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Check out the companies making headlines midday Tuesday:
Alphabet — Shares of Alphabet tanked more than 8%, on track for its worst day since Dec. 1, 2008, after the Google parent posted weaker-than-expected quarterly results. The company posted revenue of $36.34 billion in the first quarter, versus $37.33 billion expected per Refinitiv. The revenue was dragged down by the decelerating ad sales growth at Google.
McDonald’s — Shares of McDonald’s climbed 1.3% after the burger chain posted first-quarter earnings and revenue that topped analysts’ expectations. Global same-store sales grew 5.4% in the first quarter, more than the 3.4% increase analysts expected, according to Refinitiv.
General Electric — Shares of General Electric rose more than 4% after the company reported better-than-expected first-quarter earnings. The conglomerate posted earnings of 13 cents a shares, above Wall Street consensus of 9 cents a share, according to Refinitiv. Revenue also came above expectations.
Texas Roadhouse — Shares of the restaurant chain plunged nearly 11% after the company reported worse-than-expected first-quarter earnings. The company posted earnings of 0.7 per share, below FaceSet consensus of 0.81 per share. Revenue also came in below estimates.
Chevron — Chevron’s stock rose about 3% after Berkshire Hathaway committed $10 billion to Occidental Petroleum shares to complete its acquisition of Anadarko Petroleum. The market saw that endorsement from Warren Buffett as giving an edge to Occidental’s bid over a rival offer from Chevron. Shares of Anadarko dipped 0.3% while Occidental’s stock fell 2%. Chevron rose because of perceived cost savings from not having to complete the deal for Andadarko.
Pfizer — The pharmaceutical company reported better-than-expected quarterly results, sending its stock up 3.4%. Pfizer posted earnings per share of 85 cents on revenue of $13.118 billion. Analysts polled by Refinitv expected a profit of 75 cents per share on sales of $12.991 billion.
MGM Resorts International — MGM Resorts shares sunk 6% after the hospitality company’s first-quarter numbers missed analyst expectations. Earnings per share clocked in at 5 cents, whereas analysts were expecting 21 cents. The company’s revenue beat expectations, however, earning $3.18 billion, as compared to $3.13 billion expected by Refinitiv.
Yum China — Shares of Yum China rose 3.66% after the restaurant company released better-than-expected first-quarter earnings. The parent company of Pizza Hut and Kentucky Fried Chicken reported earnings of 59 cents per share, 5 cents higher than expected, and revenues of $2.3 billion, $40 million higher than expected. The company reported same-store sales increased 4%, versus estimates of a 1.8% increase.
MasterCard — Shares of MasterCard rose 1.97% after the company reported better-than-expected first-quarter earnings. The company reported earnings of $1.78, 12 cents higher than expected, and revenues of $3.889 billion, $33 million higher than expected, according to Refinitiv. Mastercard also reported a 26.7% increase in quarterly profits, citing a strong U.S. job market and an rise in online shopping, which boosted transaction volumes.
— CNBC’s Nadine El-Bawab, Jessica Bursztynsky and Isabel Soisson contributed reporting.
