Check out the companies making headlines in midday trading. General Motors — Shares rose more than 4% after the automaker exceeded analysts’ expectations for its first-quarter results . General Motors posted adjusted earnings of $2.62 per share on revenue of $43.01 billion. Analysts had anticipated earnings of $2.15 per share and revenue of $41.92 billion, according to LSEG. The company also raised its forecast for adjusted automotive free cash flow to between $8.5 billion and $10.5 billion, above its previously anticipated $8 billion to $10 billion. GE Aerospace — The aircraft supplier stock added 7% after reporting first-quarter adjusted earnings of 82 cents per share, higher than consensus estimates of 65 cents a share, per LSEG. GE Aerospace’s revenue of $16.1 billion also exceeded analysts’ expectations of $15.14 billion. PepsiCo — The snack and beverage stock dipped 2% despite a stronger-than-expected first quarter . PepsiCo reported $1.61 in adjusted earnings per share, topping the $1.52 per share expected by analysts, according to LSEG. Even with the first-quarter beat, PepsiCo kept its full-year outlook the same. Novartis — The U.S.-listed shares of the Swiss drugmaker added 2.6% after Novartis raised its full-year guidance. JetBlue Airways — Shares plummeted 16% after the airline company lowered its forecasts for revenue for the second quarter and full-year 2024. JetBlue’s first-quarter revenue came in line with expectations, while it posted a narrower adjusted loss per share than analysts had predicted, according to LSEG. Cleveland-Cliffs — The steel producer tumbled 8.7% after posting a first-quarter earnings and revenue miss. Cleveland-Cliffs posted adjusted earnings of 18 cents per share on revenue of $5.2 billion, while analysts surveyed by LSEG had expected earnings of 22 cents per share on revenue of $5.35 billion. Nucor — Shares moved 7% lower after the steelmaker missed estimates on earnings and revenue for the first quarter. Nucor also said it anticipates lower second-quarter earnings, citing lower average selling prices, which will only be partially offset by modestly increased volumes, within its steel mills segment. Danaher — The life sciences firm popped more than 7% after beating analysts’ expectations for its first-quarter results. Danaher reported adjusted earnings of $1.92 per share on revenue of $5.8 billion. This exceeded the $1.72 per share on revenue of $5.62 billion that analysts had anticipated, according to FactSet. Spotify — The streaming music company surged 16% after easily topping earnings expectations . Spotify reported 97 euro cents per share for the first quarter, compared to the 65 euro cents expected by analysts, according to LSEG. Spotify also beat expectations for quarterly gross margin. Sherwin-Williams — The manufacturer of paints and coatings shed 2% after posting first-quarter adjusted earnings of $2.17 per share, lower than the consensus estimate of $2.22 per share, according to FactSet. Sherwin-Williams’ revenue of $5.37 billion also missed the $5.50 billion analysts had expected. Roblox — Shares added 5.8% after JPMorgan upgraded the gaming platform to an overweight rating . The bank thinks recent investor skepticism, which has contributed to the stock’s roughly 20% year-to-date decline, has now presented a compelling entry point. Sunnova Energy — The solar stock gained 2.8%. KeyBanc Capital Markets downgraded Sunnova Energy to sector weight from overweight, citing caution on residential solar names particularly ahead of first-quarter earnings. Sunnova is already down more than 74% this year. LKQ — The distributor of aftermarket auto parts slid nearly 15% after first-quarter results fell short of analysts’ forecasts. LKQ posted adjusted earnings of 82 cents a share on revenue of $3.7 billion, while analysts called for earnings of 95 cents a share and $3.76 billion in revenue, per FactSet. MSCI — The provider of investment indexes dropped 13% after reporting revenue that missed Wall Street’s estimates. In the first quarter, MSCI posted $680 million in revenue, while analysts polled by FactSet forecast $685.5 million. Earnings came in at $3.52 a share, surpassing expectations by 5 cents. — CNBC’s Michelle Fox, Sarah Min and Jesse Pound contributed reporting.
