Stocks making the biggest moves midday: First Republic Bank, PepsiCo, Fiserv and more
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Check out the companies making headlines in midday trading.
Kimberly-Clark — The stock was up 1.6% after its quarterly earnings and revenue came in higher than analysts' estimates, according to FactSet. Kimberly-Clark, maker of Kleenex, raised its 2023 adjusted earnings growth to a range between 6% to 10% year over year, topping analysts' expectations of 5.7% growth.
Brown & Brown — Shares rallied 3.9% after the company's earnings and revenue in the first quarter came above Wall Street's expectations. The insurance company posted 84 cents in adjusted earnings per share and $1.11 billion in revenue. Analysts polled by FactSet had anticipated 82 cents in earnings per share and $1.07 billion in revenue.
First Republic Bank — Shares of the regional bank plummeted as much as 44%. First Republic said Monday that deposits fell by 40% to $104.5 billion during the first quarter, which came below Wall Street's expectations. Trading was briefly paused Tuesday afternoon. The San Francisco-based bank said that its deposit flows have since stabilized. Shares have tumbled about 90% year to date.
Fiserv — The global payments processor's shares jumped 3.6%. Fiserv's first-quarter earnings per share and revenue topped analysts' estimates, according to FactSet. The company also raised its full-year outlook and said it expects organic revenue growth between 8% to 9%.
Centene — The health-care operator's shares gained 3% after Centene reported a beat on its adjusted earnings and revenue for the first quarter. The company's full-year guidance for 2023 also came above expectations. To be sure, Centene's full-year outlook for 2024 is below analysts' estimates, according to FactSet.
Laboratory Corp. of America — Shares were
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