Check out the companies making headlines midday Monday:
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Citigroup — The bank’s stock fell 1% after reporting mixed quarterly results. Citigroup’s earnings per share topped analyst expectations as the company repurchased more than $4 billion in stock. However, revenue fell amid a drag in equity-market trading.
Goldman Sachs — Shares of Goldman Sachs slid about 3% after the investment bank posted weaker-than-expected first-quarter revenue. The bank said Monday that revenue dropped 13% to $8.81 billion, below analyst’s $8.9 billion estimate. Sales of its institutional client services trading division, the bank’s biggest business, fell 18% year over year.
Levi Strauss — The jeans maker’s stock rose 1.4% after analysts at J.P. Morgan initiated it with an overweight and set a $26 year-end price target. “We view the combination of a strong tenured management team led by CEO C. Bergh and brand heritage … as a competitive advantage in expanding to a global lifestyle brand,” J. P. Morgan said in a statement.
Nokia — Nokia dropped nearly 5% after Goldman Sachs downgraded the stock to sell from neutral, citing increasing competition from companies like Samsung and Ericsson. Goldman’s estimates show Ericsson holds 29% of the global wireless networking market, Nokia and Huawei each hold 23%, while Samsung only holds 5% of the market.
Waste Management — Shares of Waste Management rose 1.6% after the company announced plans to buy smaller rival Advanced Disposal Services for about $3 billion. The top waste management service company would pay $33.15 per share in cash for Advanced Disposal, in a move to expand its footprint in the eastern United States.
Insys Therapeutics — Shares of the pharmaceutical company dropped nearly 10% after announcing CEO Saeed Motahari will leave his post. Andrew Long will be the new CEO. Motahari’s departure follows the end of closing arguments in the criminal trial of executive John Kapoor. Prosecutors say Kapoor, along with four co-defendants, bribed doctors.
Spotify Technology — Spotify dropped more than 5% after reports said Amazon is in talks to launch a free music streaming service. Billboard, citing sources familiar with the matter, reported the ecommerce giant would make the service available as soon as next week through its Echo speakers. Amazon’s move would put pressure on music-streaming giant Spotify, which has a freebie option that lets users listen to select albums.
Gogo — Shares of the in-flight internet service company soared over 13% after releasing preliminary first-quarter earnings and announcing a $900 secured notes offering. The company cited better-than-expected commercial aviation service revenue and low operating costs behind its financial gains.
Lyft — Shares of Lyft plunged 6.34% after the ride sharing company announced it will recall thousands of electric bikes in its bike-share programs in New York, Washington and San Francisco because of a braking problem. This came after riders reported “stronger than expected braking force on the front wheel.”