Hot Stocks: Earnings sparked movement in PEP, JBLU, NVS, MCD, BIIB and HAL
Nikada
The major market averages fell during Tuesday's intraday session as investors awaited earnings results from Alphabet (GOOG) and Microsoft (MSFT).
Tracking individual stocks, Pepsi (NASDAQ:PEP), JetBlue Airways (NASDAQ:JBLU) and Novartis (NYSE:NVS) rose on earnings, whereas McDonald's (NYSE:MCD) and Halliburton (NYSE:HAL) slipped.
Gainers
Pepsi (PEP) shares rose more than 2% as the beverage giant exceeded expectations in the first quarter and boosted its projection for FY2023. The company predicts organic sales growth of 8%, up from 6% before, and Core EPS of $7.27, up from $7.20 previously and $7.26 consensus.
JetBlue Airways (JBLU) shares rose more than 2% on the back of positive Q1 results and forecast. The company anticipates capacity revenue growth in the "high single digits to low double digits" range of 5.5% to 8.5% this year. Adjusted EPS is anticipated to be in the range of 35 cents to $0.45 for Q2 and $0.70 to $1.00 for the full year, compared to the $0.54 consensus.
Novartis (NVS) advanced more than 3% after it exceeded expectation in Q1 and raised its full-year earnings outlook, predicted sales growth in the mid-single digits. "Our pipeline momentum gives us confidence in our growth outlook, highlighted by the NATALEE Phase 3 positive readout for Kisqali in early breast cancer, and we look forward to upcoming readouts for iptacopan in multiple indications and Pluvicto in earlier lines of therapy," said Narasimhan.
Decliners
McDonald's (MCD) shares fell -1%, erasing previous gains on profit beats aided by higher menu pricing and more customer visits. For the quarter, comparable sales grew 12.6%, while systemwide sales increased 9%.
Despite posting better-than-expected Q1 adjusted earnings and sales, Halliburton (HAL) shares fell roughly 4%, owing to a tight services and equipment market and higher pricing. Revenue from completion and production climbed by 45% to $3.4 billion, owing to higher pressure pumping services and completion instrument sales.
Biogen (NASDAQ:BIIB) shares plunged more than 4% after the company announced to discontinue certain drug programs amid upbeat Q1 results. Biogen said it will terminate its involvement in developing BIIB093 (glibenclamide IV), currently in a phase 3 trial for large hemispheric infarction and a phase 2 trial for brain contusion, due to operational challenges and other strategic considerations.
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