Check out the companies making headlines midday Wednesday:
Caterpillar — The industrial giant’s stock fell 2.5% after CFO Andrew Bonfield told Bloomberg News the company’s China sales are being impeded by aggressive price competition. Bonfield’s comments overshadowed earnings that topped analyst expectations.
Boeing — Boeing shares rose 0.9% despite the aircraft manufacturer announcing it is pausing share buybacks and withdrawing its full-year guidance, noting its troubles with the 737 Max aircraft. Boeing’s stock had been struggling after two of its 737 Max jets crashed within 5 months. The company also reported first-quarter earnings that were in line with expectations.
Texas Instruments — Texas Instruments rose 2% after posting better than expected first-quarter earnings and revenue. The company reported quarterly profit of $1.26 on revenue of $3.59 billion. Analysts polled by Refinitv expected a profit of $1.13 per share on sales of $3.48 billion. However, Texas Instruments warned that slowdown of microchip demand may persist in upcoming quarters.
AT&T — Shares of AT&T fell 4% after the company missed Wall Street estimates for first-quarter revenue due to the weaker-than-expected sales in its WarnerMedia unit. AT&T also reported a surprise increase in wireless customers, and said it would pay off 75% of the debt incurred in its Time Warner deal by the end of the year.
Biogen — Biogen’s stock dipped nearly 2% after the biotech company halted the trial for its Alzheimer’s drug last month, which shocked investors as the drug was expected to be a blockbuster. The news overshadowed stronger-than-expected first-quarter earnings. Biogen reported earnings of $6.98 per share for the first quarter, beating a Refinitiv estimate of $6.87 per share.
Best Buy — Best Buy gained more than 2% after Jefferies upgraded the stock to buy from hold, calling the electronics retailer “a new big blue.” The bank is bullish on Best Buy’s push into services including tech support and in-home advice program.
EBay — Shares of eBay rose more than 4% after the online auction site reported better-than-expected quarterly earnings. EBay posted adjusted earnings of 67 cents per share, topping a Refinitiv estimate of 63 cents. Transaction revenue hit $2.11 billion, more than a FactSet estimate of $2.01 billion.
—CNBC’s Nadine El-Bawab , Yun Li and Matt Lavietes contributed to this report.