Boeing, JPMorgan, UnitedHealth, Rivian, And More Stocks Make Big Moves Midday

‍Boeing

As Boeing announced on Thursday that it will need to pause some deliveries of its 737 Max plane due to a problem with some parts that were manufactured by Spirit AeroSystems, the company's shares dropped more than 6%. Shares of Spirit AeroSystems were down more than 20%.

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JPMorgan Chase

A rise in interest rates in the first quarter contributed to record first-quarter revenue for the bank, which soared by about 7%. A number of analysts predicted a $36.19 billion revenue in the first quarter, but it came in at $39.34 billion. Based on adjusted earnings per share, $4.32 surpassed the expectation of $3.41 per share.

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Citigroup

There occurred a significant increase in Citigroup's stock price after the company announced that it had increased its net income and exceeded its revenue estimates for the first quarter. Citigroup reported $21.45 billion in revenue, which was higher than $19.99 billion, according to Refinitiv.

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UnitedHealth

In the short term, investor concerns over the impact of Medicare Advantage plan policy changes in 2024 led to a 2.5% drop in the stock of the health insurance provider. Despite beating expectations on top and bottom lines and boosting UnitedHealth's full-year outlook, shares declined.

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Hello Group

According to JPMorgan, improvements in live streaming in China could benefit the Chinese entertainment stock. It jumped 5.5% following its upgrade to overweight from neutral.

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BlackRock

A Refinitiv poll found that analysts expected earnings per share of $7.76. Revenue came in at $4.24 billion in line with expectations. Shares of the investment management company gained 2.7% after it reported earnings per share of $7.93 in the first quarter.

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PNC Financial Services

The bank's stock slipped by 1.8%. PNC said it would grow revenue by 4% to 5% in the fiscal year 2023, down from its previous forecast of 6% to 8%. The first quarter earnings per share of PNC exceeded analyst expectations, but revenues fell slightly below expectations, according to Refinitiv.

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Lucid

There were 2,314 Air sedans produced by Lucid, but only 1,406 were delivered in the first quarter, causing shares to decline by over 6%.

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Rivian

The electric vehicle maker's shares fell nearly 8% in midday trading on Friday. The company needs more cash, according to Piper Sandler, who downgraded Rivian stock from neutral to neutral earlier today. According to Piper Sandler, Rivian stock has only a marginal upside to its new price target. Rivian's strategy to pursue vertical integration for its vehicles remains appealing to them.

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VF Corp

In a midday trading session, the parent company of Vans and The North Face rose close to 3%. Goldman Sachs upgraded the stock, saying it could gain a significant boost from VF's recent strategic moves. Goldman estimated VF's stock could rise more than 23% as a result of VF's strong management strategy and new products.

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Catalent

Three of the company's facilities will have productivity issues and higher-than-expected costs that will materially affect the company's earnings in the third quarter, resulting in a 26% drop in its shares.