Midday movers: McDonald's, Southwest Airlines, General Motors and more
Investing.com -- U.S. shares were rising on Monday to start a full week of earnings reports as investors look ahead to the next interest rate decision from the Federal Reserve.
Here are some of the biggest U.S. stock movers today:
McDonald's (NYSE:MCD) stock rose 1.8% after the burger giant beat estimates for third-quarter profit and sales on Monday, and also raised its quarterly cash dividend by 10%, powered by new launches as well as steady demand for its cheaper burgers and fries from diners struggling with still-high food prices.
Southwest Airlines (NYSE:LUV) stock rose 0.1%, rebounding from Friday’s sharp losses, despite the carrier stating that the U.S. transportation regulator may impose a fine related to the wide-scale operational disruptions the carrier faced in December last year.
Ford (NYSE:F) stock fell 1.3% after the car making giant reached a tentative labor deal with the United Auto Workers union that would end long-standing strikes at some of the company's plants. General Motors Company (NYSE:GM) shares rose 0.2% after also reaching an agreement, and Stellantis NV (NYSE:STLA) dipped 0.1%.
HSBC (NYSE:HSBC) ADRs stock fell 1.9% after the banking giant unveiled an extra $3 billion in share buybacks, bringing its total returns to shareholders this year to $7B, after reporting pretax profit in the third quarter of $7.7B, jumping from $4.5B in the corresponding period last year.
Cisco (NASDAQ:CSCO) stock fell 0.4% after Raymond James downgraded the tech company to ‘market perform’ from ‘outperform’, expecting the company to experience a decline in campus sales, which are likely responsible for approximately one-third of the sales decline expected in 2024.
Coherus Biosciences (NASDAQ:CHRS) stock jumped over 14% after the U.S. health regulator approved the biotech's treatment for nasopharyngeal cancer.
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