Check out the companies making headlines midday Thursday:
United Rentals — United Rentals shares soared 7% after the equipment rental company reported strong first-quarter earnings. The company reported $4.85 per share, topping a Refinitiv estimate of $4.77 per share.
Blackstone Group — Blackstone shares surged more than 8% after the private equity giant announced it will change its status to a corporation from its current one of a publicly traded partnership. CEO Steve Schwarzman said the change will let more people buy the company’s stock.
Honeywell International — Honeywell climbed 3% after the multinational reported better than expected first-quarter earnings. The company showed profit of $1.92 per share, 9 cents higher than expected. Honweywell cited strong demand for its aerospace parts and raised its full 2019 fiscal year forecast.
StoneCo — The Brazilian payments processor fell more than 24% after rival Itau Unibanco’s card processing business slashed interest rates for small- and medium-sized merchants.
Travelers — Travelers rose 2.71% after the company reported first-quarter earnings that beat estimates. The insurer posted earnings of $2.83 per share, 9 cents above a Refinitiv estimate. Travelers also hiked it dividend to 82 cents per share.
Snap-on — Snap-on shares jumped 6% after reporting strong first-quarter earnings. The company reported $3.01 earnings per share for the quarter, surpassing Refinitiv’s estimate of $2.90. The manufacturing company’s sales fell 1.5% to $921.7 million, however, missing analysts estimates.
Eagle Materials — The building materials company rose more than 8% after announcing it is reviewing its strategic portfolio options, which may include selling itself. The company also issued better than expected preliminary earnings guidance.
Canopy Growth — Canopy Growth surged 8% after the Canadian pot grower announced a $3.4 billion deal to acquire U.S. weed operator Acreage Holdings after cannabis gets legalized in the United States. The deal grants Canopy the right to buy all of Acreage’s stock following nationwide legalization.
Alcoa — Shares of the aluminum company fell more than 4% after it missed Wall Street estimates in its first quarter financial report. Alcoa reported a loss of 23 cent per share, while analysts polled by Refinitiv expected a loss of 13 cents. Revenue also fell short, coming in at $2.72 billion versus $2.81 billion expected.
Atlassian — Atlassian plunged over 8.2% despite the company beating Wall Street’s estimates on earnings and revenue in its fiscal third-quarter report. The software development company issued weak guidance for its fiscal fourth quarter, sending the stock down.
J.B. Hunt Transport Services — The trucking company’s stock fell 0.6% after Deutsche Bank downgraded it to sell from buy, noting “it’s clear from our work that the trajectory of returns is negative.”
J.M. Smucker — J.M. Smucker climbed more than 1.6% after an analyst at Morgan Stanley upgraded the stock to equal weight from underweight. The analyst said its reinvestment strategy is paying off.
Snap — Shares of the social media company fell 2.5% after an analyst at Wedbush Securities downgraded them to neutral from outperform, citing limited upside from current levels.
Morgan Stanley — Morgan Stanley dipped 1% after Citi downgraded the bank to neutral from buy, saying the stock is “fairly valued.” Morgan Stanley’s stock got a 2.6% boost Wednesday from its solid first-quarter earnings, but Citi said the shares have little room to grow and is already in line with its 12-month price target of $48.
Skechers USA — The shoe maker’s stock dropped more than 10% on the back of weaker-than-expected quarterly results. Skechers reported earnings of 71 cents per share, below a StreetAccount estimate of 73 cents. The company’s second-quarter guidance also disappointed analysts.
—CNBC’s Nadine El-Bawab , Jessica Bursztynsky , Isabel Soisson and Matt Lavietes contributed to this report.