Check out the companies making headlines in midday trading: 3M — The stock skyrocketed 23% to hit a 52-week high after the maker of office supplies and adhesives reported stronger-than-expected quarterly results. 3M posted second-quarter adjusted earnings of $1.93 per share, exceeding an LSEG estimate of $1.68 per share. Its revenue also came in above expectations. Dexcom — Shares plummeted 40.7% after the medical device maker missed expectations for second-quarter revenue and offered weak full-year guidance for the measure. Dexcom said it earned $1 billion in revenue during the three-month period, under the consensus forecast of $1.04 billion from analysts polled by LSEG. Coursera — The online course provider soared 44.7% after reporting $170 million in second-quarter revenue, above the consensus estimate of $164 million from analysts surveyed by LSEG. On the other hand, the company said it lost 15 cents a share, while analysts anticipated earnings of 1 cent per share. Newell Brands — The Rubbermaid and Yankee Candle parent surged 40.5% after announcing adjusted earnings of 36 cents per share for the second quarter, well above the consensus estimate of 21 cents a share, according to LSEG. However, Newell saw just $2.03 billion in revenue, slightly under the $2.05 billion figure expected by Wall Street. Deckers Outdoor — Shares of the footwear company advanced 6.3% on its better-than-expected fiscal first-quarter earnings report. Deckers, which saw its sales boosted by brands Uggs and Hoka, posted earnings of $4.52 per share on revenue of $825 million. That exceeded analysts’ expectations for earnings of $3.48 per share on revenue of $808 million, per LSEG. Boston Beer — The alcoholic beverages producer popped 7.5% after reaffirming its outlook for full-year earnings per share despite a weak second quarter. Boston Beer earned $4.39 per share on $579 million in revenue, while analysts surveyed by LSEG penciled in earnings of $5.02 a share and revenue at $597 million. Mohawk Industries — The flooring company rallied 19.5% on a stronger-than-expected adjusted earnings in the second quarter. Mohawk also said it would be able to generate annualized savings of $100 million through cost-cutting initiatives. Bristol Myers Squibb — The pharmaceutical stock surged almost 11.4% after beating estimates on the top and bottom lines in its second-quarter report. Bristol Myers Squibb posted adjusted earnings of $2.07 per share on $12.20 billion of revenue. Analysts surveyed by LSEG were looking for $1.63 in earnings per share on $11.55 billion of revenue. Revenue rose 9% year over year, fueled in part by the blood clot prevention drug Eliquis. Norfolk Southern — Shares of the railroad operator gained 10.9% after a second-quarter earnings beat. Norfolk Southern’s adjusted earnings came in at $3.06 per share, exceeding the $2.86 per share analysts polled by LSEG had predicted. Revenue was in line with expectations. WW International — The Weight Watchers parent tumbled 12.5% following a Morgan Stanley downgrade to equal weight from overweight. Morgan Stanley said medications used for treating obesity are a long-term headwind on the company’s main business. Charter Communications — The telecommunications company popped 16.6% after posting $13.69 billion in revenue for the second quarter, above the $13.59 billion analysts polled by FactSet had predicted. Adjusted earnings before interest, taxes, depreciation and amortization came in at $5.67 billion, also topping the Street’s forecast for $5.48 billion Coinbase — The crypto exchange’s stock added 4.9%, following the digital currency’s move higher. Bitcoin was last up more than 4%. Southwest Airlines — The air carrier’s stock slipped 3% on the back of a Deutsche Bank downgrade to hold from buy after its profit slid in the second quarter. In addition to reporting earnings this week, Southwest also announced major changes to its business, including the elimination of open seating. DoorDash — The food delivery stock advanced 4% after Redburn Atlantic initiated coverage as a buy. The firm gave a price target that indicates upside of approximately 68% from Thursday’s closing level. Alexander & Baldwin — Shares of the real estate investment trust surged 6.3%, hitting a new 52-week high, after reporting second-quarter results that beat expectations. Alexander & Baldwin posted revenue of $51 million, above the consensus estimate of $48.3 million, according to analysts polled by FactSet. Piper Sandler upgraded its rating on the stock to overweight from neutral, seeing further upside. First Solar — Shares gained 4.9% after Guggenheim reiterated its buy rating on the provider of solar solutions ahead of its second-quarter results next week. The firm thinks the market has “significantly overreacted” to potential political risks surrounding the upcoming election and sees the company as positioned to benefit from accommodative policy regardless of which party wins the White House. Sweetgreen — Shares rallied 5.2% after Oppenheimer reiterated the salad chain as a top pick. The stock has more than doubled in 2024. FTAI Aviation — The engine materials company popped 6.9% following Stifel’s upgrade to buy from hold. Stifel said the stock is worth buying given industry dynamics, even if considered expensive. Texas Roadhouse — The restaurant chain climbed 2% after second-quarter earnings topped expectations. Texas Roadhouse earned $1.79 per share, above the $1.64 per share estimate from analysts surveyed by LSEG. Revenue came in line with expectations at $1.34 billion. Colgate-Palmolive — The consumer packaged goods maker rose 3% on better-than-forecast earnings in the second quarter. Colgate-Palmolive reported adjusted earnings of 91 cents per share on $5.06 billion in revenue, while analysts polled by LSEG anticipated 87 cents a share and revenue of $5.01 billion. — CNBC’s Yun Li, Pia Singh, Sean Conlon, Jesse Pound, Hakyung Kim and Lisa Kailai Han contributed reporting.
