Hot Stocks: Citi rises on earnings; LCID down on weak Q1 deliveries; RIVN falls on downgrade; EXPR gains; PNC, BA slides
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Following strong bank profits results and a disappointing retail sales report, major market indexes fell during Friday's noon session.
In terms of individual stocks, Citigroup (NYSE:C) rose after posting better-than-expected first-quarter earnings, although PNC Financial Services (NYSE:PNC) fell despite solid results.
Express (NYSE:EXPR) shares rose after it was announced that the company, along with WHP Global, will purchase e-commerce apparel startup Bonobos from Walmart (NYSE:WMT).
In other news, Lucid (NASDAQ:LCID) shares plummeted after Q1 deliveries fell short of estimates, while Rivian Automotive (NASDAQ:RIVN) shares dipped after an analyst downgrade.
Meanwhile, Boeing (NYSE:BA) stock fell after the company issued a warning about 737 delays caused by a supplier issue.
Gainers
Citigroup (C) shares rose more than 3% after the bank's first-quarter revenue exceeded estimates, due to fixed-income trading. The company posted adjusted EPS of $1.86 and sales increase of 12% Y/Y to $21.4B, both of which exceeded the consensus target.
Express (EXPR) shares surged more than 30% on the announcement that the company, along with WHP Global, is buying e-commerce apparel brand Bonobos from Walmart (WMT) for $75M.
Decliners
PNC Financial Services (PNC) shares fell almost 3% after the company cut its revenue forecast for 2023, despite solid first-quarter profits. The company anticipated FY2023 sales of $21.96B-$22.18B, up 4%-5% Y/Y, but lower than the average estimate of $22.60B. Earlier, revenue was expected to climb 6%-8% Y/Y.
Shares of Lucid Group (LCID) plummeted almost 8% after Q1 deliveries fell short of estimates. The company announced early Q1 auto deliveries of 1,406 vehicles, compared to an analyst forecast of 1,835 units.
Rivian Automotive (RIVN) shares fell more than 7% after Piper Sandler downgraded them from "Overweight" to "Neutral" due to funding issues.
Meanwhile, Boeing (BA) shares slumped almost 6% as the planemaker warned that delivery of its best-selling 737 Max aeroplane might be delayed due to concerns with a Spirit AeroSystems (NYSE:SPR) part.
To keep track of Wall Street's biggest winners and losers throughout the session, head over to Seeking Alpha's On The Move section.