Check out the companies making headlines in midday trading.
Tesla — Shares of the electric vehicle company slipped nearly 2%, despite headline beats on earnings and revenue for Tesla’s first quarter. The company’s net profit was boosted by regulatory credits and a $101 million benefit from selling bitcoin. CEO Elon Musk said that issues in the auto supply chain remain a problem for Tesla along with its competitors.
Crocs — The footwear company’s share price soared about 17% after Crocs reported record first-quarter sales and raised its revenue guidance. The company now projects sales to grow 40% to 50% this year, doubling its previous guidance, with CEO Andrew Rees saying the brand is “stronger than ever.”
3M — 3M shares slid more than 3% despite the company beating top and bottom line estimates during the first quarter. The conglomerate earned $2.77 per share, ahead of the $2.29 per share expected by analysts polled by Refinitv. Revenue came in at $8.85 billion, also above the expected $8.47 billion.
Homebuilders (XHB) — Homebuilder equities as measured by the SPDR S&P Homebuilders ETF rose 1.3% around 12:20 p.m. in New York after a report said that home prices in February rose 12% year over year, up from 11.2% in January. The S&P CoreLogic Case-Shiller home price index said the 12% gain is the highest recorded since February 2006, exactly 15 years ago.
JetBlue — Shares of the airline dipped more than 2% following the company’s first quarter results. JetBlue lost $1.48 per share on an adjusted basis, on $733 million in sales. Analysts were expecting a $1.69 per share loss and $683 million in revenue, according to estimates from Refinitiv.
Eli Lilly — The pharmaceutical company’s share price dipped nearly 2% after missing on the top and bottom lines of its quarterly earnings. Eli Lilly reported earnings of $1.87 per share, below the $2.14 expected by analysts, according to Refinitiv. The company made $6.81 billion in revenue, missing estimates of $7.03 billion.
UBS — Shares of UBS fell 1.5% in midday trading after disclosing that its profits suffered a hit from the Archegos Capital saga nearly one a month after the collapse of the U.S. hedge fund. In a regularly scheduled investor update, the Swiss bank said revenues were $774 million lower in the first quarter of 2021 as a result of the default by the Archegos fund.
GameStop — The volatile video game retailer’s stock popped more than 7% around 12:20 p.m. in New York as investors in the meme stock applauded a share sale, which dilutes each owner’s stake in the firm. Shares are up about 860% this year.
— CNBC’s Maggie Fitzgerald, Jesse Pound and Pippa Stevens contributed.