IBM President and CEO Virginia Rometty delivers a speech to participants during the 4th edition of the Viva Technology show at Parc des Expositions Porte de Versailles in Paris on May 16, 2019.
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Check out the companies making headlines in midday trading.
IBM — Shares of IBM dropped 3% after the company reported a 3.4% decline in revenue in the first quarter from a year ago amid the spread of coronavirus. The computer hardware company also withdrew full-year guidance given the uncertainty around the pandemic.
OneOk, ConocoPhillips, Occidental, Pioneer Natural Resources — Energy stocks struggled on Tuesday as oil futures for June fell sharply. OneOK plunged 4.6%, after being downgraded to neutral from buy by Goldman Sachs, according to FactSet. Occidental Petroleum fell 2%, while Pioneer Natural Resources slid 3% and ConocoPhillips lost 4%. Pioneer ended the day in the green.
Travelers — Shares of The Travelers Companies jumped 2% but ended the day flat despite reporting an earnings and revenue miss. The insurance company earned $2.62 per share for the first quarter, compared to Refinitiv consensus estimate of $2.85 per share. Its quarterly revenue also came short of expectations, as the company cited higher “catastrophe losses” amid the coronavirus pandemic. However, the company announced a 4% dividend hike.
Alteryx, Salesforce, Workday, Fortinet — Shares of technology software stocks tanked on Tuesday. Shares of Alteryx cratered more than 10.9%, Salesforce fell 7.5%, Workday dropped 7.1% and Fortinet sunk 9.9%.
Philip Morris International — Shares of the tobacco stock fell 6% after warning that the pandemic would hurt its full-year results and withdrawing its guidance for 2020. The company also announced better than expected results for earnings and revenue for its first quarter.
Hertz Global — Shares of the global car rental company sank 8.2% after it said it has laid off about 10,000 employees in North America to cut costs and offset the impact Covid-19 is having on its sales. The company said in a government filing that it has “experienced increased rental cancellations and declining forward bookings.” The stock is down 73% since the start of 2020 as the coronavirus brings both domestic and international travel to a halt.
Beyond Meat — Shares of the alternative meat company popped 7.4% on news that Starbucks will debut Beyond Meat products on its menu in China. The partnership with the world’s largest coffee chain marks Beyond’s entry into the Chinese market.
Equifax — Shares of Equifax jumped 3.4% after reporting quarterly earnings that topped expectations. The credit reporting agency said its quarterly revenue was its best in any quarter since the 2017 cyber breach incident, although it did withdraw its full-year forecast due to uncertainties surrounding the coronavirus outbreak.
Chewy — Shares of the pet food delivery service dropped 2.9% following a downgrade to neutral from buy at UBS. The firm said the company’s long-term positives are now reflected in the shares after the stock’s 62% rally.
SAP — Shares of SAP dropped 5.4% after abandoning its dual CEO structure that had been in place for the past six months, naming Christian Klein as sole CEO of the business software giant. SAP said the move was made to give customers more clarity, and that co-CEO Jennifer Morgan will depart April 30.
— With reporting from CNBC’s Yun Li, Jesse Pound and Tom Franck.