Treasury Secretary Scott Bessent said Tuesday that individual investors, who have largely been holding their positions through the recent market turmoil, have faith in President Donald Trump’s tariff policy.
“Individual investors have held tight, while institutional investors have panicked … individual investors trust President Trump,” Bessent said during a press briefing alongside White House press secretary Karoline Leavitt.
“Vanguard, one of the largest money management firms in America, said that over the past 100 days, 97% of Americans haven’t done a trade,” Bessent, a former hedge fund CEO, said, citing a Washington Post story with the data.
Trump’s rollout and subsequent suspension of the highest tariffs on imports in generations, fueled the worst sell-off in stocks since the onset of the pandemic in 2020. The S&P 500 briefly tumbled into a bear market before recouping some of the losses, and the equity benchmark is now about 10% off its February all-time high.
During the depth of the April rout, retail investors swooped in to snap up stocks at depressed values. At the same time, hedge funds and professional traders ran for the exit while piling on bearish wagers against the market.
Institutions have grown increasingly worried that steep tariffs will weigh heavily on consumers and slow down the economy, possibly tipping it into a recession.
Check out the companies making headlines in premarket trading. Spotify — The music streaming stock tumbled 5% after reporting first-quarter operating income of 509 million euros, while analysts polled by FactSet had penciled in 519.9 million euros. Spotify’s 4.2 billion euro revenue was in line with estimates, while its monthly active users of 678 million was in line with prior guidance. General Motors — Stock in the U.S. automaker slipped about 2% before the opening bell. General Motors surpassed Wall Street’s first-quarter estimates on the top and bottom line, but said it would reassess its full-year outlook due to President Donald Trump’s tariffs and broader macroeconomic uncertainty. The company also said it would suspend additional stock buybacks. Hims & Hers Health — Stock in the telehealth company surged more than 39% following news that Novo Nordisk plans to offer its weight loss drug Wegovy through Hims’ platform, as well as Ro and Life MD. Royal Caribbean — The cruise operator popped 5.4% after posting a first-quarter earnings beat and raising its full-year guidance. Royal Caribbean now expects full-year adjusted earnings between $14.55 to $15.55 per share, up from its previous guidance of $14.35 to $14.65 a share. Analysts polled by FactSet were expecting guidance of $14.94 per share. The company said it had record bookings during WAVE season Deutsche Bank — Shares of the German lender advanced 3% after reporting a 39% jump in profit in the first quarter, as well as a 10% gain in net revenue for the company’s investment banking segment. Regeneron — The biotech stock dropped 7.5% after first-quarter results missed estimates on the top and bottom lines. Regeneron reported $8.22 in adjusted earnings per share on $3.03 billion in revenue. Analysts surveyed by FactSet had penciled in $8.62 per share and $3.25 billion in revenue. Regeneron also lowered its full-year guidance for gross margin. SoFi Technologies — Shares of the digital financial services company jumped nearly 6% on the back of strong first-quarter results. SoFi reported adjusted net revenue of $770.7 million, while analysts polled by FactSet had expected $739.0 million for the period. Adjusted EBITDA came out at $210.3 million, significantly higher than the $177.5 million expected by analysts. Coca-Cola — Shares rose 1% after the beverage giant posted first-quarter adjusted earnings of 73 cents per share , beating the LSEG consensus estimate of 71 cents. Coca-Cola reported adjusted revenue of $11.22 billion, exceeding the expected $11.14 billion. The company also reaffirmed its full-year outlook, saying the effects of global trade conflicts should be “manageable.” Waste Management — Shares of the waste collection and disposal company dropped 2% after first-quarter revenue came in lighter than expected. Waste Management reported $6.02 billion in revenue, below the $6.11 billion projected by analysts polled by FactSet. Pfizer — The drug maker’s shares dipped more than 1% after the firm expanded its cost-cutting efforts and reported first-quarter profit that topped estimates. Pfizer’s sales fell, however, largely due to dwindling Covid revenue. Pfizer maintained its 2025 guidance but noted it’s unable to predict the impact from tariffs at this time. Honeywell International — The manufacturing and technology stock climbed nearly 4% after better-than-expected first-quarter results. Honeywell reported earnings per share of $2.51, excluding items, on revenue of $9.82 billion. Analysts polled by FactSet forecast $2.21 per share and $9.59 billion in revenue. BP — Shares of the British oil behemoth slipped 3.4% on the heels of weaker-than-expected net profit in the first quarter , amid a broader strategic reset for the company. BP reported net profit of $1.38 in the first quarter, while analysts polled by LSEG were looking for $1.6 billion. NXP Semiconductors NV — The chip stock pulled back nearly 8% even as the company surpassed expectations on the top and bottom lines in the first quarter, while NXP announced that Rafael Sotomayor will replace Kurt Sievers as CEO. The low end of NXP’s second-quarter earnings outlook did miss consensus estimates from analysts polled by FactSet, as did the bottom end of its revenue forecast. United Parcel Service — The stock rose nearly 2% after the delivery giant reported first-quarter earnings of $1.49 per share, topping the $1.38 expected from analysts polled by LSEG. Revenue also beat expectations, coming in at $21.5 billion, versus the $21.05 billion consensus estimate. In addition, UPS said it will slash 20,000 jobs to control costs. Leggett & Platt — Shares gained more than 15% after the bedding products company reiterated its full-year outlook. Executives said the company should see a net benefit from President Donald Trump’s tariff plans, but cautioned that the duties could hit consumer confidence and discretionary demand, while also stoking inflation. Sherwin-Williams — Shares leaped 5% after the paint and coatings company reported first-quarter earnings that topped estimates, and reaffirmed its full year guidance. Sherwin-Williams posted adjusted earnings of $2.25 per share, more than the FactSet consensus estimate of $2.15 earnings per share. On the other hand, revenue of $5.31 billion fell below the anticipated $5.40 billion. — CNBC’s Lisa Han, Pia Singh, Jesse Pound, Sarah Min, Yun Li and Michelle Fox contributed reporting.
SoFi CEO Anthony Noto said the fintech bank will bring back cryptocurrency investing this year after a “fundamental shift” in the regulatory landscape under the Trump administration.
SoFi was forced to drop crypto investing in late 2023 as a condition of receiving a bank charter in a time of heightened federal scrutiny of digital assets. Customers, who had access to more than 20 crypto coins at the time, were either shunted to Blockchain.com or liquidated their holdings.
But after new guidance from the Office of the Comptroller of the Currency, the technology company is planning an aggressive push back into crypto, Noto told CNBC late Monday in an interview.
“We’re going to re-enter the crypto business, which we had to exit,” Noto said. “We’ll re-enter the business of allowing our members to invest in cryptocurrency. We want to actually make a bigger, more comprehensive push into cryptocurrency [this time], to include really providing crypto or blockchain capabilities in each product area that we have.”
The SoFi announcement is early proof that banks are looking to push further into crypto in the Trump era. In January, the CEOs of Bank of America and Morgan Stanley said that their institutions were ready to get involved in crypto. At the same time, crypto firms including Circle and BitGo are planning to apply for bank charters or licenses, further blurring the lines between traditional and digital finance.
SoFi should be able to offer crypto investing by year-end, barring unforeseen circumstances, Noto said.
He specifically cited a recent letter “that basically said that OCC-regulated banks can operate in crypto businesses, and that is a fundamental shift in the regulatory landscape.”
The CEO said that expected the current regulatory environment, in which Trump appointees rolled back restrictions around crypto and a regulatory framework for stablecoins is making its way through Congress, to allow the company to expand beyond investing.
Over the next six to 24 months, SoFi will look to adopt crypto or its underlying technology in all of the company’s major product lines, Noto said. That timeline could be accelerated with acquisitions, he added.
“Our aspirations are as broad as they are for any other product that we have, and we believe we can leverage the technology across lending and savings and spending and investing and protecting,” Noto said.
Future products could include borrowing cash based on the value of crypto held with SoFi, as well as using crypto in payments, Noto said.