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Midday movers: GM advances, Apple declines, and more

Published 01/30/2024, 07:21 AM
Updated 01/30/2024, 12:03 PM
© Reuters.

(Updated - January 30, 2024 12:00 PM EST) -- Main U.S. indexes were mixed Tuesday as investors awaited the start of the latest Federal Reserve policy-setting meeting as well as earnings from a number of major companies.

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

General Motors (NYSE:GM) stock soared 6.75% after the auto giant reported lower pretax profit for the fourth quarter but gave investors an upbeat outlook for 2024 and signaled more capital could be returned to shareholders.

United Parcel Service (NYSE:UPS) stock fell 8% after the world's biggest package delivery firm forecast annual revenue below expectations, facing sluggish domestic and international e-commerce demand..

Whirlpool (NYSE:WHR) stock fell 6% after the white goods maker forecast full-year sales and profit below expectations, suffering from pricing pressure from rivals and higher expenses.

Ford (NYSE:F) stock rose 2% after the auto manufacturer said it would supply more than 1,000 F-150 Lightning and Mustang Mach-E electric vehicles to Ecolab (NYSE:ECL) to replace the water treatment firm's gas-powered vehicles in California. Strong earnings from competitor General Motors also helped improve sentiment.

F5 Networks (NASDAQ:FFIV) stock rose 2% after the cybersecurity stock raised its earnings outlook for 2024 after releasing strong first-quarter numbers.

Super Micro Computer (NASDAQ:SMCI) stock rose over 2.5% after the artificial intelligence server maker delivered strong quarterly results and raised its full-year revenue forecast.

Calix (NYSE:CALX) stock slumped over 26% after the telecom software provider unveiled first-quarter guidance that was well short of Wall Street estimates as customers rethink their spending plans.

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JetBlue Airways (NASDAQ:JBLU) stock fell 5% after the low-cost carrier swung to a loss in the fourth quarter and forecast a fall in first-quarter revenue amid early signs of softening domestic demand.

SLB (SLB) stock fell 8% after Saudi Aramco (TADAWUL:2222) abandoned plans to boost its output capacity, sowing doubt about global oil demand. Shares of Halliburton (NYSE:HAL) and Baker Hughes Company (NASDAQ:BKR) were also lower.

Citigroup (C) stock rose 4.4% after analysts at Morgan Stanley upgraded the bank to ‘overweight’ from ‘underweight. Bank of America (BAC), up 3.5%, was upgraded to ‘overweight’ from ‘equalweight.’

Corning (NYSE:GLW) stock rose 7% despite issuing guidance that was slightly lower than consensus. Management said it anticipates the first quarter to be the low quarter of the year.

Nucor (NYSE:NUE) stock rose 4% after it reported fourth quarter results and issued outlook. The steel products company said it expects earnings in the first quarter of 2024 to increase compared to the fourth quarter of 2023.

MSCI (MSCI) stock rose 12% after delivering what analysts said was a “solid beat” in the fourth quarter. The stock hit a 52-week high.

Apple (NASDAQ:AAPL) stock declined 1.6% after analysts said iPhone shipments are likely to decline significantly this year due to structural challenges. Apple reports results on Thursday.

Additional reporting by Louis Juricic

Latest comments

Ffiv. Lfgggggg
huge elephant in the room - the plain facts are that all around the world, consumer demand is falling off a cliff and what demand there is amongst the vast majority of the population is on credit at very high interest rates - the mainstream media including this site are gaslighting folk into thinking all is well in the US economy - but no man is an island - with Evergrande crashing out, we're about to see a major global financial crisis coming home to roost - it's taken two years, as it always does as government attempt stimulus and other measures to at least pump the markets to ATHs to allow the elitist oligarchy to sell out all their stock at sky high valuations, but they're all pretty much out now, so the rug pull isn't far away.
"the world, consumer demand is falling off a cliff"  --  No.
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