Raphael Stevens

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    Here’s what it’s like to attend Warren Buffett’s shopping carnival for shareholders

    Berkshire Hathaway Annual Shareholder Meeting signage in Omaha, Nebraska, April 29, 2022.
    David A. Grogan | CNBC

    Berkshire Hathaway shareholder meeting’s pregame is nothing short of an extravaganza.
    Thousands of Berkshire shareholders flocked to Omaha, Nebraska, this weekend for the annual meeting Saturday. Before hearing from Warren Buffett and Charlie Munger, investors gathered in a sprawling convention center to explore exhibits featuring the conglomerate’s holdings — from toy trains mimicking BNSF Railway rolling stock, Berkshire chocolate coins from See’s Candies to Buffett-branded Brooks athleisure.

    The so-called “Berkshire Bazaar of Bargains” is a tradition at the Oracle of Omaha’s annual event. Only those with a shareholder credential can participate and they can shop at a discount in the CHI Health Center.
    CNBC will host the exclusive livestream of the shareholder meeting on Saturday starting at 9:45 am ET.

    See’s Candies

    A display showing chocolate coins at the Berkshire Hathaway Annual Shareholder Meeting in Omaha, Nebraska.
    Yun Li | CNBC

    The sweets at See’s Candies attracted a big crowd at the “Woodstock for Capitalist.” Two hits of the day were Berkshire chocolate coins and Buffett’s favorite: chocolate walnut fudge.

    The Bookworm

    Display for an Almanac by Charles Munger, at the Berkshire Hathaway Annual Shareholder’s Meeting in Omaha, Nebraska.
    Yun Li | CNBC

    “Poor Charlie’s Almanack” (the third edition of Munger’s advice book) was for sale at The Bookworm, a bookstore chain owned by Berkshire. Admirers can also buy a collection of Berkshire Hathaway letters to shareholders from 1965 to 2014.

    Check out the gecko

    Display showing Gecko character for GEICO Insurance during the Berkshire Hathaway Annual Shareholder Meeting in Omaha, Nebraska.
    Yun Li | CNBC

    The Geico gecko advertising icon was present to entertain shareholders. Buffett first bought shares of the auto insurer in 1996.

    Buffett sneakers & socks

    Display for Brooks showing Warren Buffett at the Berkshire Hathaway Annual Shareholder Meeting in Omaha, Nebraska.
    Yun Li | CNBC

    Shoppers snagged Buffett-branded sneakers, T-shirts and socks at Brooks’ booth. The sportswear company is also co-hosting a 5K run with Berkshire in downtown Omaha on Sunday morning.

    Jimmy Buffett’s party boat

    A motor boat display at the Berkshire Hathaway Annual Shareholder’s Meeting in Omaha, Nebraska.
    Yun Li | CNBC

    Shareholders could buy a boat designed by singer Jimmy Buffett at the event for nearly $200,000 at a 10% discount. The boats, manufactured by Berkshire subsidiary Forest River, are in production after 14 months of developing with the 75-year-old Buffett.

    BNSF Railway model

    A display for the BNSF Railway at the Berkshire Hathaway Annual Shareholder Meeting in Omaha, Nebraska.
    Yun Li | CNBC

    Toy trains mimicked Berkshire’s BNSF Railway rolling stock. BNSF is one of the largest freight railroads in North America.

    Duracell

    A display for Duracell at the Berkshire Hathaway Annual Shareholder Meeting in Omaha, Nebraska.
    Yun Li | CNBC

    Shareholders were lining up to get in battery maker Duracell’s truck with a Buffett mannequin in the driver’s seat. Berkshire closed its deal to buy Duracell from Procter & Gamble in February 2016.

    Pampered chef

    A display Showing Warren Buffett at the Berkshire Hathaway Annual Shareholder Meeting in Omaha, Nebraska.
    Yun Li | CNBC

    A cardboard cutout of Buffett in an apron welcomed shareholders at kitchen tools company Pampered Chef.

