All three major US stock indexes were up in late-morning trading Wednesday following reports of Iranian attacks on vessels in the Strait of Hormuz and President Donald Trump's extension of the ceasefire between the warring nations.
In company news, GE Vernova (GEV) reported Q1 earnings Wednesday of $17.44 per share, up from $0.91 a year earlier. Total Q1 revenue was $9.34 billion, up from $8.03 billion a year ago and above the FactSet consensus analyst estimate of $9.25 billion. For 2026, the company said it expects revenue of about $44.5 billion to $45.5 billion, up from its previous outlook of $44 billion to $45 billion and compared to the FactSet consensus of $44.66 billion. GE Vernova shares were up 12.4% around midday.
Vertiv (VRT) reported Q1 adjusted earnings Wednesday of $1.17 per diluted share, up from $0.64 a year earlier and above the FactSet consensus of $1.00. First-quarter revenue was $2.65 billion, up from $2.04 billion a year ago and above the FactSet consensus of $2.64 billion. For Q2, the company said it expects adjusted EPS of $1.37 to $1.43 on revenue of $3.25 billion to $3.45 billion. Analysts polled by FactSet expect $1.43 and $3.40 billion, respectively. For full-year 2026, Vertiv said it expects adjusted EPS of $6.30 to $6.40, up from its previous outlook of $5.97 to $6.07 and above the FactSet consensus of $6.12. Vertiv expects full-year revenue to be $13.50 billion to $14.00 billion, up from its previous guidance of $13.25 billion to $13.75 billion and compared to the FactSet consensus of $13.63 billion. Vertiv shares were down 2.6%.
Merck (MRK), Germany's Merck KGaA and Japan's Ono Pharmaceutical have expressed interest in Inhibrx Biosciences' (INBX) experimental cancer medicine that could be valued at over $8 billion, Reuters reported Wednesday, citing people familiar with the matter. Merck shares were down 0.2%, while Inhibrx shares were up 31.9%.
Boeing (BA) reported a Q1 core loss Wednesday of $0.20 per share, narrowing from a loss of $0.49 a year earlier and compared to the FactSet consensus estimate of a loss of $0.68. First-quarter revenue was $22.22 billion, up from $19.50 billion a year ago and above the FactSet consensus of $21.85 billion. Cash outflow for the quarter was $1.45 billion, narrowing from $2.29 billion a year ago, and the company said Q1 deliveries increased 10% to 143 planes. Boeing shares were up 5.4%.
Alphabet's (GOOG, GOOGL) Google Cloud is launching a $750 million fund to help consulting firms like Accenture (ACN), McKinsey and Deloitte get their clients to use agentic AI software, Bloomberg reported Wednesday, citing an emailed statement and an interview with a company official. Alphabet's Class C and Class A shares were up 1.5% and 1.6%, respectively. Accenture shares were down 1.9%.
Philip Morris International (PM) reported Q1 adjusted earnings Wednesday of $1.96 per diluted share, up from $1.69 a year earlier and above the FactSet consensus of $1.83. Net Q1 revenue was $10.15 billion, up from $9.30 billion ay ear ago and above the FactSet consensus of $9.91 billion. For Q2, Philip Morris said it expects adjusted EPS of $2.02 to $2.07, below the FactSet consensus of $2.12. For full-year 2026, the company said it expects adjusted EPS of $8.36 to $8.51, compared to the FactSet consensus of $8.38. Philip Morris shares were up 7%.
Boston Scientific (BSX) reported Q1 adjusted earnings Wednesday of $0.80 per share, up from $0.75 a year earlier and above the FactSet consensus of $0.79. First-quarter net sales were $5.20 billion, up from $4.66 billion a year ago and above the FactSet consensus of $5.17 billion. For Q2, Boston Scientific said it expects adjusted EPS of $0.82 to $0.84 and net sales growth of 5.5% to 7.5%. Analysts polled by FactSet expect adjusted EPS of $0.86. For full-year 2026, the company said it expects adjusted EPS of $3.34 to $3.41, down from its prior outlook of $3.43 to $3.49 and below the FactSet consensus of $3.45. Full-year net sales are now expected to grow about 7.0% to 8.5%, down from the company's previous guidance of 10.5% to 11.5% growth. Shares of the company were up 8.4%.
AT&T (T) reported Q1 earnings Wednesday of $0.54 per diluted share, down from $0.61 a year earlier and below the FactSet consensus of $0.55. First-quarter operating revenue was $31.51 billion, up from $30.63 billion a year ago and above the FactSet consensus of $31.25 billion. AT&T shares were down 1.8%.
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