MARKET MOVERS

Midday Market Movers

• PacWest Bancorp (NASDAQ:PACW) Shares of PacWest Bancorp (NASDAQ:PACW) fell 24% as regional bank equities as a whole fell. Shares of Metropolitan Bank Holding (NYSE:MCB) and Western Alliance Bancorporation (NYSE:WAL) both had declines of 16.2% and 15.8%, respectively.
• Chegg Inc. (NYSE:CHGG) shares dropped 49% after the education technology firm said that its business may be impacted by students’ growing interest in chatbots powered by artificial intelligence. The projected net revenue for the second quarter is less than anticipated.
• Uber Technologies Inc (NYSE:UBER) After the ride-hailing company disclosed an increase in bookings and revenue for the first quarter, shares of Uber Technologies Inc (NYSE:UBER) are up 11%.
• NXP Semiconductors NV (NASDAQ:NXPI) Shares of NXP Semiconductors NV (NASDAQ:NXPI) increased by 3% after the chip manufacturer exceeded expectations and provided a more optimistic sales and profit estimate for the second quarter.Dupont De Nemours Inc (NYSE:DD) Shares of Dupont De Nemours Inc (NYSE:DD) declined 7.8% after the material manufacturer posted earnings that above projections but a 16% decline in sales in its electronics and industrials sector

Stocks In News

Ford Motor (NYSE:F) decreased by 3%; its Q1 EPS of $0.63 was $0.21 more than the $0.42 consensus forecast. Compared to the consensus forecast of $39.25 billion, actual quarterly revenue was $41.5 billion. Ford hasn’t changed its projections for the entire year of 2023, which call for adjusted EBIT of $9 to $11 billion and adjusted free cash flow of roughly $6 billion.

Starbucks (NASDAQ:SBUX) posted Q2 EPS of $0.74, $0.09 more than the $0.65 average forecast, resulting in a 2% LOWER share price. Contrary to the average forecast of $8.4B, the quarter’s revenue came in at $8.7B.

 Prudential Financial (NYSE: PRU) The first quarter EPS for Prudential Financial (NYSE: PRU) was $2.66, $0.31 below the $2.97 consensus expectation. Compared to the average expectation of $12.95B, actual quarterly revenue was $13.03B.

Sprout Social (NASDAQ:SPT) announced Q1 EPS of $0.06, $0.07 more than the average forecast of ($0.01), resulting in a 13% lower share price. In contrast to the average expectation of $75.07 million, actual revenue for the quarter was $75.2 million. Sprout Social forecasts ($0.02) Q2 2023 EPS as opposed to the average forecast of $0.00. 

Carrefour Brasil The business stated in a statement with Brazil’s primary stock market on Tuesday that significant investment expenses at its acquired food store Grupo BIG contributed to Carrefour Brasil’s first quarter net loss of 113 million reais ($22.39 million).

When Clorox (NYSE:CLX) released its third quarter earnings, its EPS of $1.51 beat the consensus estimate of $1.22. In contrast to the consensus forecast of $1.82 billion, revenue increased by 6% year over year to $1.92 billion,

Livent Corporation (NYSE:LTHM) posted Q1 EPS of $0.60, $0.21 higher than the average expectation of $0.39. This is a 10% increase. Compared to the average expectation of $230.24M, the actual revenue for the quarter was $253.5M. In contrast to the average estimate of $1.07 billion, Livent Corporation anticipates FY2023 sales of $1.025-1.125 billion.

Super Micro Computer (NASDAQ:SMCI) is now 9% higher, although its Q3 earnings per share of $1.63 were $0.36 below analysts’ expectations of $1.99. Compared to the average expectation of $1.46B for the quarter, actual revenue came in at $1.28B. In contrast to the average estimate of $1.76, Super Micro Computer expects Q4 2023 EPS of $2.21–$2.71. 

Advanced Micro Devices Inc (NASDAQ:AMD) :- The Q1 earnings per share for Advanced Micro Devices Inc (NASDAQ:AMD) were $0.60, $0.04 more than the $0.56 average expectation. Contrary to the average forecast of $5.3B, the quarter’s revenue came in at $5.4B. In contrast to the average estimate of $5.49B, Advanced Micro Devices, Inc. expects Q2 2023 sales of $5-5.6B.

