Stocks traded mixed on Tuesday after investors read quarterly earnings reports from the likes of Goldman Sachs and Bank of America Johnson & Johnson.
Goldman Sachs (stock ticker: GS) reported first-quarter earnings of $8.79 per share, beating analyst expectations of $8.14. However, shares fell 3.3%, and investors probably blame the underperformance of the company’s fixed income trading division.
Bank of America (BAC) announced first-quarter earnings that beat expectations. The bank reported a profit of 94 cents per share, above analysts’ expectations of 81 cents per share. The stock fell 1%.
Johnson & Johnson (JNJ) reported adjusted quarterly earnings of $2.68 per share, beating analyst estimates. Revenue of $24.8 billion was also above estimates. The company raised the full-year guidance midpoints for operating sales and adjusted earnings per share. The CFO said an initial public offering for the consumer health division is coming soon. The stock fell 2.1%.
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Lockheed Martin (LMT) reported first-quarter profit that beat Wall Street estimates and sales of $15.1 billion, above the $15.04 billion set by analysts polled by FactSet. Lockheed shares rose 3.5%.
Bank of New York Mellon (BK) fell 2.2% after reporting Total revenue for the first quarter was $4.36 billionup 11% from the previous year.
Nvidia (NVDA) rose 3.5% to $279.62 after HSBC upgraded shares of the chipmaker to Buy from Reduce and raised the price to $355 from $175.
Shares of biopharmaceutical company Bellus Health (BLU) rose nearly 100% to $14.41 after GSK (GSK)
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) said that The acquisition of Bellus in a transaction with an approximate total value of $2 billion. GSK’s American Depositary Receipts fell 0.8%.
American depository receipts Ericsson (Eirik) shares fell 6.6% after the Swedish telecom company said it expected the operating environment in 2023 to remain “volatile” this year after first-quarter earnings fell from a year earlier.
Netflix (NFLX) continues to be the leader in the live video streaming market. But Netflix has been struggling to show meaningful growth. Wall Street will get an update from Netflix when it reports first-quarter earnings after the stock market closes. Netflix rose 0.5%.
United Airlines (UAL) reported first-quarter earnings after Wall Street closed on Tuesday. United’s reports follow an update last week from another Delta airline
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(DAL), which reported adjusted first-quarter earnings that missed analyst estimates but said its outlook for the second quarter was “strong.” United shares rose 1.1%, while Delta shares rose 1.6%.
Write to Joe Woelfel at [email protected]
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