Stocks making the biggest moves midday: Alphabet, Boeing, Gilead, AMC Entertainment & more

Market Insider

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Check out the companies making headlines in midday trading. 

Alphabet — Shares of Google-parent Alphabet rose 9% following the technology giant’s quarterly earnings. The report showed advertising revenue slowed but is starting to moderate.  Adjusted earnings came in at $9.87 per share, lower than the $10.33 forecast by analysts, according to Refinivitv. Revenue came in at $41.16 billion, topping estimates of $40.29 billion.

Gilead Sciences — Gilead Sciences’ stock jumped more than 6% after it said two studies showed that one of its therapies could be a viable treatment for Covid-19. Its drug trial showed at least 50% of patients treated with a five-day dosage of antiviral drug remdesivir improved and more than half were discharged from the hospital within two weeks.

Boeing — Boeing shares jumped 8.4% after the airplane maker said it would cut payroll by about 10% as it faces a dismal market for aircrafts. Boeing burned through more than $4 billion in cash during the first quarter, the company’s latest quarterly report showed.

AMC Entertainment — Shares of AMC Entertainment jumped 22% on Wednesday after the company said it would not play movies from Universal Studios when theaters reopen. The CEO of NBCUniversal, which is the parent company of Universal Studios and CNBC, told the Wall Street Journal that the company planned to release new movies in theaters and on demand following the success of Trolls World Tour.

Spotify – Shares of Spotify popped 11% after the music streaming service reported a smaller-than-expected loss in the first quarter. Its revenue came in in line with forecasts as it added more users in both the paying and ad-supported categories. However, it lowered its revenue guidance for the year as ad sales fall due to the pandemic.

General Electric — Shares of the industrial giant dropped 1.2% on the back of a steep revenue decline and a $1 billion cash flow hit due to the coronavirus pandemic. GE reported revenue of $20.524 billion, which represents a year-over-year decline of 8%. “The second quarter will be the first full quarter with pressure from COVID-19, and GE expects that its financial results will decline sequentially,” GE said.

Valero Energy – Shares of the refiner jumped more than 11% after the company’s first quarter earnings results topped estimates, as well as on the heels of a surge in oil prices. Elsewhere in the energy sector Halliburton rose 11%, while ConocoPhillips, Marathon Petroleum and Schlumberger were all up more than 7%.

Starbucks — Shares of the coffee chain fell 2% on Wednesday after the company missed Wall Street earnings estimates for its fiscal second quarter and warned that next quarter’s results would be worse. The company said it expects about 90% of its cafes to be open by early June, with modified hours and service. Starbucks also withdrew its full-year forecast.

WW – Shares of WW soared 18% after the Weight Watchers parent posted better-than-expected quarterly results. WW lost an adjusted 4 cents per share for the first quarter, smaller than the 23 cent loss predicted by analysts, according to Refinitiv.  The company saw revenue top estimates and its subscriber numbers jumped by 9%.

Uber Technologies – Shares of Uber rose nearly 6% after the ride-sharing company said its chief technology officer Thuan Pham is resigning effective May 17. Also on Wednesday, Uber is reportedly considering laying off as much as 20% of its workforce, or about 5,400 workers, to reduce costs in the face of the coronavirus pandemic. 

— CNBC’s Jesse Pound, Maggie Fitzgerald, Fred Imbert and Pippa Stevens contributed reporting.

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