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Steve Goldstein and Emily Barry
Fiserv shares bounce back after Tuesday’s broader market plunge, Tenable shares lower other software names
Those stocks made the most notable move in a series of earnings reports on Tuesday.
riser
Shares of Spotify Technology SA (SPOT) rose 5% as the music-streaming company outperformed subscriber expectations, but the loss was wider than expected.
Verizon Communications Inc.’s stock price (VZ) edged higher after the company posted subscriber declines in the first quarter, but earnings per share beat expectations by 1 cent.
Fiserve (FISV) shares rose more than 2% on Tuesday after raising the floor of its full-year forecast. Fiserv now expects organic revenue growth of 8% to 9% and adjusted earnings per share of $7.30 to $7.40, versus 7% organic revenue growth in its previous guidance. to 9%, and adjusted earnings per share ranged from $7.25 to $7.40.
Shares of PepsiCo (PEP) were up more than 2%, even as the soda and snack maker benefited from higher prices and minimal sales.
loser
First Republic Bank’s (FRC) share price reported a 41% drop in deposits in the first quarter, prompting a more than 40% plunge at a regional bank serving wealthy clients.
Shares of Tenable Holdings Ltd. (TENB) plunged nearly 20%, helping to lower the overall software sector. The cybersecurity firm cut forecasts in its latest earnings report, with analysts highlighting trading pressures linked to the banking crisis.
United Parcel Service (UPS) shares tumbled 10% as the delivery company lowered its annual revenue and profit margin outlook.
Shares of Danaher Corporation (DHR) were down more than 7% as the urgency about COVID-19 faded and healthcare companies lowered their sales guidance.
GE HealthCare Technologies Inc. (GEHC) shares fell more than 9% on Tuesday, but the company beat earnings estimates for the most recent period. The company’s “good first quarter performance was lacking in funding guidance that many investors might have expected,” he wrote in BTIG’s Ryan Zimmerman.
General Motors (GM) shares fell 4%, but the company raised its earnings guidance after a better-than-expected first quarter. The company plans to phase out production of the Chevrolet Volt by the end of the year.
Cadence Design Systems Inc. (CDNS) shares fell 4% after the company released a weaker-than-expected second quarter forecast.
-Steve Goldstein
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04-25-23 1536ET
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