Nerdwallet Inc. (NASDAQ:NRDS) posted Q1 EPS of $0.02, $0.07 more than the average expectation of ($0.05), which is a decrease of 4%. Contrary to the average forecast of $166.51M, the quarter’s revenue came in at $169.6M. In contrast to the average estimate of $162.3M, NerdWallet, Inc. expects Q2 2023 sales of $134-141M.

ONEOK (NYSE: OKE) announced first-quarter earnings per share of $2.34, $0.24 more than the $2.10 average forecast. Contrary to the average forecast of $5.47B, the quarter’s revenue was $4.52M.

Oak Ridge Financial Services, Inc. (BKOR) A $0.10 per share, or $0.4 on an annualised basis, quarterly dividend was announced by Oak Ridge Financial Services, Inc. (BKOR). From the previous dividend of $0.08, this represents a 25% increase.The ex-dividend date for the dividend is May 23, 2023, and it will be paid on June 9, 2023 to shareholders of record on May 24, 2023.

Jack Henry&Associates’ (NASDAQ: JKHY) third quarter earnings per share came in at $1.12, $0.02 more than the $1.10 average forecast. Contrary to the average forecast of $500.72M, the actual revenue for the quarter was $508.6M.

Murphy USA Inc. declares a $1.5 billion share repurchase

PepsiCo (PEP) A quarterly dividend of $1.265 per share, or $5.06 on a yearlyized basis, was announced by PepsiCo (PEP). From the previous dividend of $1.15, this represents a 10% increase.The ex-dividend date for the dividend is June 1, 2023, and it will be paid on June 30, 2023 to shareholders of record on June 2, 2023.The dividend has a 2.6 percent yield on a yearly basis.

Uber Technologies Inc UBER increases on a solid 2Q profit guidance with adj EBITDA $800-850M versus expectations of $750-800M, bookings $33-34B versus $32-33B, 1Q GBs at $31.4B versus expectations of $31-31.5B, and EBITDA $761M versus expectations of $730M.

NXP Semiconductors NV NXPI announced a good MarQ with GMs at 58.2% (consensus: 58%) and $3.12B/$3.19 (vs. $3.00B/$3.02 in the consensus). NXPI predicted a higher JunQ top line of $3.2B, up 3% q/q (against TXN/ON down 1%/up 2% q/q) and around 6% above consensus of $3.03B.

Service Corp.’s (1Q adj) $0.93 EPS above expectations. 0.91% on sales $1.03B compared to expectations. $1.03B; forecasts FY EPS of $3.45 to $3.75. $3.54.

BP (BP) reported a $5 billion first-quarter profit, but shares fell as the company announced it will buy back $1.75 billion less worth of shares over the next three months compared to the previous three. Underlying replacement cost profit in Q1 increased from $4.8 billion in Q4 to $4.96 billion.

Credit Acceptance Corp.’s (CACC) first quarter non-GAAP earnings per share of $9.71 missed estimates of $8.81 and $458.2M by $453.8M.

Pfizer (PFE) reported Q1 adj EPS of $1.23 vs an estimate of $0.98 and Q1 sales of $18.28 billion versus an estimate of $16.59 billion. Pfizer expects FY23 revenues to be lower than FY22 revenues completely as a result of projected revenue decreases for its Covid-19 products.

CF Industries (CF) reported Q1 earnings per share of $2.85, beating estimates of $2.51 and revenue of $2.01 billion. The company forecasts 2023 gross ammonia output to be about 9.5 million tonnes, with capital expenditures in the region of $500-550 million.

Kennametal (KMT) 1Q EPS of $0.39 vs. $0.34 on $536.04M in revenues vs expectations. $529.6Mm; forecasts FY revenues of $2.07-2.1B, including a $100M headwind from currency. $1.50-1.70 adj EPS vs. estimate, $2.069Mm. $1.43; adj net Inc.’s free operating cash flow is 100%; CAPEX is around $100 million.

IBM (IBM) will halt hiring as part of a strategy to deploy AI to replace 7,800 positions. by Bloomberg

EARNINGS  CALENDAR 3rd MAY

BEFORE THE MARKET OPEN

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AFTER THE MARKET CLOSED

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