Check out the companies making headlines in midday trading: T-Mobile — Shares pulled back 11% after the company’s wireless subscribers for the first quarter missed Wall Street estimates. T-Mobile reported 495,000 postpaid phone additions in the first-quarter, while analysts polled by StreetAccount were looking for 504,000. Alphabet — The Google parent company gained about 2% on the heels of better-than-expected first-quarter results . Alphabet reported $2.81 per share on revenue of $90.23 billion, while analysts polled by LSEG forecast $2.01 in earnings per share and $89.12 billion in revenue. Skechers — Shares fell 4.8% after the footwear maker posted weaker-than-expected revenue for the first quarter and withdrew its 2025 guidance due to ” macroeconomic uncertainty stemming from global trade policies .” The company’s earnings for the quarter came in above analysts’ estimates, however. Gilead Sciences — The biopharmaceutical stock fell 2.5% after first-quarter revenue came in at $6.67 billion, missing the consensus forecast of $6.81 billion from analysts polled by LSEG. However, the company earned $1.81 per share, excluding items, in the quarter, beating Wall Street’s estimate of $1.79 a share. Saia — Shares of the shipping company fell 31% after first-quarter results missed estimates and showed a slowdown in March. Saia reported $1.86 in earnings per share on $787.6 million in revenue. Analysts surveyed by FactSet were expecting $2.76 in earnings per share on $812.8 million in revenue. BMO Capital Markets downgraded the stock to market perform from outperform and said the issues were “company specific.” Intel — The chipmaker declined 7% after Intel’s current quarter missed investors’ expectations. Intel forecast revenue in the June quarter of $11.8 billion at the midpoint, while consensus forecasts called for $12.82 billion, per LSEG. Management anticipates earnings will break even. Intel also announced plans to reduce both its operational and capital expenses. Boston Beer — Shares of the Samuel Adams brewer were more than 1% higher after better-than-expected first-quarter results. Boston Beer notched earnings per share of $2.16 on revenue of $453.9 million, while analysts polled by FactSet were looking for 56 cents per share on revenue of $435.6 million. Boston Beer cautioned that tariffs could hurt full-year earnings. Tesla — The Elon Musk-helmed electric vehicle company surged 10%. Shares have advanced more than 17% this week as the broader market tries to recover from a steep sell-off for much of April. — CNBC’s Jesse Pound, Alex Harring and Sean Conlon contributed reporting. Get Your Ticket to Pro LIVE Join us at the New York Stock Exchange! Uncertain markets? Gain an edge with CNBC Pro LIVE , an exclusive, inaugural event at the historic New York Stock Exchange. In today’s dynamic financial landscape, access to expert insights is paramount. As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic NYSE on Thursday, June 12. Join interactive Pro clinics led by our Pros Carter Worth, Dan Niles and Dan Ives, with a special edition of Pro Talks with Tom Lee. You’ll also get the opportunity to network with CNBC experts, talent and other Pro subscribers during an exciting cocktail hour on the legendary trading floor. Tickets are limited!
