing revenue expectations for the last quarter. Snap’s revenue fell 6% from a year ago.
Amazon — The company fell 3.8% as investors faced worries about the future of Amazon’s cloud business. The company beat expectations for both adjusted earnings per share and revenue on Thursday.
Intel – Intel shares rose more than 4% even after the company reported its biggest ever quarterly loss and a 133% year-over-year reduction. Even so, Intel reported a lower-than-expected loss per share and better-than-expected revenue. Benchmark upgraded the chipmaker, saying the worst is priced in stocks.
pinterest — Pinterest shares plunged more than 17% after sharing a disappointing second-quarter forecast. The stock move came despite the company’s pace of up and down image sharing.
First Solar — Shares of the solar energy company plunged 14% after its first-quarter results fell short of expectations. First Solar posted earnings of 40 cents per share on revenue of $548 million. Analysts had estimated earnings of $1.02 per share on revenue of $718 million, according to Refinitiv data.
Chevron — The energy stock rose 0.8% after the company beat expectations for first-quarter earnings and revenue. The good results were boosted by its refining activity, which helped offset a drop in oil and gas production in a context of lower oil prices.
Exxon Mobil — The stock gained about 2% after the oil giant posted a record first-quarter profit before the bell, despite falling oil prices. Exxon Mobil’s adjusted earnings per share were $2.83, beating the $2.59 expected by analysts polled by Refinitiv. Its revenue of $86.56 billion is also higher than the expected $85.41 billion.
Colgate Palmolive — The consumer giant saw its stock rebound 4% after the company reported quarterly earnings and revenue that beat expectations. Colgate also raised its annual organic sales forecast, seeing steady price increases and solid demand for its pet nutrition products.
T-Mobile – The telecommunications stock fell 3.1% after first-quarter earnings disappointed expectations, according to Refinitiv. T-Mobile US reported revenue of $19.63 billion, below the estimate of $19.82 billion.
Blooming brands – Parent company Outback added 2.9% after its earnings report beat analysts’ expectations. The company reported earnings per share of 98 cents, higher than the 89 cents expected by analysts polled by Refinitiv. Revenue was $1.24 billion, slightly higher than the $1.22 billion forecast.
Alteryx – Shares of the data analytics firm fell about 17% after the company posted first-quarter revenue just below analysts’ expectations, according to FactSet, and forecast a bigger-than-expected loss for the second trimester. Alteryx also announced an 11% reduction in its workforce.
Newell Brands — Shares gained 2% even after the consumer goods company reported a bigger-than-expected loss. Revenues exceeded Wall Street expectations.
– CNBC’s Yun Li, Alex Harring, Brian Evans, Jesse Pound, Hakyung Kim, Sarah Min, Tanaya Macheel and Michelle Fox contributed reporting