Midday movers: Eli Lilly, 3M, PayPal rise; Coca-Cola, Tesla fall

(Updated - April 30, 2024 11:26 AM EDT)

Investing.com -- Main U.S. indexes slipped lower Tuesday, amid caution ahead of the start of the latest Federal Reserve policy-setting meeting.

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

• Coca-Cola (NYSE:KO) stock fell 0.7% despite the beverage giant reporting quarterly earnings and revenue that beat expectations, and raising its full-year outlook for organic revenue. That said, sales in its important North American market were flat for the quarter.

• Tesla (NASDAQ:TSLA) stock fell 4.8%, following hefty gains last session, with The Information reporting that CEO Elon Musk has dismissed two Tesla senior executives and plans to lay off hundreds more employees, frustrated by falling sales.

• Eli Lilly (NYSE:LLY) stock rose 5% after the pharmaceutical giant reported better-than-expected earnings for its first quarter, and hiked its full-year guidance on strong sales of its blockbuster diabetes drug Mounjaro and newly launched weight loss treatment Zepbound.

• Walmart (NYSE:WMT) stock fell 1.3% after the retail giant announced it will close all of its health-care clinics across the country, as well as its telehealth provider, citing the inability to operate them profitably.

• Paramount Global (PARA) stock fell 4.4% after the entertainment giant announced that Chief Executive Bob Bakish has stepped down amid ongoing talks over a potential tie-up talks with David Ellison's Skydance Media.

• Microsoft (NASDAQ:MSFT) stock fell 1.3% after the software giant announced plans to invest $1.7 billion into Indonesia over the next four years to build new cloud and AI infrastructure.

• 3M Company (NYSE:MMM) stock soared 4% after the industrial conglomerate topped expectations for its first quarter, adding that it expects its dividend payout ratio to be approximately 40% of adjusted free cash flow.

• PayPal (NASDAQ:PYPL) stock rose 2.5% after the payments system operator posted a better-than-anticipated 14% year-on-year uptick in first-quarter total payment volume to $403.9 billion.

• McDonald’s (NYSE:MCD) stock fell 0.4% after the fast food giant missed quarterly earnings estimates as its reorganization weighed on its profits and boycotts hurt its Middle Eastern sales.

• Coursera (COUR) stock fell 12% after the online learning platform forecast its full-year revenue below market estimates.

• Restaurant Brands (NYSE:QSR) stock rose 4% after the company announced plans to invest another $300 million in its Burger King chain to remodel about 1,100 of its U.S. restaurants as part of a broader turnaround effort.

• Corning (NYSE:GLW) rose 7% after it beat consensus estimates for EPS and revenue in the first quarter, helped by strong performance in display and optical.

• Sysco Corp . (NYSE:SYY) fell 3.5% after quarterly sales fell short of consensus views. Lower traffic to restaurants year over year negatively impacted case volume.

• Trane Technologies (NYSE:TT) rose 8% after EPS and revenue beat estimates and it raised guidance. The magnitude of the beat delighted analysts.

Additional reporting by Louis Juricic