While the Federal Reserve took much of the focus during Wednesday's midday session, the release of quarterly results still represented a key catalyst for individual stocks. This included substantial post-earnings declines in Akamai (NASDAQ:AKAM), Johnson Controls (JCI) and Revolve Group (RVLV).
Meanwhile, CVS Health (CVS) received buying interest after unveiling its latest financial figures.
The release of financial figures triggered a mass exodus from shares of Akamai (AKAM). The stock dropped 11% in midday trading after the cloud service company missed expectations on both its top and bottom lines.
AKAM also slashed its projections for the full year. The firm says it now expects a revenue total between $3.62B and $3.67B. Previously, the firm had targeted a range of $3.673B-$3.728B.
Johnson Controls (JCI) also endured significant selling pressure following its quarterly results. The maker of HVAC and security equipment reported soft revenue for its latest quarter and lowered its forecast for adjusted earnings for the year.
Hurt by the quarterly update, JCI dropped nearly 13% in intraday trading.
Revolve Group (RVLV) was another standout decliner in the wake of its quarterly report. The company beat expectations in its latest quarter but issued disappointing guidance. The stock fell 21% on the news.
Earnings news gave a lift to CVS Health (CVS), which rose almost 3% on better-than-expected quarterly results. The drug store chain reported revenue that rose 11% to $79.8B -- exceeding analysts' consensus by more than $1.5B.
CVS also raised its forecast for the full year. The company now sees 2022 adjusted EPS of $8.20-$8.40, up from its previous forecast of $8.10-$8.30.
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