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    Suncor Energy is a buy, but be prepared to turn if oil prices peak, Jim Cramer says

    Monday – Friday, 6:00 – 7:00 PM ET

    CNBC’s Jim Cramer on Friday advised investors to pick up shares of Canadian oil producer Suncor Energy, but only if they’re confident oil prices will stay elevated.
    “This could be just an absolutely terrific stock because the oil sands can generate tremendous earnings growth,” the “Mad Money” host said.

    CNBC’s Jim Cramer on Friday advised investors to pick up shares of Canadian oil producer Suncor Energy, but only if they’re confident oil prices will stay elevated.
    Cramer’s comments come after activist investment firm Elliott Management, which holds a 3.4% stake in Suncor, called for the firm to shuffle its management and take other measures to improve its performance.

    “I think Suncor’s future is less about this activist campaign and more about where the price of crude might be headed. If you think it’s going to stay elevated, this could be just an absolutely terrific stock because the oil sands can generate tremendous earnings growth,” the “Mad Money” host said.
    “However, indeed, if you believe oil will peak soon and head meaningfully lower, this stock’s going to be a dog and it won’t matter what changes [Elliot Management] make,” he added.
    Shares of Suncor fell 2.58% on Friday but reached a new 52-week high earlier in the day.
    Elliott Management cited “missed production goals, high costs, and, tragically, a number of employee fatalities and other safety incidents” in its letter.
    Suncor responded to Elliott’s letter stating it will review the investment firm’s recommendations.

    “Whether you look at it from a financial perspective or a purely human perspective, this is not a well-run enterprise,” Cramer said of Suncor’s track record.
    However, he said he believes the company has more room to run since the price of crude is up, meaning the company could become a high-performer if it takes Elliott’s urgings under consideration.
    Brent crude futures settled at $109.34 on Friday while U.S. West Texas Intermediate crude settled at $104.69.
    “I think the stock jumped … yesterday because Wall Street’s confident Elliott can push Suncor’s board to unlock value,” Cramer said. “Here’s some free advice to Suncor’s directors: Work with these guys.”
    Sign up now for the CNBC Investing Club to follow Jim Cramer’s every move in the market.
    Disclaimer

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    Berkshire Hathaway’s annual meeting is here: What to expect from Warren Buffett and Charlie Munger

    This year’s Berkshire annual meeting, dubbed “Woodstock for Capitalists,” will return with shareholders in person in Omaha, Nebraska for the first time since 2019
    CNBC will host the exclusive livestream on Saturday starting at 9:45am ET.
    Warren Buffett is set to kick off the meeting riding high, with the “Oracle of Omaha” finally back in the deal-making game and the conglomerate’s outperforming stock crossing a key milestone.

    Warren Buffett is set to kick off Berkshire Hathaway’s annual shareholder meeting Saturday on a high note, with the “Oracle of Omaha” finally back in the deal-making game and the conglomerate’s outperforming stock crossing a key milestone.
    With tens of thousands of shareholders in attendance, this year’s “Woodstock for Capitalists” will return in person in Omaha, Nebraska for the first time since 2019 following Covid-19 disruptions. (CNBC will host the exclusive livestream on Saturday starting at 9:45am ET.)

    Investors around the globe are waiting to hear from the 91-year-old chairman and CEO, along with his right-hand man Charlie Munger at 98, following a flurry of investment activities — stakes in Occidental Petroleum and HP as well as an acquisition of Alleghany. Not only featuring hours of commentary from the legendary duo, this renowned event will also include exhibits of Berkshire’s wide range of holding companies — from ice cream maker Dairy Queen to insurer Geico and battery maker Duracell.

