Stocks making the biggest moves midday: Spotify, JetBlue, Danaher, General Motors and more

Published Tue, Apr 23 202412:21 PM EDTUpdated Tue, Apr 23 20244:23 PM EDT

Check out the companies making headlines in midday trading. General Motors — Shares rose more than 4% after the automaker exceeded analysts' expectations for its first-quarter results . General Motors posted adjusted earnings of $2.62 per share on revenue of $43.01 billion. Analysts had anticipated earnings of $2.15 per share and revenue of $41.92 billion, according to LSEG. The company also raised its forecast for adjusted automotive free cash flow to between $8.5 billion and $10.5 billion, above its previously anticipated $8 billion to $10 billion. GE Aerospace — The aircraft supplier stock added 8% after reporting first-quarter adjusted earnings of 82 cents per share, higher than consensus estimates of 65 cents a share, per LSEG. GE Aerospace's revenue of $16.1 billion also exceeded analysts' expectations of $15.14 billion. PepsiCo — The snack and beverage stock dipped 3% despite a stronger-than-expected first quarter . PepsiCo reported $1.61 in adjusted earnings per share, topping the $1.52 per share expected by analysts, according to LSEG. Even with the first-quarter beat, PepsiCo kept its full-year outlook the same. Novartis — The U.S.-listed shares of the Swiss drugmaker added 2% after Novartis raised its full-year guidance. JetBlue Airways — Shares plummeted 19% after the airline company lowered its forecasts for revenue for the second quarter and full-year 2024. JetBlue's first-quarter revenue came in line with expectations, while it posted a narrower adjusted loss per share than analysts had predicted, according to LSEG. Cleveland-Cliffs — The steel producer tumbled 11% after posting a first-quarter earnings and revenue miss. Cleveland-Cliffs posted adjusted earnings of 18 cents per share on revenue of $5.2 billion, while analysts surveyed by LSEG had expected earnings of 22 cents per share on revenue of $5.35 billion. Nucor — Shares moved 9% lower after the steelmaker missed estimates on earnings and revenue for the first quarter. Nucor also said it anticipates lower second-quarter earnings, citing lower average selling prices, which will only be partially offset by modestly increased volumes, within its steel mills segment. Danaher — The life sciences firm popped 7% after beating analysts' expectations for its first-quarter results. Danaher reported adjusted earnings of $1.92 per share on revenue of $5.8 billion. This exceeded the $1.72 per share on revenue of $5.62 billion that analysts had anticipated, according to FactSet. Spotify — The streaming music company surged 11% after easily topping earnings expectations . Spotify reported 97 euro cents per share for the first quarter, compared to the 65 euro cents expected by analysts, according to LSEG. Spotify also beat expectations for quarterly gross margin. Sherwin-Williams — The manufacturer of paints and coatings shed 2% after posting first-quarter adjusted earnings of $2.17 per share, lower than the consensus estimate of $2.22 per share, according to FactSet. Sherwin-Williams' revenue of $5.37 billion also missed the $5.50 billion analysts had expected. Roblox — Shares added 4% after JPMorgan upgraded the gaming platform to an overweight rating . The bank thinks recent investor skepticism, which has contributed to the stock's roughly 20% year-to-date decline, has now presented a compelling entry point. Sunnova Energy — The solar stock gained nearly 3%. KeyBanc Capital Markets downgraded Sunnova Energy to sector weight from overweight, citing caution on residential solar names particularly ahead of first-quarter earnings. Sunnova is already down more than 74% this year. LKQ — The distributor of aftermarket auto parts slid 15% after first-quarter results fell short of analysts' forecasts. LKQ posted adjusted earnings of 82 cents a share on revenue of $3.7 billion, while analysts called for earnings of 95 cents a share and $3.76 billion in revenue, per FactSet. MSCI — The provider of investment indexes dropped 13% after reporting revenue that missed Wall Street's estimates. In the first quarter, MSCI posted $680 million in revenue, while analysts polled by FactSet forecast $685.5 million. Earnings came in at $3.52 a share, surpassing expectations by 5 cents. — CNBC's Michelle Fox, Sarah Min and Jesse Pound contributed reporting.