Midday movers: Amazon, Pfizer, Pinterest rise; AMD, Starbucks, CVS Health fall

(Updated - May 1, 2024 11:35 AM EDT)

Investing.com -- Main U.S. indexes fell Wednesday, amid fears the upcoming Federal Reserve policy-setting meeting will signal interest rates being held at elevated levels for a longer time.

Here are some of the biggest U.S. stock movers today:

Amazon (NASDAQ:AMZN) stock rose 1.7% after the e-commerce and tech giant’s first-quarter earnings beat estimates. However, gains were limited as its revenue forecast disappointed, as the e-commerce giant forecast increased costs on AI spending. despite the beverage giant reporting

Advanced Micro Devices (NASDAQ:AMD) stock fell over 9% after the chipmaker said it expects AI chip sales of roughly $4 billion for 2024, an increase of $500 million from its prior estimate for the year. However, this was not enough to meet Wall Street's lofty expectations.

Super Micro Computer (NASDAQ:SMCI) stock fell 17% after the chipmaker's forecast of $4 billion in AI chip sales for 2024 fell short of elevated expectations.

Starbucks (NASDAQ:SBUX) stock dropped 17% after its first quarter profit missed expectations, while its revenue weakened on worsening demand in North America and China.

Kraft Heinz (NASDAQ:KHC) stock fell 6% after the food giant missed expectations for first-quarter sales, as inflation-weary consumers pushed back on higher prices of its products.

Pfizer (NYSE:PFE) (PFE) stock rose 3.5% after the drugmaker tops first-quarter expectations, and boosts its full-year outlook.

Yum! Brands (NYSE:YUM) stock fell 4% after the restaurant group reported a surprise fall in quarterly global same-store sales, hurt by choppy demand for its KFC and Pizza Hut brands from inflation-weary consumers.

Estee Lauder (NYSE:EL) (EL) stock fell 11% after the beauty products company as its earnings and revenue topped consensus expectations, but guidance fell short of consensus estimates.

Marriott International (NASDAQ:MAR) stock fell 1% despite the hotel operator raising its forecast for annual adjusted profit on Wednesday, noting that domestic U.S. travel is normalizing after the post-COVID surge.

Pinterest (NYSE:PINS) stock surged 21% after the social media firm forecast second-quarter revenue above Wall Street estimates.

CVS Health (NYSE:CVS) stock slumped 18% after the pharmacy chain reported a decline in first-quarter profits and slashed its full-year earnings outlook.

Block (SQ) fell 7.75% after an NBC report said federal prosecutors are examining financial transactions over alleged compliance issues at Square and Cash App.

Johnson Controls (NYSE:JCI) fell 7% after it issued guidance for its third quarter that missed expectations, raising questions about how achievable its annual targets are.

Garmin Ltd . (GRMN) rose 12% after it reported first quarter EPS and revenue that easily beat Wall Street estimates. Analysts now see upside to its full year forecast.

Global Payments (GPN) fell 8.8% despite reporting first quarter results and guidance that were largely in-line with consensus, although margins were weaker than expected.

CDW (NASDAQ:CDW) declined 9% after it published first quarter results that missed analysts' expectations on the top and bottom line.

DuPont (NYSE:DD) rose 8% and hit a 52-week high after its results topped consensus in the first quarter. The chemicals company also raised guidance.

Additional reporting by Louis Juricic