All three major US stock indexes were up in late-morning trading on Tuesday as the earnings season marches on with several large companies reporting results.

In company news, Elliott investment Management has taken a position worth over $1.5 billion in Hewlett Packard Enterprise (HPE), Bloomberg reported Tuesday, citing people familiar with the matter. The investment makes Elliott one of the top five shareholders in the company, Bloomberg said, citing data it compiled. HP Enterprise shares were up 4% around midday.

Johnson & Johnson (JNJ) reported Q1 adjusted earnings Tuesday of $2.77 per diluted share, up from $2.71 a year earlier and above the consensus estimate of analysts polled by FactSet calling for $2.58. First-quarter sales were $21.89 billion, up from $21.38 billion in the year-ago period and above the FactSet consensus estimate of $21.56 billion. The company lifted its full-year operational sales outlook to a range of $91.6 billion to $92.4 billion from $90.9 billion to $91.7 billion. The pharmaceutical giant also raised its reported sales guidance to a range of $91 billion to $91.8 billion from $89.2 billion to $90 billion. Johnson & Johnson shares were down 0.3%.

Bank of America (BAC) reported Q1 earnings Tuesday of $0.90 per diluted share, up from $0.76 a year earlier and above the FactSet consensus estimate of $0.82. First-quarter revenue was $27.37 billion, up from $25.82 billion in the year-ago period and above the FactSet consensus of $26.97 billion. Separately, the bank was ordered to pay $540.3 million in a lawsuit filed by the Federal Deposit Insurance Corp. for allegedly underpaying its deposit insurance contributions, Reuters reported Monday, citing a court document. Bank of America shares were up 4.2%.

Citigroup (C) reported Q1 earnings Tuesday of $1.96 per diluted share, up from $1.58 a year earlier and above the FactSet consensus of $1.85. First-quarter revenue was $21.60 billion, up from $21.02 billion a year earlier and above the FactSet consensus of $21.26 billion. Separately, a group of banks led by Citi and JPMorgan Chase (JPM) will use their own balance sheets to fund about $2.2 billion in debt in support of ABC Technologies' acquisition of TI Fluid Systems, Bloomberg reported Tuesday, citing people familiar with the matter. Citigroup shares were up 2.7%, while those of JPMorgan were up 0.5%.

PNC Financial Services Group (PNC) reported Q1 earnings Tuesday of $3.51 per diluted share, up from $3.10 a year earlier and above the FactSet consensus of $3.38. First-quarter revenue was $5.45 billion, up from $5.15 billion in the year-ago period but below the FactSet consensus of $5.49 billion. The bank's net interest income jumped to $3.48 billion in Q1 from $3.26 billion in the year-ago period. PNC shares were up 1.7%.

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