Get 40% Off
🚀 Our AI Picked 6 Stocks that Jumped +25% in Q1. Which Picks Will Soar in Q2?Unlock full list

Midday movers: Alibaba surges, 3M sinks, and more

Published 01/23/2024, 09:02 PM
Updated 01/24/2024, 12:52 AM
© Reuters.
(Updated - January 23, 2024 11:49 AM EST) -- Main U.S. indexes edged lower Tuesday, consolidating after recent gains as the earnings season kicks into full gear.

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

United Airlines (UAL) stock rose 6.6% after the carrier reported strong fourth-quarter results, thanks in part to its "busiest" travel period ever in the last two weeks of December, but it said it expects a wider-than-expected loss in its current quarter.

Verizon (NYSE:VZ) stock rose 5.5% after the telecommunications giant said it was "well-positioned" for growth in 2024, as it unveiled an annual earnings forecast range that was above expectations.

Johnson & Johnson (NYSE:JNJ) stock fell 1.7% after the pharmaceutical giant reiterated its full-year guidance for 2024 even after its fourth-quarter results beat expectations.

3M (MMM) stock fell 12.5% after the industrial conglomerate unveiled an annual earnings forecast that was below expectations, noting that the outlook does not reflect the potential impact of recent settlements in legal battles involving public water systems and U.S. military earplugs.

Procter & Gamble (NYSE:PG) stock rose 4.1% despite the consumer goods giant cutting its annual profit forecast as the boost from earlier price hikes fades and on writing down the value of its Gillette business in December.

General Electric (NYSE:GE) stock fell 1.% after the industrial conglomerate disappointed with its first-quarter outlook even as its fourth-quarter earnings came in ahead of expectations on strong demand for parts and services at its jet engine business.

Coinbase (NASDAQ:COIN) stock fell 3.7%, with the cryptocurrency exchange hurt after bitcoin, the most popular digital currency, fell below the $40,000-mark, hitting a more than seven-week low.

Exxon Mobil (NYSE:XOM) stock rose 1.2% after TD Cowen upgraded the oil major to ‘outperform’ from ‘market perform’, citing an attractive valuation.

Archer-Daniels-Midland (ADM) stock rose 2.1%, rebounding after slumping 24% on Monday following the announcement of an investigation into accounting practices in the company’s Nutrition segment.

Halliburton (NYSE:HAL) stock rose 2.7% after the oil services company’s fourth-quarter profit beat expectations on strength for offshore and overseas drilling activities internationally.

RTX Corp. (RTX) rose 5.7% Tuesday after the company reported better-than-expected fourth quarter earnings per share and strong 2024 guidance.

D.R. Horton's (DHI) declined 9% after first-quarter results showed mixed performance, with earnings per share falling short of the average analyst estimate. Management said the company is well-positioned to meet changing market conditions.

TKO Group Holdings, Inc. (TKO) stock rose 15% after WWE, part of TKO, and Netflix (NASDAQ:NFLX) announced a long-term partnership that will bring WWE’s Raw program to the entertainment service. Netflix shares were down 0.5%.

PACCAR (NASDAQ:PCAR) stock climbed 3% after it reported fourth quarter EPS and revenue that was better than analyst estimates.

Alibaba (NYSE:BABA) shares climbed 7% following a report from the New York Times that suggested co-founders Jack Ma and Joe Tsai believe the business is undervalued and have been buying shares.

Additional reporting by Louis Juricic

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.