Tesla, Facebook, Dunkin’ Brands, Boeing, Moderna & more

Check out the companies making headlines in midday trading. 

Tesla – Shares jumped 3% after the company posted a profit for the third straight quarter. In the first quarter, the company earned $1.24 per share, ex-items, on $5.99 billion in revenue. Wall Street was expecting an adjusted loss of 36 cents per share and revenue of $5.9 billion for the first quarter, according to a survey of analysts by Refinitiv.

Facebook — Facebook shares rose 5.4% in midday trading after the social media giant reported that it’s seen sales stabilize in the first three weeks of April after a “significant” pullback in advertising revenues in March thanks to Covid-19. Analysts, including RBC Capital Markets’ Mark Mahaney, found the results better than feared and that the top-line figure bodes well for future business. Facebook reported first-quarter per-share earnings of $1.71 and revenues of $17.74 billion.

Microsoft — The software stock rose 0.75% Thursday after Microsoft reported fiscal third-quarter sales grew 15% thanks to growth in its cloud business. It also said that the coronavirus “had minimal net impact on the total company revenue” in the three months ended March 31, but cautioned that “effects of COVID-19 may not be fully reflected in the financial results until future periods.”

Molson Coors — Shares of the beer company fell 11% after Molson Coors missed Wall Street expectations for first quarter revenue. The company reported sales of $2.1 billion for the quarter, below the consensus expectation of $2.23 billion, according to FactSet. The company said in a statement that its quarter was “disproportionately affected” by the coronavirus. 

Dunkin’ Brands – Shares of the fast food chain fell more than 3% after the company suspended its dividend and withdrew its 2020 outlook due to uncertainty around the coronavirus. The company did beat top- and bottom-line estimates, although comparable sales fell more than 19% in the final three weeks of the quarter.

Comcast — Shares of the telecom giant fell 4.8% after the company reported a 40% decline in profits for its first quarter. The parent company of NBCUniversal and CNBC said it would lose $500 million if its theme parks remained closed through June because of the coronavirus. 

Moderna — The biotech stock rose 3.2% on Thursday after BMO Capital Markets initiated the stock at outperform. The bank gave a price target of $83 per share, more than 70% above where the stock closed on Wednesday and cited Moderna’s work on a possible vaccine for the coronavirus as a reason for the potential upside. 

Abiomed — Shares of the medical supply company soared by more than 13% after it announced results for its fiscal fourth quarter and a new acquisition. The company’s revenue came in at $206.7 million, just below Wall Street expectations of $207.2 million, according to FactSet. Abiomed acquired Breethe, which makes an oxygenation system, for an undisclosed amount, adding to what Piper Sandler called “a robust product pipeline” for the company. 

Tapestry — Shares of Tapestry cratered more than 9% following its disappointing quarterly results. The retailer reported a loss of 27 cents per share, while analysts expected a loss of 12 cents per share, according to Refinitiv. Tapestry withdrew its full-year forecast after the coronavirus pandemic forced it to close stores, and the company has suspended dividends and share repurchases.

Boeing — Shares of Boeing rose about 2% after CNBC’s David Faber reported demand for new Boeing debt was strong across multiple maturities. Sources said the robust demand for Boeing’s paper could add up to as much as $75 billion in 5-, 7-, 10-, 20-, 30-, and 40-year bonds. The plane maker was looking to raise up to $20 billion in new debt, and it may increase the amount given the heightened interest.

ServiceNow – Shares of ServiceNow jumped more than 8% after the enterprise cloud computing company reported stronger-than-expected quarterly results. ServiceNow earned $1.05 per share for its latest quarter, 10 cents a share above estimates, while its revenue also topped forecast, according to Refinitiv. However, the company warned that the biggest impact from the pandemic will likely occur in the coming two quarters.

McDonald’s — Shares of the fast food company fell 2% after first quarter earnings came in below expectations. The company reported first quarter earnings of $1.47 per share on revenues of $4.71 billion. Analysts had expected earnings per share of $1.57 on revenues of $4.65 billion, according to Refinitiv. 

Align Technology — Shares of Align Technology slid 4% after the company missed earnings expectations for its first quarter. The dental products company earned 73 cents per share, while analysts expected $1.00 per share, according to Refinitiv. The company’s revenue declined 15% compared with the prior quarter.

PulteGroup — The homebuilder stock fell more than 6% after another week of millions of new jobless claims fed concern about the economic impact of the coronavirus pandemic. The stock is still positive since last Thursday, before it reported its latest quarterly results.