Movers: Arch Resources, Carvana, Sherwin Williams, Tesla, Waste Management

Barry Adams
26 Apr, 2022
New York City

Arch Resources surged 20% after the coal miner reported quarterly earnings per share of $12.89 compared to loss of 40 cents a year ago. 

The mining companies also declared a special dividend of $7.86 and standard dividend of 25 cents. 

The company has coal commitments between 83 million tons and 87.8 million tons for 2022. 

Carvana Co plunged 11.8% after the stock was downgraded by Deutsche Bank and the company last week reported first-quarter loss of $506 million compared to $82 million a year ago. 

The company also said it is planning to sell $1 billion of stocks and raise additional $2.3 billion in unsecured debt to finance acquisition of its auction unit Adesa. 

JetBlue Airways sank 11% after the airline said it is planning to shrink its capacity by 5% and layoff staff from its previous plan to increase by 15% compared to 2019. The company said it plans to shrink the spring and summer schedule by 5% to 8%. 

Sherwin-Williams jumped 9% after reporting quarterly sales of $5 billion, an increase of 7.4% but earnings per share declined to $1.41 from $1.51. Adjusted earnings of $1.61 a share were ahead of estimates between $1.51 and $1.53. 

Tesla Inc plunged 11% after the company's CEO Elon Musk agreed to acquire Twitter Inc for $44 billion. About 33% or $60 billion of Musk's Tesla holdings are placed under collateral to finance the purchase.  

Waste Management jumped 5% after reporting first-quarter revenues of $4.66 billion and adjusted earnings per share $1.29 a share. GAAP-based earnings per share increased to $1.23 from 99 cents a year ago. 

The waste management company said revenues rose on growth in waste collection volume and improvement in yields in disposals.