estimates as organic sales in North America declined. Kimberly-Clark also cut its guidance for earnings and revenue.
Intel – Shares of the chipmaker dipped more than 5%, following the company’s first quarter results. Intel beat top and bottom line estimates, but results were down year over year. During the period the company earned $1.39 per share on an adjusted basis on $18.57 billion in revenue. Analysts were expecting the company to earn $1.15 per share and report $17.90 billion revenue, according to estimates from Refinitiv.
Snap – Shares of the social media company gained nearly 2% after Snap reported a better-than-expected quarter. Revenue came in at $770 million compared to the expected $744 million, according to a survey of Wall Street analysts by Refinitiv. The company broke even for the quarter when excluding items, while analysts were anticipating a 6-cent per share loss.
American Express – The credit card company saw its shares fall more than 2% following a revenue miss. American Express reported $9.064 billion in sales for the first quarter, lower than the consensus of $9.205 billion. Its earnings per share came in above expectations, however, with $1.05 billion in credit reserve releases.
Honeywell – The industrial stock fell more than 2% even after a better-than-expected quarterly report. Honeywell beat estimates by 12 cents with adjusted quarterly earnings of $1.92 per share, while sales topped expectations as well. Honeywell’s aerospace segment remain a soft spot as sales in the area declined last quarter.
SVB Financial – The bank stock jumped more than 11% after SVB Financial topped estimates for earnings per share and net interest income for its first quarter. The company reported $10.03 in earnings per share. Analysts surveyed by FactSet were expecting $6.47 per share. SVB also forecast percentage loan growth in the mid-thirties for the full year.
Skechers – The sneaker stock surged nearly 17% after beating estimates on the top and bottom lines for the first quarter. Skechers earned 68 cents per share on $1.43 billion of revenue. Analysts surveyed by Refinitiv were expecting 46 cents in earnings per share on $1.34 billion of revenue. The results also sparked an upgrade for the stock from Morgan Stanley.
Spotify – Shares of the audio company jumped more than 6% after Jefferies initiated coverage of the stock with a buy rating. The investment firm said Spotify should be looked as a platform and will benefit from the growth of the creator economy.
Skyworks Solutions – The chipmaker’s stock rose 4% after Skyworks announced a deal to acquire the infrastructure and automotive business of Silicon Labs. The all-cash deal is valued at $2.75 billion.
Seagate Technology – The data storage stock rose more than 5% after Seagate beat estimates on the top and bottom lines for its fiscal third quarter. The company reported $1.48 in adjusted earnings per share on $2.73 billion of revenue. Analysts surveyed by Refinitiv had penciled in $1.32 in earnings per share on $2.68 billion of revenue.