Check out the companies making headlines before the bell: Meta Platforms — The Facebook and Instagram parent jumped about 3%. Meta cut staff in its Reality Labs division, CNBC reported. Alphabet — The Google and YouTube owner climbed more than 4% after first-quarter results topped Wall Street expectations. Alphabet earned $2.81 per share on $90.23 billion in revenue for the quarter, while analysts surveyed by LSEG had estimated $2.01 per share and $89.12 billion in revenue. T-Mobile — Shares of the telecommunications company fell 5.5% after it reported fewer first-quarter wireless phone subscribers than the Street expected, seeing 495,000 postpaid phone additions versus analysts’ call for 504,000, according to StreetAccount. Earnings and revenue for the first quarter topped Street estimates. Intel — The chipmaker fell 7.2% after the outlook for the current quarter disappointed investors. Intel guided for revenue in the June quarter to come in at $11.8 billion at the midpoint, less than consensus calls for $12.82 billion, according to LSEG. Management anticipates earnings will break even. Intel also announced plans to reduce its operational and capital expenses. Gilead Sciences — The biopharmaceutical stock slid 3.9% after posting first-quarter revenue of $6.67 billion, missing the consensus estimate of $6.81 billion from analysts polled by LSEG. Gilead earned $1.81 per share, excluding items, in the quarter, while Wall Street penciled in $1.79. Skechers — The footwear maker slumped 6% after reporting lower-than-expected first-quarter revenue and withdrew its 2025 forward financial forecasts on account of ” macroeconomic uncertainty stemming from global trade policies .” Skechers’ bottom-line results came in above analysts’ forecasts. Charles Schwab — The financial services provider advanced 1.4% after Goldman Sachs upgraded shares to buy from neutral, calling Schwab a resilient growth stock amid an uncertain backdrop. Hasbro — The toy company rose about 1% one day after soaring 15%. Citigroup raised its investment opinion to buy from neutral, saying Hasbro’s stronger-than-expected Wizards of the Coast business outweighs any uncertainty stemming from tariff policy, according to analyst James Hardiman. Boston Beer — Shares of the Samuel Adams brewer rose nearly 3% after first-quarter results beat expectations. Boston Beer generated $2.16 in earnings per share on $453.9 million of revenue, while analysts surveyed by FactSet looked for 56 cents per share on $435.6 million in revenue. Boston Beer warned in its outlook that tariffs could hurt full-year earnings. — CNBC’s Alex Harring and Jesse Pound contributed reporting. Get Your Ticket to Pro LIVE Join us at the New York Stock Exchange! Uncertain markets? Gain an edge with CNBC Pro LIVE , an exclusive, inaugural event at the historic New York Stock Exchange. In today’s dynamic financial landscape, access to expert insights is paramount. As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic NYSE on Thursday, June 12. Join interactive Pro clinics led by our Pros Carter Worth, Dan Niles and Dan Ives, with a special edition of Pro Talks with Tom Lee. You’ll also get the opportunity to network with CNBC experts, talent and other Pro subscribers during an exciting cocktail hour on the legendary trading floor. Tickets are limited!
“I think having that professionally managed portfolio is really beneficial to clients,” Coyne told CNBC’s “ETF Edge” this week. “We’re seeing just… greater volatility [and] uncertainty across both the equity and fixed income markets.“
According to Coyne, the T. Rowe Price Capital Appreciation Equity ETF suits investors who are looking for long-term growth.
“The objective of the fund is to outperform the S&P 500 with lower volatility and greater tax efficiency,” he said. “It’s also a more concentrated portfolio, typically holding around a hundred names.”
The T. Rowe Price Capital Appreciation Equity ETF is down about 5% so far this year while the S&P 500 is off about 7% However, the ETF is up close to 8% over the past year — roughly identical to the S&P 500’s performance.
Coyne notes the T. Rowe Price U.S. Equity Research ETF follows a similar strategy, but with a heavier weighting in top tech stocks.
“This is more of a large-cap growth product [T Rowe Price U.S. Equity Research ETF],” he said. “There are components of characteristics of both passive and active here. This fund is actually managed by our North American directors of research. So again, strong fundamental research is going into the stock selection.”
Both the T. Rowe Price U.S. Equity Research ETF and S&P 500 are down around 7% since the beginning of the year. Meanwhile, the fund is up almost 9% over the past year. That’s less than one percent better than the S&P 500’s performance.
T. Rowe Price U.S. Equity Research ETF vs. S&P 500
‘Some form of bear market’
Strategas Securities’ Todd Sohn thinks investment demand for active managers will continue to be strong.
“This is the type of the environment where it [active management] can actually shine,” the firm’s senior ETF and technical strategist said. “We are in some form of bear market. This is where the active manager really can come into hand and offer their solution they are doing right.”