    Warren Buffett at Berkshire Hathaway’s annual meeting in Los Angeles California. May 1, 2021.
    Gerard Miller | CNBC

    “This meeting is for people who are diehard value investors, diehard Buffett and Munger fans like I am,” said Whitney Tilson, CEO of Empire Financial Research who has been going to Berkshire’s shareholder meeting for 25 consecutive years. “It’s an opportunity to learn from the masters. It’s just intellectually, psychically and emotionally fulfilling.”
    Here are some of the big topics shareholders will want to hear from Buffett:

    Market outlook: The stock market has suffered a correction on fears of inflation and rising rates. How should investors navigate the volatility and a tricky economic landscape?
    Deploying more cash: Buffett has been putting capital to work as of late. Will his buying spree continue? Is he going to pull off an “elephant-sized” deal?
    A slowdown in buybacks: With Berkshire shares significantly outperforming, will Buffett cease or slow down his aggressive buyback program?
    Life after Buffett and Munger: Berkshire’s succession plan
    China, crypto, Russia’s invasion of Ukraine and more

    Looking for market guidance

    Berkshire shares are riding high in a volatile market. Class A shares achieved a key milestone last month, topping half a million dollars for the first time as investors embraced the safety of the diversified conglomerate during geopolitical turmoil and surging inflation. The stock is up more than 10% this year, compared to a 10% loss for the S&P 500.

    Arrows pointing outwards

    In 2020’s annual meeting during the depth of the pandemic, Buffett offered a much-needed reassurance to investors, saying the U.S. economy will withstand this emergency as it has with all of the previous battles and crises.

    “Nothing can basically stop America,” Buffett said. “The American miracle, the American magic has always prevailed, and it will do so again. … In World War II, I was convinced of this … I was convinced of this during the Cuban Missile Crisis, 9/11, the financial crisis.”
    The macroenvironment has grown increasingly difficult for investors this year as the Federal Reserve rushes to tame down 40-year-high inflation with aggressive tightening. Meanwhile, fears of a recession have crept in after a so-called yield-curve inversion and weak prints in economic data. Not to mention that the U.S. is still not out of woods with the pandemic.
    “A lot of people have taken hits in their portfolio outside of Berkshire Hathaway, which has done spectacularly. I think there’s probably more nervousness out there,” Tilson said. “People are looking for wisdom and guidance in a very strange market where there is a war going on and inflation is raging.”
    Before the recent buying spree, Buffett had been a net seller of stocks for the past five quarters as he saw few bargains among surging equities.

    Arrows pointing outwards

    Buyback slowdown

    A big driver for Berkshire’s outperformance over the past year has been its aggressive buybacks. The company repurchased a record $27 billion worth of its own shares last year.
    “One might expect buybacks to slow down simply because the price of Berkshire has gone up,” said David Kass, a finance professor at the University of Maryland and a Berkshire shareholder. “Buffett will only buy back shares if he considers them to be at a sufficient discount from intrinsic value.”
    There was evidence that a reduction has already started. Berkshire used $6.9 billion to buy back shares in the fourth quarter, slower than the $7.6 billion repurchased in the third quarter. Buffett’s annual letter revealed that the conglomerate bought back $1.2 billion of its own stock through Feb. 23.

    A major investment?

    Berkshire’s investments lately only made a small dent in his $140 billion-pus war chest, leaving Buffett watchers wonder if a major investment is on the horizon.

    Arrows pointing outwards

    “The recent declines in the stock market resulting from the anticipated tightening of monetary policy by the Federal Reserve may provide additional attractive opportunities for Buffett in the near future,” Kass said.
    In March, Berkshire agreed to buy insurance company Alleghany for $11.6 billion in cash. This transaction will mark Berkshire’s biggest acquisition in six years when it bought industrial company Precision Castparts for $37 billion, including debt.
    Still, Buffett has yet to make the “elephant-sized acquisition” he’s been touting for years. The investor previously blamed an expensive market for his inaction.

