Stocks making the biggest moves midday: UnitedHealth, SolarEdge, Bank of America, Tesla and more
Check out the companies making headlines in midday trading. UnitedHealth — Shares climbed 5.2%, single-handedly pushing the Dow Jones Industrial Average higher on Tuesday. UnitedHealth posted better-than-expected first-quarter revenue and reaffirmed its full-year earnings forecast of $27.50 to $28 per share excluding items. Analysts polled by FactSet forecast $27.50. Johnson & Johnson — The drugmaker slipped 2.2% despite beating first-quarter profit estimates and reporting in-line revenue. Johnson & Johnson adjusted its full-year sales forecast for 2024 to a range of $88 billion to $88.4 billion compared to a previous forecast of $87.8 billion to $88.6 billion. SolarEdge Technologies — Barclays maintained an underweight rating on the solar company, saying its fixed costs will weigh on profit margins, helping send the stock down 2%. However, the Wall Street bank raised its price target on SolarEdge to $61 from $50. Shares closed Monday at $60.44. Morgan Stanley — Shares climbed 2.4% on the heels of better-than-expected first-quarter results that saw gains in the investment bank’s wealth management, trading and advisory businesses top forecasts. The firm also surpassed analysts’ earnings and revenue estimates. Tesla — The electric vehicle maker pulled back 2.7%, adding to Monday’s losses, after Tesla said it would lay off 10% of its workforce, or roughly 14,000 employees. Live Nation Entertainment — The concert promoter slumped more than 7% following a Wall Street Journal report that the U.S. Department of Justice would file an antitrust lawsuit against it. Bank of America — Charlotte-based Bank of America fell 3.5% after quarterly profit tumbled 18% to $6.67 billion , or 76 cents a share. Excluding a $700 million FDIC assessment, profit was 83 cents a share. Revenue slipped 1.6% to $25.98 billion, about in line with LSEG estimates, as net interest income declined from a year earlier. — CNBC’s Sarah Min and Tanaya Macheel contributed reporting.
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