FRC - Hot Stocks: TDOC LLY ROKU and CMCSA rises on earnings; DBX falls on layoffs; LUV CAT and BMY slides

2023-04-27 13:01:56 ET

The market averages rose during Thursday's midday session, fueled by significant technology stocks, including Facebook-owner Meta ( META ), which led the gains with a major jump, and a reduction in fears in the regional banking sector, with First Republic ( FRC ) shares rebound after a sharp plunge.

Earnings triggered a rise in Teledoc Health ( NYSE: TDOC ), Eli Lilly ( NYSE: LLY ), Roku ( NASDAQ: ROKU ), and Comcast ( NASDAQ: CMCSA ).

Meanwhile, shares of Southwest Airlines ( NYSE: LUV ), Bristol-Myers Squibb ( NYSE: BMY ), and Caterpillar ( NYSE: CAT ) fell following the release of earnings data.

In other news, Dropbox ( NASDAQ: DBX ) fell after unveiling intentions to decrease its worldwide headcount by around 16%.

Gainers

• Teledoc Health ( TDOC ) shares jumped more than 5% after an upbeat Q1 earnings results and FY2023 outlook in-line with consensus. For FY2023, the company sees revenue in the range of $2.575B to $2.675B ($2.61B consensus); Diluted EPS is projected between -$1.70 to -$1.25 (-$1.31 consensus).
• Eli Lilly ( LLY ) shares rose about 2% after the company posted higher-than-expected first-quarter sales and boosted its full-year expectations. The company now anticipates adjusted earnings per share in the $8.65 to $8.85 range, compared to the $8.42 consensus.
• Roku ( ROKU ) shares rose 3.5% after it reported first-quarter earnings that included a substantial sales increase and a lower-than-expected loss. The company stated revenue projections for the second quarter of $770 million, which was higher than analysts' consensus of $766.4 million.
• Comcast ( CMCSA ) shares advanced 8% on better than expected Q1 earnings results , despite losses at the Peacock streaming service and a drop in residential broadband subscribers.

Decliners

• Southwest Airlines ( LUV ) fell around 5% on lower-than-expected first-quarter earnings due to its Christmas crisis, in which it cancelled more than 16,000 flights in late December. Due to recent delivery delays at Boeing Company (BA), the airline lowered anticipated 2023 aircraft deliveries to 70 from 90, resulting in a one-point fall in year-over-year projected 2023 capacity. Revenue per available seat mile is predicted to dip 8% to 11% in Q2, while capacity is likely to increase 14%.
• Bristol-Myers Squibb ( BMY ) shares down about 2% on mixed Q1 results . Total revenue declined -2.7% year on year to $11.14 billion, owing to a 37% drop in Revlimid sales. The company anticipated FY2023 sales to increase by 2% and confirmed its non-GAAP EPS range of $7.95 to $8.25 (consensus of $8.04).
• Despite a positive earnings report for the first quarter , Caterpillar ( CAT ) shares fell roughly 3% . CEO commented, "We achieved double-digit top-line growth and record adjusted profit per share while generating strong ME&T (machinery, energy & transportation) free cash flow. Our team remains focused on supporting our customers as we execute our strategy for long-term profitable growth."
• Meanwhile, Dropbox ( DBX ) shares dropped around 3% after the company revealed plans to lay off 500 people, or 16% of its global workforce.

To keep track of Wall Street's biggest winners and losers throughout the session, head over to Seeking Alpha's On The Move section .

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