Stocks traded mostly higher Tuesday as investors readied for another glance at economic data amid a rush of earnings reports.
These stocks were making moves Tuesday:
Fourth-quarter earnings at
United Airlines
topped Wall Street forecasts. The carrier said it expected 2024 adjusted profit of $9 to $11 a share, compared with analysts’ estimates of $9.48. The stock was rising 6.9%. United said it anticipates a first-quarter loss wider than estimates because regulators have grounded Boeing‘s 737 MAX 9 planes.
3M
posted better-than-expected adjusted earnings and sales for the fourth quarter but the company’s full-year adjusted earnings guidance for 2024 was about $9.55 a share, below Wall Street estimates of $9.90. Shares of the Scotch tape maker dived 12%.
Verizon Communications
jumped 5.6% after the telecommunications company reported fiscal-fourth-quarter revenue and postpaid net additions that beat Wall Street estimates. Adjusted earnings were in line with consensus.
Plug Power
gained 18% after the hydrogen-technology company said it was getting close to a substantial government loan. The company and the Department of Energy have finished negotiating terms for a $1.6 billion loan facility, CEO Andy Marsh said on a conference call Tuesday.
Home builder
D.R. Horton
reported mixed quarterly results on Tuesday, with earnings short of Wall Street forecasts but revenue ahead of expectations. The stock fell 9.2%.
General Electric
reported better-than-expected fourth-quarter earnings and issued solid sales guidance. The stock was up 0.1% after GE said it expects first-quarter adjusted earnings of 60 cents to 65 cents a share, below consensus of 70 cents.
Johnson & Johnson
fell 1.5% after the company reported fourth-quarter adjusted earnings of $2.29 a share, 1 cent above analysts’ estimates. Sales of $21.4 billion came in slightly higher than Wall Street forecasts.
Logitech,
the computer peripherals maker, reported fiscal-third-quarter revenue of $1.26 billion, down from $1.27 billion a year earlier. The company forecast a full-year sales decline of 6% to 7% to $4.2 billion to $4.25 billion, narrower than its previous expectations for a drop between 9% and 12%. The company also raised its guidance for operating income. The stock fell 9.3%.
Alibaba
jumped 7.1% after a Bloomberg report, citing anonymous sources, said the Chinese government was considering a package of measures to prop up the stock market.
Aerospace-and-defense company
RTX
reported adjusted earnings of $1.29 a share on sales of $19.8 billion for the fourth quarter, while Wall Street was looking for earnings per share of $1.24 on sales of $19.7 billion. For 2024, RTX said it expects earnings of $5.25 to $5.40 a share, while analysts expected $5.28. The stock gained 5.7%.
Procter & Gamble
stock rose 4.4% after the consumer products titan beat core earnings estimates but delivered sales slightly below the consensus estimate for its fiscal second quarter ended Dec. 31.
Aerospace company
Lockheed Martin
reported fourth-quarter earnings of $7.58 a share from sales of $18.9 billion. Wall Street was looking for $7.29 a share from about $18 billion in sales. Shares edged 4.2% lower.
Coinbase
was falling 3% to $124.33 after shares of the crypto exchange were downgraded to Underweight from Neutral at J.P. Morgan and the price target was left unchanged at $80.
Enphase Energy
gained 2.6% after the maker of micro inverter systems for solar panels was upgraded to Buy from Hold at
Truist.
Sanofi
plans to buy the assets and liabilities of INBRX-101, a therapy from biopharmaceutical company
Inhibrx,
in a deal valued at up to $2.2 billion. Before the deal closes, assets not associated with INBRX-101 will be spun off into a new publicly traded company. Under the terms of the agreement, Inhibrx shareholders will receive $30 a share in cash, plus a contingent value right. Inhibrx stock rose 8.9% to $36.31.
Write to Joe Woelfel at [email protected] and Emily Dattilo at [email protected]
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