PepsiCo, Elevance Health, CSX, and More

Major U.S. equities indexes were higher at midday Thursday in the wake of better-than-expected quarterly results from several major companies.

PepsiCo reported earnings that topped analysts’ estimates, sending its stock higher.

Elevance Health shares tumbled after the company cut its outlook because of rising costs.

Major U.S. equities indexes were higher at midday Thursday in the wake of better-than-expected quarterly results from several major companies. The Dow, S&P 500, and Nasdaq all advanced.

PepsiCo (PEP) shares jumped after the soft drink maker beat quarterly profit and sales estimates on increased international demand.

Shares of CSX (CSX) and Norfolk Southern (NSC) climbed following a report bigger rival Union Pacific (UNP) is looking to make an acquisition, and they could be targets. Union Pacific shares dropped.

Higher-than-anticipated earnings and a positive outlook for travel this year boosted shares of United Airlines (UAL).

Elevance Health (ELV) was the worst-performing stock in the S&P 500 after the health insurer missed profit forecasts and slashed its outlook on higher costs for Affordable Care Act and Medicaid coverage. The news dragged down other providers as well.

Shares of Abbott Laboratories (ABT) sank after the drugmaker narrowed its full-year outlook with COVID-19 testing sales plunging 46% year-over-year.

Shares of high-fructose corn syrup suppliers Archer Daniels Midland (ADM) and Ingredion (INGR) slipped as President Trump posted on social media that Coca-Cola agreed to switch to using cane sugar in Coke in the U.S.

Oil futures gained, while the price of gold dropped. The yield on the 10-year Treasury note was down slightly. The U.S. dollar was up on the euro, pound, and yen. Most major cryptocurrencies traded higher. 

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