    Succession

    Vice Chairman of Non-Insurance Operations Greg Abel has been a top contender for Buffett’s successor for years, and a comment by Munger last year caught some attention of investors.
    In a discussion about Berkshire’s future, Munger appeared to unintentionally reveal who might have been designated to eventually replace Buffett as CEO.
    “Greg will keep the culture,” Munger said at the 2021 annual meeting.
    Investors will look for any formal announcement on the succession front Saturday.

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    Cramer’s week ahead: Jam-packed earnings season continues, be ready for market bounce

    Monday – Friday, 6:00 – 7:00 PM ET

    CNBC’s Jim Cramer said Friday that he expects a rough start to next week on the heels of a dismal end to April in the stock market.
    “I’ve got to tell you, I don’t expect a good day Monday. When you have a really horrible day like today, sometimes you get a bounce,” the “Mad Money” host said.

    CNBC’s Jim Cramer said Friday that he expects a rough start to next week on the heels of a dismal end to April in the stock market.
    “I’m hoping that next week should be better. I’ve got to tell you, I don’t expect a good day Monday. When you have a really horrible day like today, sometimes you get a bounce. Right in, you get a bounce, and what you’ve got to do is you must sell that bounce,” the “Mad Money” host said.

    The tech-heavy Nasdaq Composite plunged almost 4.2% on Friday while the S&P 500 fell 3.6%. The Dow Jones Industrial Average dropped close to 2.8%. The Nasdaq and S&P 500 finished at new lows for the year.
    Cramer said that next week he’ll have his eye on U.S. employment reports.
    “It’s possible the job numbers will have peaked because companies that hired extra workers so they’d be covered during the worst days of the pandemic have started to let them go,” he said.
    He also previewed next week’s slate of earnings and gave his thoughts on each reporting company. All earnings and revenue estimates are courtesy of FactSet.
    Monday: Clorox

    Clorox 

    Q3 2022 earnings release at 4:15 p.m. ET; conference call at 4:15 p.m. ET
    Projected EPS: 93 cents
    Projected revenue: $1.79 billion

    Cramer said the company needs to report decent numbers to send the “tattered” stock higher.
    Tuesday: AMD, Airbnb, Starbucks
    AMD

    Q1 2022 earnings release after the close; conference call at 5 p.m. ET
    Projected EPS: 91 cents
    Projected revenue: $5.01 billion 

    “Given how far this semiconductor stock has fallen from its highs … even an in-line quarter could send it flying,” Cramer said.
    Airbnb 

    Q1 2022 earnings release after the close; conference call at 5:30 p.m. ET
    Projected loss: loss of 25 cents per share
    Projected revenue: $1.45 billion

    Cramer said he thinks Airbnb could tell “a great story.”
    Starbucks

    Q2 2022 earnings release after the close; conference call at 5 p.m. ET
    Projected EPS: 60 cents
    Projected revenue: $7.62 billion

    While the quarter likely already felt the effect of Covid lockdowns in China, union activity potentially hurt the company’s performance even more, Cramer said.
    Wednesday: CVS Health, Moderna
    CVS Health

    Q1 2022 earnings release before the open; conference call at 8 a.m. ET
    Projected EPS: $2.16
    Projected revenue: $75.54 billion

    Cramer said he’s interested in hearing how the company will capitalize on Covid vaccines, saying he believes consumers have recently rediscovered the company’s stores.
    Moderna

    Q1 2022 earnings release before the open; conference call at 8 a.m. ET
    Projected EPS: $5.37
    Projected revenue: $4.2 billion

    “These guys have so much money from their Covid vaccine, but now they have to do something to broaden their portfolio. It can’t be a one-trick pony,” Cramer said.
    Thursday: Zoetis, DoorDash
    Zoetis

    Q1 2022 earnings release before the open; conference call at 8:30 a.m. ET
    Projected EPS: $1.23
    Projected revenue: $1.98 billion

