Check out the companies making headlines in midday trading: New York Community Bank — Shares of the beaten-down regional bank popped more than 31% after CEO Joseph Otting said in a release , “we have a clear path to profitability over the following two years.” The bank on Wednesday posted a quarterly loss of $335 million , fueled by a rise in soured commercial loans and higher expenses. Super Micro Computer — The server vendor dropped 15% after missing revenue expectations for its fiscal third quarter. However, Super Micro beat analysts’ expectations for its adjusted earnings and hiked its revenue guidance for its fiscal 2024 year. Starbucks — Shares plunged more than 16% after the coffee chain posted weaker-than-expected quarterly results on the top and bottom lines. Starbucks posted adjusted earnings of 68 cents per share on revenue of $8.56 billion. It missed analysts’ forecasts of 79 cents per share in earnings and $9.13 billion for revenue, per LSEG. Pfizer — The drugmaker’s shares rose 3% after Pfizer topped Wall Street’s first-quarter revenue forecast and raised its full-year profit guidance. Pfizer now expects adjusted earnings of $2.15 to $2.35 per share for the full year, higher than its previous forecast of $2.05 to $2.25 per share. Skyworks Solutions — TD Cowen downgraded Skyworks to hold from buy, sending the Apple supplier down 15%. The firm said it sees numerous headwinds, and that the stock’s risk/reward ratio skews negative “until there is greater visibility into a Mobile content catalyst.” Amazon — The tech giant added 1.3% on the back of its strong first-quarter profit and revenue beat. Advertising revenue grew 24% in the first quarter, and Amazon Web Services also posted results that surpassed analysts’ expectations. SiriusXM — The broadcasting company’s stock jumped nearly 4% after Goldman Sachs upgraded SiriusXM to neutral from sell mainly on valuation, citing its recent underperformance. CVS Health — Shares plunged 16% following the drugstore chain and pharmacy benefit manager’s first-quarter adjusted earnings and revenue miss. In addition, CVS cut its full-year profit outlook , which also missed the consensus estimate, citing higher medical costs. Powell Industries — The Houston-based electrical infrastructure company advanced 22% after beating Wall Street’s fiscal second-quarter expectations. Powell posted earnings of $2.75 per share on revenue of $255 million. In the year-ago quarter, the company reported 70 cents per share in earnings and revenue of $171.4 million. Estée Lauder — Shares of the beauty and skin care conglomerate dropped 12% on its disappointing guidance for the fiscal fourth quarter. Estée Lauder said it now expects adjusted earnings per share of 19 cents to 29 cents, which was below analysts’ forecast of 76 cents per share, according to LSEG. Kraft Heinz — The ketchup and prepared food maker’s stock tumbled 6.6% on the back of weak first-quarter revenue. Kraft Heinz saw $6.41 billion in the three-month period, slightly less than the $6.43 billion estimate from analysts polled by LSEG. Adjusted earnings were in line with expectations at 69 cents per share. Pinterest — Shares of the social media platform soared 21% after the company surpassed Wall Street top- and bottom-line estimates for the first quarter. Pinterest’s second-quarter revenue guidance also beat expectations, as the company forecast sales of $835 million to $850 million compared to the LSEG consensus estimate of $827 million. Advanced Micro Devices — The chipmaker fell 9.5% after it issued in-line guidance for sales in the second quarter, forecasting sales of about $5.7 billion in the current quarter, or 6% annual growth. Yum Brands — The fast-food giant lost nearly 4% after it reported quarterly adjusted earnings and revenue that missed analysts’ expectations. KFC and Pizza Hut reported same-store sales declines as they struggled to attract customers, while Taco Bell’s same-store sales rose just 1%. 3M — Shares added 2.8% after JPMorgan upgraded shares of the conglomerate to overweight from neutral, enthused by its current trading price and earnings momentum after the company posted a beat on profit estimates driven by improved electronics demand. — CNBC’s Alex Harring, Yun Li, Lisa Kailai Han, Hakyung Kim and Michelle Fox contributed reporting.
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