United Airlines Soars After Strong Earnings Report
United Airlines saw a nearly 5% increase in its stock price after reporting higher-than-expected earnings and revenue for the fourth quarter. The company also announced that it reached its adjusted earnings target for 2023 and had solid bookings for 2024. However, United forecasted a first-quarter loss due to the grounding of Boeing 737 Max 9 planes.
TKO Group Secures Deal with Netflix
TKO Group Holdings experienced a 15.8% rally in its stock price after announcing a deal to air its WWE flagship program, “Raw,” on Netflix starting next year. This marks Netflix’s first major foray into live sports.
Disappointing Guidance Leads to 3M Stock Decline
Shares of 3M dropped over 11% following the release of disappointing guidance. The company expects adjusted earnings per share for the year to fall short of analyst expectations.
Alibaba Co-Founders Purchase $200 Million Worth of Shares
U.S. shares of Alibaba, a China-based technology company, surged nearly 8% after regulatory filings revealed that the company’s co-founders bought over $200 million worth of shares. This news boosted investor confidence in the company.
Sunnova Energy and Enphase Energy Upgraded by Truist
Sunnova Energy and Enphase Energy saw gains of nearly 5% and 4%, respectively, after being upgraded to buy ratings by Truist. The upgrade was based on expectations that both companies would benefit from rate cuts by the Federal Reserve this year.
JPMorgan Downgrades Coinbase Due to Fading Bitcoin ETF Enthusiasm
Coinbase experienced a 3% slump in its stock price after JPMorgan downgraded the crypto exchange to underweight. The downgrade was attributed to the potential obstacles Coinbase may face as enthusiasm for spot bitcoin ETFs diminishes.
Chinese Internet Stock, NetEase, Rises Following Regulatory News
NetEase, a Chinese internet stock, rose 7.9% after Beijing’s gaming regulator removed draft video gaming rules from its website. These regulations aimed to reduce spending on video games. The KraneShares CSI China Internet ETF also advanced more than 4%.
General Electric Shares Slip Despite Beating Estimates
General Electric’s stock slipped 1% despite exceeding fourth-quarter estimates. The company provided weaker guidance than anticipated for the first quarter, causing investor concern.
Zuora Receives Upgrade from Goldman Sachs
Zuora, an enterprise software company, gained nearly 6% after Goldman Sachs upgraded its shares to buy. The upgrade was based on expectations of improved profitability and stabilized fundamentals, with a projected 30% upside for Zuora shares.
Teva Pharmaceutical Upgraded by Jefferies
Teva Pharmaceutical’s stock rose about 4% after receiving an upgrade to a buy rating from Jefferies. The upgrade cited potential margin expansion opportunities in 2024 as the reason for the improved rating.
Lockheed Martin Falls on Weak Earnings Guidance
Lockheed Martin experienced a more than 4% decline in its stock price after sharing weaker-than-expected earnings-per-share guidance for the full year. The company’s projected earnings fell short of analyst estimates.
D.R. Horton Drops After Mixed Quarterly Results
D.R. Horton, a homebuilder, dropped over 9% following the release of mixed quarterly results. While revenue surpassed expectations, earnings fell short of analyst predictions.
Halliburton Boosts Dividend despite Mixed Results
Halliburton saw a 2.5% increase in its stock price after posting mixed quarterly results and announcing an increased dividend. The oil company’s decision to raise its dividend to 17 cents per share was well-received by investors.
Logitech Faces Stock Decline Despite Raised Revenue Guidance
Logitech’s shares sank over 11% after reporting a decline in sales for its fiscal third quarter. The manufacturer of mice and keyboards did raise its revenue guidance for the full year, but it fell within analysts’ expectations.
Rumble Surges on Barstool Sports Partnership
Rumble shares skyrocketed close to 33% following the announcement of a partnership with Barstool Sports. This latest gain builds on a previous 36% increase from Monday.
Johnson & Johnson Slightly Beats Expectations
Johnson & Johnson’s stock slipped nearly 2% despite slightly beating Wall Street’s fourth-quarter expectations. The pharmaceutical giant also provided full-year guidance, projecting sales and adjusted earnings within a specified range.
Verizon Exceeds Expectations for Fourth Quarter
Verizon’s shares jumped 6.7% after surpassing Wall Street expectations for its fourth-quarter results. The telecommunication giant reported higher adjusted earnings per share and revenue than anticipated.
Procter & Gamble Rallies on Price Hikes
Procter & Gamble experienced a more than 4% rally in its stock price after posting mixed results for its fiscal second quarter. The company’s revenue was boosted by price hikes, and it narrowed its full-year outlook.
RTX Beats Expectations in Fourth-Quarter Results
RTX saw a more than 5% increase in its stock price after exceeding expectations in its fourth-quarter results. The company reported higher adjusted earnings per share and revenue than anticipated.
Zions Bancorporation Reports Mixed Fourth-Quarter Results
Zions Bancorporation’s stock fell 1.3% following the release of mixed fourth-quarter results. While net interest income declined, loans increased during the quarter.
Hot Take: Mixed Performance in Midday Trading
In midday trading, several companies experienced significant stock movements. United Airlines soared after reporting strong earnings, while 3M and Logitech faced declines due to disappointing guidance and sales performance, respectively. Alibaba’s co-founders purchasing shares boosted investor confidence, leading to a surge in the company’s stock price. Upgrades from Truist and Goldman Sachs pushed Sunnova Energy, Enphase Energy, and Zuora higher. On the other hand, JPMorgan downgraded Coinbase, citing fading enthusiasm for bitcoin ETFs. Regulatory news drove NetEase and the KraneShares CSI China Internet ETF up. General Electric, Lockheed Martin, D.R. Horton, Halliburton, Johnson & Johnson, and Zions Bancorporation all faced challenges that impacted their stock prices.
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