    Cramer said he’s confident the company will report great numbers.
    DoorDash

    Q1 2022 earnings release after the close; earnings call at 5 p.m. ET
    Projected loss: loss of 21 cents per share
    Projected revenue: $1.38 billion

    “If DoorDash doesn’t beat handily, it’s a ‘lookout below,'” Cramer said.
    Friday: Under Armour
    Under Armour 

    Q5 2022 (transition quarter) earnings release at 6:55 a.m. ET; conference call at 8:30 a.m. ET
    Projected EPS: n/a
    Projected revenue: n/a

    Cramer said he plans to listen to the call but believes Lululemon is the reigning winner in the industry.
    Disclosure: Cramer’s Charitable Trust owns shares of AMD.

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    BJ's Wholesale says judge should toss Walmart's patent lawsuit over self-checkout app

    BJ’s Wholesale said a federal judge should toss Walmart’s patent lawsuit, arguing the retail giant’s Scan & Go app is based on self-checkout technology used by many retailers for over a decade.
    The rival warehouse clubs — Walmart-owned Sam’s Club and BJ’s Wholesale — are embroiled in litigation after Walmart sued BJ’s and accused it of stealing technology.
    Both have an app feature that allows customers to scan and purchase items at the store with a smartphone rather than standing in a checkout line.

    Getty Images

    Warehouse club BJ’s Wholesale is calling on a federal judge to toss a patent lawsuit filed by Walmart, saying the retail giant is trying to protect a self-checkout app that’s based on technology that retailers have used for more than a decade.
    “Nothing about Sam’s Club’s Scan & Go processes is inventive or unconventional; indeed, many other retailers provide a self-checkout option to their customers,” the company said in the court filing Friday. It said simply adding a smartphone and Bluetooth does not make it eligible for patents.

    The rival warehouse clubs, Walmart-owned Sam’s Club and BJ’s, are embroiled in litigation over a piece of technology that has become a prized differentiator for Sam’s Club, especially as its foot traffic has grown and membership has hit a record high during the pandemic. Scan & Go starred in a Super Bowl ad that featured comedian Kevin Hart. It is now a key perk that subscribers get when they join Walmart+, the company’s membership program and its answer to Amazon Prime.
    Scan & Go allows customers to ring up purchases on their smartphones while walking through the store, allowing them to avoid a checkout line. The feature debuted in 2016, but gained popularity as shoppers sought contactless ways to check out during the spread of Covid.
    Walmart and Sam’s Club sued BJ’s last month, alleging that the competitor had stolen technology from Scan & Go by rolling out a nearly identical app in late 2021.
    “Express Pay is an apparent copy of Sam’s Club’s Scan & Go, merely changing the in-app colors and changing the name from Scan & Go to Express Pay,” it said in the complaint in March.
    Walmart added in the lawsuit that BJ’s was infringing on its patents and causing “significant damages and irreparable harm.”
    Through a spokesman, Walmart said it will address BJ’s motion to dismiss through the court.

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    CDC says adenovirus may have caused Alabama outbreak of severe hepatitis in children

    The CDC on Friday published its most detailed findings so far about nine children in Alabama who developed severe hepatitis, after issuing a nationwide health alert last week.
    Three of the kids suffered liver failure and two needed liver transplants. They have all either recovered or are recovering.
    The CDC said there may be a link to adenovirus infection.

    Adenovirus structure, computer illustration showing the surface structure of the virus’ outer protein coat (capsid).
    Kateryna Kon | Science Photo Library | Science Photo Library | Getty Images

    U.S. health officials said adenovirus may have caused an outbreak of severe hepatitis that afflicted nine children in Alabama in February.
    All nine kids with severe acute hepatitis, three of whom suffered liver failure, tested positive for adenovirus and none of them had a history Covid-19 infection, according to the Centers for Disease Control and Prevention.

