Midday movers: Ferrari races higher, Qualcomm sputters, and more
(Updated - February 1, 2024 12:02 PM EST)
Investing.com -- U.S. futures rose Thursday as investors digested news from the latest Federal Reserve policy-setting meeting ahead of the release of more earnings from mega-cap tech companies.
Here are some of the biggest U.S. stock movers today:
Qualcomm (NASDAQ:QCOM) stock fell 4.1% despite the chipmaker reporting better-than-expected first-quarter results as a recovery in smartphone demand boosted handset chip sales, with investors wary of signs of weakness in the key Chinese market.
Royal Caribbean (NYSE:RCL) stock fell 3.5% despite the cruise operator projected annual profit above expectations on strong demand for cruise vacations and steeper itinerary prices.
Peloton (NASDAQ:PTON) stock fell 22% after forecasting third-quarter revenue below market estimates.
Honeywell (NASDAQ:HON) stock fell 3.7% after the diversified industrial firm forecast a weak first quarter after missing on sales estimates for the last three months of 2023.
Merck (MRK) stock rose 3% after the drugmaker posted better-than-expected fourth-quarter results on strong sales of its cancer immunotherapy Keytruda, now the world's biggest selling prescription medicine.
Canada Goose (GOOS) stock rose 2% after the luxury winter weather retailer forecast fourth-quarter revenue above expectations, expecting a sharp rebound in the crucial Chinese market.
Ferrari (NYSE:RACE) stock rose 13% after the luxury sports car maker said its revenues and core earnings would rise this year, supported by an "exceptional visibility" on its order book.
Tesla (NASDAQ:TSLA) stock declined 1% with the electric vehicle manufacturer set to hold a shareholder vote to transfer its state of incorporation to Texas from Delaware, days after a Delaware judge invalidated Musk's $56 billion pay package.
New York Community Bancorp (NYSE:NYCB) stock declined 12%, adding to Wednesday's 38% slide on a dividend cut and surprise loss. The regional banking ETF declined 5.4%.
Etsy (NASDAQ:ETSY) stock rose 8% after the company announced it has appointed Marc Steinberg, partner at activist firm Elliott Investment Management, to its board. The hedge fund’s stake in the online marketplace is believed to be about 13%.
Aflac (NYSE:AFL) stock fell 9% after it reported fourth quarter earnings per share that trailed estimates. Results were especially disappointing given the stock’s premium valuation.
Norfolk Southern (NYSE:NSC) stock rose 7% after the Wall Street Journal reported that an Ancora Holdings-led investor group has taken an approximately $1 billion stake in the company.
Illinois Tool Works (NYSE:ITW) stock fell 3% after reporting mixed fourth quarter results. Investors were concerned with its forecast for modest organic growth.
Corteva (NYSE:CTVA) stock rose 17% after it told investors overall agriculture fundamentals remain constructive, with record-setting demand for grain, oilseeds, meat and biofuels continuing into 2024.
Additional reporting by Louis Juricic
Related Articles
Midday movers: Ferrari races higher, Qualcomm sputters, and more
Sea Ltd upgraded to Buy on improving outlook
Lancaster Colony (LANC) Shares Skyrocket, What You Need To Know
