Check out the companies making headlines in midday trading: Boeing — The aerospace giant fell 1.5% even after noting that it burned through $3.9 billion in cash in the first quarter. The cash burn was lower than what analysts had feared. Boeing also posted an adjusted loss of $1.13 per share on revenue of $16.57 billion, beating the adjusted loss of $1.76 per share and revenue of $16.23 billion that analysts polled by LSEG had forecast. Tesla — Shares surged 9% despite the company’s weaker-than-expected first-quarter financial update, after CEO Elon Musk said Tesla plans to begin production of new affordable electric vehicle models in “early 2025, if not late this year.” The company previously expected to start production in the second half of 2025. Musk’s comments came during Tesla’s earnings call on Tuesday. Old Dominion Freight Line — The freight shipping stock dropped 10% following the company’s mixed first-quarter financial update, which showed earnings of $1.34 per diluted share, in line with analysts’ estimates, according to FactSet. Revenue of $1.46 billion was just under expectations of $1.47 billion. Hilton Worldwide Holdings — The hotel stock climbed 4% on the back of strong first-quarter adjusted earnings and raised full-year guidance. Hilton earned $1.53 per share, excluding items, on $2.57 billion in revenue. Analysts polled by LSEG anticipated $1.42 in earnings per share and $2.53 billion in revenue. Texas Instruments — Shares climbed 6% after the chipmaker reported first-quarter earnings of $1.20 per share on revenue of $3.66 billion, beating analysts’ estimates of $1.07 per share in earnings and revenue of $3.61 billion, according to LSEG. Mattel — The toymaker’s stock price added 3% after losses per share came out narrower than expected. Mattel said it had adjusted losses of 5 cents per share in the first quarter, which is less than the 12 cent loss anticipated by analysts polled by LSEG. Mattel saw $810 million in revenue during the quarterly period, which was less than the consensus estimate of $832 million. Hasbro — Shares rocketed about 11% following the company’s first-quarter results. Adjusted earnings per share came in at 61 cents, beating analysts’ expectations of 27 cents per share, according to LSEG. Revenue of $757 million was greater than the $739 million analysts anticipated. Enphase Energy — The solar stock declined 5% on the back of a miss on quarterly results and downbeat current-quarter revenue outlook. The company reported adjusted earnings of 35 cents per share on revenue of $263 million in the first quarter, while analysts anticipated earnings of 40 cents per share and $280 million in revenue, according to LSEG. Enphase said to expect second-quarter revenue between $290 million and $330 million, under the consensus forecast of $349 million. General Dynamics — Shares of the aerospace and defense company fell more than 5% after a first-quarter earnings miss. General Dynamics reported $2.88 in earnings per share, below the $2.93 per share expected by analysts, according to LSEG. Biogen — The stock gained almost 5% after the drugmaker reported adjusted earnings per share of $3.67, topping the $3.45 per share expected from analysts polled by LSEG. Sales of Biogen’s Alzheimer’s drug Leqembi came in at about $19 million for the quarter, surpassing the $11 million analysts had anticipated, per FactSet. Seagate Technology — The data storage company saw its shares fall nearly 2% after revenue of $1.66 billion for its fiscal third quarter slightly missed analysts’ estimates of $1.68 billion and it issued fourth-quarter revenue guidance in line with estimates, according to LSEG. Seagate reported 33 cents per share in adjusted earnings, which beat the Street’s expectations of 29 cents per share, and gave strong earnings guidance for its fiscal fourth quarter. — CNBC’s Jesse Pound, Alex Harring, Michelle Fox and Lisa Han contributed reporting.
Stocks making the biggest moves midday: TSLA, HLT, BA, MAT