    “At this time, we believe adenovirus may be the cause for these reported cases, but other potential environmental and situational factors are still being investigated,” the CDC said in a statement. “Adenovirus type 41 is not usually known as a cause of hepatitis in otherwise healthy children, and no known epidemiological link or common exposures among these children has been found.”
    The CDC on Friday published its most detailed findings so far about the children, after issuing a nationwide health alert last week. It said adenovirus infection may be an underrecognized contributor to liver injury in otherwise healthy children but further investigation is needed.
    While hepatitis is not uncommon in children, the cluster of cases in Alabama surprised physicians because the previously healthy kids had severe symptoms and did not test positive for hepatitis viruses.
    Public health authorities in the U.S. and Europe are closely tracking cases of severe hepatitis in kids after the U.K alerted the World Health Organization earlier this month about a cluster of cases there. The WHO has identified 169 cases worldwide so far, with the overwhelming majority of them in the U.K.
    All nine children in the U.S. were patients at the hospital Children’s of Alabama, who ranged in age from about 2 to 6 years old, according to the CDC. Three of the patients suffered liver failure and two needed liver transplants. All of them have either recovered or are recovering.

    The children’s symptoms before hospital admission included vomiting, diarrhea and upper respiratory symptoms. Eight of the patients had scleral icterus, a yellowing of the white of the eye. Seven had enlarged livers, six had jaundice and one had encephalopathy, a broad term for disease of the brain.
    All of the children tested positive for adenovirus, a common infection that can cause respiratory illnesses, an upset stomach, pink eye and bladder inflammation or neurological disease in rarer cases. Adenovirus is a known cause of hepatitis in children with weak immune systems, but the patients in Alabama all had normal immune systems and no significant health conditions, according to the CDC.
    Although six of the kids also tested positive for Epstein-Barr virus, the CDC does not believe these were acute infections because they tested negative for antibodies. The children all tested negative for hepatitis viruses A, B and C, according to the CDC. None of them had a history of Covid-19 infection.
    Doctors in Alabama identified the first five cases last fall. The CDC and the Alabama Department of Public Health began an investigation in November. They identified four more cases in Alabama through February of this year. No additional cases have been identified in Alabama since February.
    The CDC said it’s monitoring the situation closely to better understand the cause of severe hepatitis in the kids and to find ways to prevent the illness. The public health agency told physicians to be aware that whole blood tests, rather than plasma, might be better at detecting the presence of adenovirus.

    CNBC Health & Science

    Read CNBC’s latest global coverage of the Covid pandemic:

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    MLB suspends Dodgers star pitcher Trevor Bauer for 2 seasons over violation of sexual assault policy

    MLB suspended Trevor Bauer for two seasons after completing an investigation into sexual assault allegations against the Los Angeles Dodgers pitcher.
    Bauer, 31, has denied the allegations. In February, the L.A. District Attorney’s Office said it would not criminally charge the MLB pitcher.
    Bauer said Friday that he would appeal MLB’s decision.

    Umpires check the hat and glove of Trevor Bauer #27 of the Los Angeles Dodgers for foreign substances after the first inning against the San Francisco Giants at Dodger Stadium on June 28, 2021 in Los Angeles, California.
    Meg Oliphant | Getty Images

    MLB suspended Trevor Bauer for two seasons after completing an investigation into sexual assault allegations against the star Los Angeles Dodgers pitcher, Commissioner Rob Manfred announced Friday.
    In a statement, the league said Bauer violated its Joint Domestic Violence, Sexual Assault and Child Abuse Policy and wouldn’t be paid during the suspension, which amounts to 324 games. In 2021, Bauer signed a three-year deal with the Dodgers worth $102 million.

