February 22, 2024

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GE, GM, 3M, Spotify, Verizon, and more stock market movers

GE, GM, 3M, Spotify, Verizon, and more stock market movers

General Electric (GE) reported second-quarter adjusted earnings of 68 cents per share on sales of $15.9 billion, above Wall Street estimates that called for earnings of 46 cents per share on sales of $14.8 billion. GE also raised full-year guidance, and the stock jumped 3.6% in pre-market trading.

General Motors (GM) earned $1.91 per share on an adjusted basis in the second quarter, beating analyst estimates. Revenue of $44.8 billion also exceeded expectations of $42.1 billion. Shares of the automaker rose 1.9%.

3M (MMM) rose 2.4% after the company reported better-than-expected second-quarter earnings and sales, and raised its full-year outlook.

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Spotify Technology (SPOT) fell 7.3% in premarket trading even after the music streaming service reported better-than-expected subscriber growth in the second quarter. It was the company’s best-ever quarter for new users, but shares fell after revenue missed expectations.

Shares of telecoms giant Verizon Communications (VZ) rose 2.7% after second-quarter earnings beat analyst estimates even as revenue lost.

F5 (FFIV), the cloud security company, reported third quarter financial earnings of $3.21 on revenue of $702.6 million. Analysts had estimated earnings of $2.86 per share on revenue of $698.9 million. Shares jumped 10% in pre-market trading.

Logitech International

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(LOGI), a maker of computer peripherals, jumped 7.1% after beating estimates for fiscal first-quarter earnings and raising its guidance.

Cadence Design Systems (CDNS) raised its forecast for the year, saying it expects earnings of $5.05 to $5.11 per share on revenue of $4.05 billion to $4.09 billion. Wall Street expects earnings for the year of $5.03 per share on revenue of $4.06 billion. The stock fell 4.1 percent.

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NXP Semiconductors (NXPI) beat analysts’ second-quarter earnings and revenue forecasts and the Netherlands-based chipmaker forecast third-quarter profit of $3.39 to $3.82 per share versus forecasts of $3.44 per share. The stock rose 1.2% in pre-market trading.

Walmart (WMT) has upgraded to Overweight from Neutral in Piper Sandler with a price target of $210. Shares of the world’s largest retailer rose 1.1% to $160.90 in premarket trading.

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Goldman Sachs (GS) fell 0.5% to $357.05 after the investment bank’s shares were downgraded to neutral from buy by analysts at Citi. The price target has been raised to $400 from $370.

Software giant Microsoft Corp.’s (MSFT) fourth-quarter financial report is due after the stock market closes on Tuesday. Investors will focus on the prospects for the company’s Azure cloud computing arm and its rapidly expanding business in artificial intelligence.

Analysts and investors will also be watching for moves into artificial intelligence when Alphabet (GOOGL), the parent company of Google, releases earnings after the closing bell. Investors will also be watching for signs of improvement in the advertising market and cloud spending trends.

Write to Joe Woelfel at [email protected]