Hot Stocks: NXPI, TAP, MSTR rise on earnings; DELL soar on upgrade; DD, ANET, BP fall on earnings; BB gain

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The major market averages fell during Tuesday's noon session, pulled down by a drop in bank stocks. The Federal Reserve was also in the spotlight as the central bank began its two-day monetary policy meeting.

Tracking individual stocks, NXP Semiconductors (NASDAQ:NXPI), Molson Coors (NYSE:TAP), and MicroStrategy (NASDAQ:MSTR) rose on favourable earnings announcements, while DuPont (NYSE:DD), Arista Networks (NYSE:ANET), and BP (NYSE:BP) fell.

In other news, BlackBerry (NYSE:BB) shares climbed on considering business portfolio review.

Meanwhile, Dell Technologies (NYSE:DELL) stock rose on the heels of an analyst upgrade.

Gainers

NXP Semiconductors (NXPI) shares advanced nearly 4% on strong first-quarter results and guidance. The company anticipated Q2 sales between $3.1B and $3.3B vs. consensus of $3.04B and adjusted EPS between $3.07 and $3.49 vs. consensus of $3.05.

Molson Coors (TAP) stock soared more than 8% after the company reported a strong first-quarter profit. Despite a softer macroeconomic backdrop, CFO Tracey Joubert expects the company to maintain sales growth and benefit from premiumization. The company confirmed its full-year profits target, which calls for net sales growth in the low single digits and underlying income growth before taxes in the low single digits.

MicroStrategy (MSTR) shares rose roughly 5% following better-than-expected Q1 earnings results, as asset impairment losses were significantly reduced. "The conviction in our bitcoin strategy remains strong as the digital asset environment continues to mature," said President and CEO Phong Le.

BlackBerry (BB) shares rose around 8% after the company engaged Morgan Stanley and Perella Weinberg Partners as consultants to help with a review of its business portfolio, which may include the separation of one or more of its operations.

Dell Technologies (DELL) rose 2% after Morgan Stanley upgraded the stock to overweight from equal weight and raised its price target to $55 from $45, citing its favourable value and a path "towards accelerating shareholder returns." According to the researcher, the personal computer industry is nearing a low.

Decliners

DuPont (DD) shares plunged nearly 8% after the company gave weak guidance for the second quarter. Sales for its electronics and industrial segment dropped 16% Y/Y. The company projected Q2 net sales of approx. $3.02B vs. $3.10B consensus and Adj. EPS of approx. $0.84 vs. $0.87 consensus.

Arista Networks (ANET) shares fell more than 15% after the company reported outstanding Q1 earnings and offered a good outlook despite expecting some margin flattening in the current quarter. The company anticipated cooled expenditure and slower growth from "cloud titans."

Despite solid Q1 earnings figures, BP (BP) shares fell roughly 9%, driven down by a slower rate of buybacks. The company now intends to repurchase another $1.75 billion in stock over the next three months, down from $2.75 billion in the previous three months.

To keep track of Wall Street's biggest winners and losers throughout the session, head over to Seeking Alpha's On The Move section.