    Bauer, 31, has been on administrative leave since July 2021 amid a criminal investigation of claims that he sexually assaulted a woman in brutal incidents.
    The 2020 Cy Young award winner has denied the allegations. In February, the L.A. District Attorney’s Office said it would not criminally charge the MLB pitcher.
    In a Twitter post Friday, Bauer said he plans to appeal MLB’s decision.
    “In the strongest possible terms, I deny committing any violation of the league’s domestic violence & sexual assault policy,” he wrote. “I am appealing this action and expect to prevail. As we have throughout this process, my representatives & I respect the confidentiality of the proceedings.”
    The Dodgers said they are aware of MLB’s decision and declined to further comment due to Bauer’s plans to appeal.

    Bauer last played in the MLB in 2021. He posted an 8-5 record  in 17 games before being placed on leave. He won the 2020 National League Cy Young Award with the Cincinnati Reds after going 5-4 with a 1.72 ERA in the MLB’s shortened pandemic season.
    In February 2021, Bauer signed a unique three-year deal with the Dodgers. The contract made him one of the highest-paid players per year.
    – CNBC’s Dan Mangan and Steve Kopack contributed to this article.

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    Stocks making the biggest moves midday: Amazon, Verisign, Honeywell and more

    A contractor working for Amazon.com cleans a delivery truck in Richmond, California, U.S., on Tuesday, Oct. 13, 2020.
    David Paul Morris | Bloomberg | Getty Images

    Check out the companies making headlines in midday trading.
    Amazon — Shares of the e-commerce company slumped 14% after issuing weak revenue guidance for the current quarter. Amazon also shared a $7.6 billion loss on its investment in electric vehicle maker Rivian, which lost more than half of its value in the previous quarter.

    Verisign — Shares of Verisign lost 14.2% after the Internet infrastructure company reported first quarter earnings of $1.43 per share, which was below analysts’ estimates of $1.50 per share, according to FactSet. Following the results, Baird downgraded the stock to neutral from outperform.
    Honeywell — Honeywell’s stock price rose 1.8% after the aerospace products company topped analysts’ expectations. The company posted earnings of $1.91 per share on revenues of $8.38 billion. In comparison, analysts expected earnings of $1.86 earnings per share on revenues of $8.29 billion, according to Refinitiv.
    Mohawk Industries — The flooring company’s shares jumped 7.8% following Mohawk’s quarterly results. Mohawk topped revenue estimates of $2.85 billion, according to FactSet, posting $3.02 billion for the quarter.
    AbbVie — Shares of the biopharmaceutical company plummeted 6% after AbbVie lowered its full year guidance. AbbVie reported earnings of $3.16 per share, surpassing FactSet consensus estimates of $3.14 earnings per share. However, the company reported a wide revenue miss with revenues of $13.54 billion, compared to consensus estimates of $13.66 billion from FactSet.
    Charter Communications — The telecommunications company saw shares fall 7.1% after it reported adjusted EBITDA of $5.21 per share for the first quarter, which slightly missed estimates of $5.26 per share, according to FactSet. Revenue of $13.20 billion also slightly missed estimates of $13.21 billion, according to FactSet.

    Intel — Intel’s stock price tumbled 6.9% after the semiconductor company issued weaker-than-expected guidance for its fiscal second quarter. The company reported earnings that otherwise surpassed expectations.
    Colgate-Palmolive — Shares for Colgate-Palmolive dropped 5.1% even after the consumer products giant reported earnings. The company earned 74 cents per share, the same as expectations from analysts polled by Refinitiv. Revenues came in at $4.4 billion, in line with consensus expectations from Refinitiv. Colgate-Palmolive also said it expects a decline in gross profit margin for the 2022 fiscal year.
    Roku — Roku’s stock gained 1.3% after the company beat revenue estimates. The company posted revenue of $733.7 million, compared to analysts’ expectations of $718.1 million, according to FactSet. The digital media player manufacturer also issued weak revenue guidance for the second quarter.
    Tesla — Shares dipped slightly after CEO Elon Musk sold roughly $8.4 billion of Tesla’s stock following his bid to take Twitter private.
     — CNBC’s Samantha Subin contributed reporting

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