Midday movers: Alibaba surges, 3M sinks, and more
(Updated - January 23, 2024 11:49 AM EST)
Investing.com -- Main U.S. indexes edged lower Tuesday, consolidating after recent gains as the earnings season kicks into full gear.
Here are some of the biggest U.S. stock movers today:
United Airlines (UAL) stock rose 6.6% after the carrier reported strong fourth-quarter results, thanks in part to its "busiest" travel period ever in the last two weeks of December, but it said it expects a wider-than-expected loss in its current quarter.
Verizon (NYSE:VZ) stock rose 5.5% after the telecommunications giant said it was "well-positioned" for growth in 2024, as it unveiled an annual earnings forecast range that was above expectations.
Johnson&Johnson (NYSE:JNJ) stock fell 1.7% after the pharmaceutical giant reiterated its full-year guidance for 2024 even after its fourth-quarter results beat expectations.
3M (MMM) stock fell 12.5% after the industrial conglomerate unveiled an annual earnings forecast that was below expectations, noting that the outlook does not reflect the potential impact of recent settlements in legal battles involving public water systems and U.S. military earplugs.
Procter&Gamble (NYSE:PG) stock rose 4.1% despite the consumer goods giant cutting its annual profit forecast as the boost from earlier price hikes fades and on writing down the value of its Gillette business in December.
General Electric (NYSE:GE) stock fell 1.% after the industrial conglomerate disappointed with its first-quarter outlook even as its fourth-quarter earnings came in ahead of expectations on strong demand for parts and services at its jet engine business.
Coinbase (NASDAQ:COIN) stock fell 3.7%, with the cryptocurrency exchange hurt after bitcoin, the most popular digital currency, fell below the $40,000-mark, hitting a more than seven-week low.
Exxon Mobil (NYSE:XOM) stock rose 1.2% after TD Cowen upgraded the oil major to ‘outperform’ from ‘market perform’, citing an attractive valuation.
Archer-Daniels-Midland (ADM) stock rose 2.1%, rebounding after slumping 24% on Monday following the announcement of an investigation into accounting practices in the company’s Nutrition segment.
Halliburton (NYSE:HAL) stock rose 2.7% after the oil services company’s fourth-quarter profit beat expectations on strength for offshore and overseas drilling activities internationally.
RTX Corp. (RTX) rose 5.7% Tuesday after the company reported better-than-expected fourth quarter earnings per share and strong 2024 guidance.
D.R. Horton's (DHI) stock declined 9% after first-quarter results showed mixed performance, with earnings per share falling short of the average analyst estimate. Management said the company is well-positioned to meet changing market conditions.
TKO Group Holdings, Inc. (TKO) stock rose 15% after WWE, part of TKO, and Netflix (NASDAQ:NFLX) announced a long-term partnership that will bring WWE’s Raw program to the entertainment service. Netflix shares were down 0.5%.
PACCAR (NASDAQ:PCAR) stock climbed 3% after it reported fourth quarter EPS and revenue that was better than analyst estimates.
Alibaba (NYSE:BABA) shares climbed 7% following a report from the New York Times that suggested co-founders Jack Ma and Joe Tsai believe the business is undervalued and have been buying shares.
Additional reporting by Louis Juricic
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