Prism Stocks making the biggest moves midday: Spotify, JetBlue, Danaher, General Motors and more

Here’s a midday summary of the key companies making financial headlines.

General Motors saw a more than 4% boost in shares following its impressive Q1 results, which over-delivered on analyst expectations set by LSEG. The automotive giant reported adjusted earnings of $2.62 per share with a revenue of $43.01 billion. They also upped their predicted adjusted automotive free cash flow to sit between $8.5 billion and $10.5 billion.

Aircraft supplier, GE Aerospace, enjoyed a 7% rise in stock after topping consensus estimates with Q1 adjusted earnings of 82 cents per share and a revenue of $16.1 billion.

PepsiCo suffered a 2% dip in stock despite a promising first quarter, achieving $1.61 in adjusted earnings per share. Yet, despite the outperforming Q1 results, the snack and beverage company left its full-year outlook unchanged.

U.S.-listed shares of Swiss-based pharmaceutical company Novartis increased by 2.6% following a hike in their full-year guidance.

Meanwhile, JetBlue Airways witnessed a 16% drop in shares after reducing their revenue forecasts for Q2 and full-year 2024.

Steel producer, Cleveland-Cliffs, saw shares fall 8.7% after disappointing first-quarter results. Steelmaker, Nucor, experienced a similar fate with a 7% drop in shares after underperforming on Q1 earnings and revenue estimates.

However, life sciences company, Danaher, enjoyed a 7% stock boost after impressive Q1 results. Streaming music company Spotify, also saw positive movements with shares jumping 16% after comfortably beating earnings expectations.

Shares in paint and coatings manufacturer Sherwin-Williams fell by 2% due to Q1 adjusted earnings and revenue misses.

Gaming platform Roblox added 5.8% in shares after JPMorgan upgraded the platform to an overweight rating. The solar stock, Sunnova Energy, also saw a positive shift, gaining 2.8% despite downgrades from KeyBanc Capital Markets.

On a less positive note, aftermarket auto parts distributor LKQ saw shares slide by close to 15% after Q1 results fell short of analysts’ expectations.

Lastly, MSCI, the provider of investment indexes, saw shares drop by 13% after reporting underwhelming revenues in the first quarter.