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Midday movers: Meta Platforms, IBM, United Parcel Service and more

Published 10/26/2023, 07:09 AM
Updated 10/26/2023, 01:26 PM
© Reuters

Investing.com -- U.S. stocks were falling on Thursday after hotter than expected data on gross domestic product growth, as investors await Amazon (NASDAQ:AMZN)'s earnings report.

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

  • Meta Platforms (NASDAQ:META) stock fell 4.7% after the Facebook-parent exceeded third-quarter expectations, but the management said on the earnings call that brand advertising demand softened at the beginning of the fourth quarter.

  • IBM (NYSE:IBM) (IBM) stock rose 3.8% after the tech company beat expectations on profit for the third quarter and reaffirmed its outlook.

  • United Parcel (NYSE:UPS) Service (UPS) stock fell 5.4% after the delivery service cut its 2023 revenue forecast due to lower e-commerce delivery demand as it fights to win back customers lost during its difficult labor talks.

  • Ford (NYSE:F) stock slipped 1.5% after the auto giant reached a tentative labor deal with the United Auto Workers union to end a strike.

  • Align (NASDAQ:ALGN) stock slumped 25% after the dental company lowered its full-year revenue forecast.

  • Hasbro (NASDAQ:HAS) stock fell 9.8% after the toymaker cut its annual revenue forecast for the second time, warning of choppy toy sales into the crucial holiday quarter.

  • Merck (MRK) stock rose 2.9% after the drugmaker reported higher-than-expected third-quarter sales and profit on surprisingly strong demand for its COVID-19 treatment, primarily in Japan.

  • Southwest Airlines (NYSE:LUV) stock fell 0.8% after the carrier reported a third-quarter profit that fell about 30% on soaring labor and fuel costs.

  • Northrop Grumman (NYSE:NOC) (NOC) stock rose 0.4% after the defense company raised its annual revenue target for the second time this year after reporting a jump in third-quarter revenue and profit helped by strong weapons demand.

  • Kenvue (NYSE:KVUE) stock fell 5% after the Johnson & Johnson (NYSE:JNJ) spinoff cut its annual profit forecast, as it expects lower demand for its cough, cold and flu medicines.

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Latest comments

Blowout GDP numbers mean rate hikes needed to slow overheated economy.
Core PCE Prices (Q3) and employment lower than expected.
Let the pre-market FRAUD begin.  Can't have the S&P under the laughable 4200 level for more than a day.  Criminally manipulated JOKE.
Are you okay man? Maybe take your meds.
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