Southwest Airlines, Goldman Sachs, Bellus Health, And More Stocks Move Midday

‍Lockheed Martin

After beating Wall Street's expectations in the first quarter and reiterating its guidance for the year, the aerospace and defense contractor gained more than 2% on Tuesday. On $15.13 billion in revenue, the company earned $6.61 per share. Based on Refinitiv estimates, analysts expect earnings per share to be $6.06 and revenue to be $15.03 billion.

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PowerSchool Holdings

Following Goldman Sachs' upgrade of shares to buy from neutral, the educational technology stock gained 3.5%. Its international expansion and cross-selling capabilities allow the company to grow.

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Nvidia

After HSBC upgraded Nvidia's stock, shares soared more than 3%, as investors aren't fully pricing in the chipmaker's "incredible AI pricing power." Investors could extend Nvidia's 85% rally year-to-date, the bank said.

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Chubb

As a result of Citi upgrading Chubb to buy from neutral, its shares climbed 1%. Given its "incremental strength in reserves," the Wall Street firm believes Chubb offers a good buying opportunity. This is because Chubb's "high-net-worth exposure skew is relatively less exposed to inflation/economic risk." 

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Microsoft

A 0.4% decline in midday trading put the tech giant into the red. The New York Times reported over the weekend that Samsung phones may switch to Bing from Google as their default search engine. Microsoft stock closed about 1% higher on Monday as a result.

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Bank of America

Despite the bank's earnings and revenue surpassing expectations in the first quarter, the stock remained flat. The company's strong results were attributed to higher interest rates, which boosted net interest income by 25% over last year. According to CEO Brian Moynihan, the U.S. is experiencing a relatively mild recession.

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Bank of New York Mellon

In the wake of a mixed earnings report for the first quarter, the bank's shares dropped 0.3%. Earnings were in line with Wall Street expectations, but revenue was below expectations. Refinitiv reported $4.36 billion in revenue for the company, compared to the $4.40 billion expected by Wall Street.

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Goldman Sachs

Refinitiv's analysts predicted $12.79 billion in first-quarter revenue, which Goldman Sachs reported at $12.22 billion. Shares fell 1.3% after Goldman Sachs reported its first-quarter revenue was lower than what it expected. A partial sale of Marcus loans contributed to a $470 million loss for the investment bank.

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Johnson & Johnson

Despite reporting strong earnings and revenue for the first quarter, shares of the healthcare products company dropped 2.7%. Despite reporting $2.68 earnings per share, the company posted $24.75 billion in revenue. As estimated by Refinitiv, earnings per share would be $2.50 and revenue would be $23.67 billion. According to the company, its talc-based baby powder troubles and the upcoming spin-off of its consumer health business contributed to its $68 million net loss.

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Southwest Airlines

Southwest Airlines shares fell more than 1% after computer problems grounded flights around the country on Tuesday. Airline tracking site FlightAware reports that 1,500 flights, or 36% of Southwest's schedule, have been delayed.

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Bellus Health, GSK

As a result of GSK's announcement that it would acquire Canadian biopharmaceutical company Bellus, Bellus shares nearly doubled. GSK's shares fell 1.6% while Bellus' stock jumped 98%. 

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