Stocks making the biggest moves midday: Bank of America, General Motors, UPS and more
Check out the companies making headlines in midday trading. General Motors — Shares of General Motors rose 8% after the automaker topped Wall Street’s estimates on the top and bottom lines and offered strong guidance for 2024. The company reported adjusted earnings of $1.24 per share on $42.98 billion in revenue for the fourth quarter of 2023. United Parcel Service — The package delivery company slumped 7% after UPS reported disappointing fourth-quarter revenue and guidance. Revenue of $24.92 billion was lower than the $25.43 billion consensus estimate from analysts polled by LSEG, formerly known as Refinitiv. UPS issued full-year revenue guidance between $92 billion and $94.5 billion, which was below the $95.57 billion anticipated by Wall Street. Bank of America , Citigroup — Shares rose after Morgan Stanley upgraded several large banks , saying the future is “bright” for the sector. Bank of America shares gained more than 3% following an upgrade to overweight from equal weight. Citigroup shares jumped 4% after an upgrade to overweight from underweight. JetBlue Airways — Shares of the airline fell almost 6% after JetBlue reported that it swung to a loss during the fourth quarter. The company said its capacity will decline in 2024 as it tries to return to profitability. Marathon Petroleum — Shares jumped nearly 4%, hitting a new 52-week high after the company reported a beat on the top and bottom lines. Marathon Petroleum posted adjusted earnings of $3.98 per share on $36.82 billion in revenue. Analysts polled by FactSet had forecast earnings of $2.21 per share on revenue of $34.90 billion. While the company’s operating income also beat analysts’ estimates, it declined on a year-over-year basis. Whirlpool — Shares tumbled 6% on the back of weak full-year guidance. Late Monday, the home appliance maker said to expect adjusted earnings in a range between $13 and $15 per share on revenue of $16.9 billion. But analysts polled by LSEG forecast $15.48 per share and revenue of $17.7 billion. That distracted from a better-than-expected fourth-quarter report. Sanmina — Sanmina shares soared more than 27% after the manufacturing services provider reported better-than-expected earnings for the first fiscal quarter, as well as second-quarter guidance that topped estimates. On Monday, Sanmina reported adjusted earnings of $1.30 per share, more than analysts’ estimates for earnings of $1.15 per share, according to FactSet. Revenue of $1.87 billion was in line with expectations. MSCI — MSCI shares jumped 10% after the finance company reported fourth-quarter results that exceeded expectations. MSCI posted adjusted earnings of $3.68 per share on revenue of $690.1 million. Analysts polled by FactSet were anticipating earnings of $3.29 per share on revenue of $662.6 million. Corning — Corning shares jumped 6% after the materials science company behind specialty glass and ceramics posted fourth-quarter core revenue that came in better than anticipated. Core revenue came in at $3.27 billion, more than the $3.26 billion anticipated by analysts polled by FactSet. Core earnings per share of 39 cents was in line with expectations. Management also said it expects the first quarter will be the low quarter of the year. Nucor — Shares of the steel manufacturer rose more than 5%. On Monday, the company posted earnings of $3.16 per share for the fourth quarter, which beat analysts’ estimates by 29 cents per share, according to LSEG. Nucor also said it expects first-quarter earnings this year to increase and that the resilience of the U.S. economy as well as steel-intensive megatrends are driving demand for its products. Super Micro Computer — Super Micro Computer gained nearly 2% after its fiscal second-quarter results exceeded expectations. Late Monday, the information technology company posted adjusted earnings of $5.59 per share on $3.66 billion of revenue. Analysts polled by LSEG expected earnings of $4.93 per share on $3.06 billion of revenue. Sysco — Sysco shares popped 6% after the wholesale restaurant distributor posted better-than-expected fourth-quarter earnings. Adjusted earnings of 89 cents per share beat analysts’ expectations for earnings of 88 cents per share, per FactSet. However, revenue of $19.29 billion was lower than the consensus estimate of $19.32 billion. A.O. Smith — The water heater manufacturer dropped nearly 4%. A.O. Smith issued full-year guidance, with the lower end of its forecast coming in below analysts’ estimates, per FactSet. The company anticipates adjusted earnings for 2024 of $3.90 to $4.15 per share, while analysts called for $4.05 per share. Projected revenue for the period is ranging between $3.97 billion and $4.05 billion, compared to the Street’s estimates for $3.99 billion. — CNBC’s Alex Harring, Hakyung Kim, Tanaya Macheel, Jesse Pound and Samantha Subin contributed reporting.
