2023-05-03 13:31:14 ET
Major market averages were grappling for direction in Wednesday's intraday session as investors awaited an interest rate rise from the U.S. Federal Reserve as its opinion on the route forward for rates.
Looking at particular equities, Barrick Gold ( NYSE: GOLD ) surged after reporting better-than-expected Q1 earnings, whilst Estee Lauder ( NYSE: EL ) fell after cutting outlook following mixed results.
Meanwhile, Pearson ( NYSE: PSO ) shares rose on an analyst upgrade, while Amcor ( NYSE: AMCR ) fell on analyst comments citing a reduction in guidance.
Eli Lilly ( NYSE: LLY ) shares climbed after clinical trial results showed that the company's donanemab medicine reduced the course of Alzheimer's disease.
In other news, Icahn Enterprises ( NASDAQ: IEP ) fell in response to a brief report from Hindenburg Research.
Gainers
Barrick Gold ( GOLD ) shares rose more than 1% after the company posted Q1 adjusted earnings that fell substantially year on year but above analyst estimated, as lower output and higher cost of sales offset a higher realised gold price.
Pearson ( PSO ) shares soared more than 10% after Bank of America upgraded the company to buy from underperform, saying Tuesday's sell-off in the stock, which followed a strong decrease in Chegg amid AI concerns, was "overly harsh."
Eli Lilly ( LLY ) shares spiked more than 6% after clinical trials of Alzheimer's drug donanemab slowed cognitive and functional decline in people with early symptomatic Alzheimer's disease.
Decliners
Estee Lauder ( EL ) shares fell more than 14% on the release of mixed Q3 earnings and a decrease in FY2023 forecast. The company now anticipates net sales to fall between 12% and 10%, compared to a prior estimate of 7% to 5% and roughly twice the consensus drop of 6.13%. Adjusted diluted EPS is expected to be between $3.29 and $3.39, compared to a consensus of $4.99 and a prior estimate of $4.87 to $5.02.
Amcor ( AMCR ) shares dropped almost 8% after the company reduced its full-year adjusted EPS estimates from $0.77-$0.81 to $0.72-$0.74, indicating volume deterioration. J.P.Morgan cut its price target from A$16.65 to A$16.30, citing a Q3 earnings shortfall, downturn across segments, and decreased 2023 forecast as the main setbacks. AMCR is expected to exhibit defensive tendencies, with volumes remaining modest through the end of the year.
Carl Icahn's Icahn Enterprises ( IEP ) shares plunged 18% after plunging 20% on Tuesday amid a short report from Hindenburg Research . According to the short report, Hindenburg said on Tuesday that it has taken a short position in Icahn Enterprises units, alleging that the IEP units are "inflated" and that the business trades at its net asset value.
To keep track of Wall Street's biggest winners and losers throughout the session, head over to Seeking Alpha's On The Move section .
For further details see:
Hot Stocks: GOLD rise on earnings; EL, AMCR fall on guidance cut; PSO gain on upgrade; LLY on strong clinical data; IEP slide