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HomeStocks in FocusTesla, Humana, Boeing fall premarket; IBM and American Airlines rise.

Tesla, Humana, Boeing fall premarket; IBM and American Airlines rise.

Tesla

Netflix

Pre-Market active stocks

Gainers

  • IBM (NYSE:IBM) stock climbed 6.8% after the computer giant forecasted higher-than-expected full-year revenue growth, citing demand for its IT software and advisory services from businesses eager to implement artificial intelligence.
  • American Airlines (NASDAQ:AAL) stock jumped 5% as the airline exceeded expectations with its prediction for full-year adjusted earnings per share, expecting to benefit from strong passenger booking patterns and a drop in fuel prices.
  • Mobileye (NASDAQ:MBLY) stock increased 0.7% after the self-driving technology company topped estimates for quarterly adjusted earnings as demand for its autonomous driving technology remained solid in an uncertain economy.

Losers

  • Humana (NYSE:HUM) stock fell 14% after the health insurer forecasted 2024 profit to be significantly lower than expected due to increasing costs in its Medicare Advantage programs for older persons that will continue into 2024.
  • Tesla’s (NASDAQ:TSLA) stock slumped 8.3% after CEO Elon Musk warned that the electric vehicle manufacturer expects “significantly lower” sales growth in 2024 compared to the previous year, citing more competition and stalled demand from cost-conscious purchasers.
  • Boeing (NYSE:BA) stock slumped 2.9% after U.S. regulators halted increases in 737 MAX manufacturing, heightening concerns about the company’s development ambitions.
  • Ford (NYSE:F) stock dipped 1.3% after the automaker said in its fourth-quarter results that it expects to report a pretax remeasurement loss of approximately $1.7 billion relating to its employees’ pensions and other post-retirement benefits.
  • Dow (NYSE:DOW) dipped 0.7% as the chemicals company announced a more than 10% loss in fourth-quarter sales as destocking trends continued despite lower demand for its products in key regions.
  • Apple (NASDAQ:AAPL) stock slipped 0.2% after smartphone shipments in China fell 2.1%, according to IDC statistics, owing to greater competition from local rivals.

Stocks in focus

American Airlines (AAL) was among the most actively traded stocks before of the opening bell, up more than 5%. The carrier expects adjusted profit for the full year 2024 to be higher than expected, as travel demand remains strong. For the fourth quarter of 2023, the airline reported its highest completion factor, on-time departures, and lowest mishandled baggage rate. “As we look forward, we remain focused on delivering a reliable operation for our customers and reengineering the business to build an even more efficient airline,” stated American Airlines (AAL) CEO Robert Isom. See how AAL performed in charts.
Comcast’s (NASDAQ:CMCSA) Class A shares fluctuated in pre-market trading. The telecom, media, and entertainment conglomerate announced a Q4 2023 top and bottom line beat, aided by growth in its streaming and theme park divisions that offset a persistent decline in internet customers. The firm lost 34K members in the quarter, almost doubling the 18K lost in Q3. However, a 57% increase in revenue from streaming service Peacock, combined with Comcast’s (CMCSA) Universal Pictures becoming the top studio at the 2023 global box office, offset the subscriber drop. View CMCSA’s performance in charts.
Blackstone (BX) stock rose almost 2% before the market opened, as the world’s largest private equity firm reported a 4% increase in Q4 2023 distributable earnings. Inflows in the quarter increased to $52.7 billion from $25.3 billion in the previous quarter, while expenses fell. By strategy, private credit outperformed, while Blackstone’s (BX) Core+ real estate funds underperformed. Total assets under management increased to $1.04 trillion at the end of the quarter, up from $1.01 trillion at the end of the third quarter. Blackstone’s (BX) distributable earnings, which represent cash used to pay dividends to shareholders, increased to $1.39 billion from $1.33 billion the year before. See how BX performed on the charts.

NextEra Energy (NEE) shares increased more than 1% in pre-market trade. The company, which is the largest renewable energy provider in the United States, posted a Q4 2023 top and bottom line beat, aided by growth in both its Florida Power & Light (FPL) and NextEra Energy Resources businesses. The latter division “had its best-ever year of new renewables and storage origination, adding approximately 9K megawatts to its backlog,” NextEra (NEE) CEO John Ketchum stated. Meanwhile, FPL’s quarterly average number of subscribers climbed by approximately 81K from a year earlier. See how NEE performed in the charts.
Humana (HUM) stock fell more than 11% before the opening bell. The health insurer provided disappointing projections, citing “unprecedented” rises in medical expenditures in the industry. The managed care provider forecasted a full-year 2024 adjusted profit of around $16 per share, much lower than the consensus expectation of $28.91 per share. Furthermore, management stated that a previously declared adjusted profit target of $37 per share for 2025 was no longer realistic. Humana (HUM) cut its 2023 profit projection last week due to higher-than-expected medical costs.
Intel (NASDAQ:INTC) shares will be closely watched, as the semiconductor titan is expected to release Q4 2023 results after the close. Wall Street anticipates INTC to earn 45 cents per share on $15.17 billion in revenue. Despite persisting macroeconomic challenges in the semiconductor sector, the company is projected to report strong results. Analysts’ views on guidance are mixed. Investors will also be watching to see if the company’s new data center solutions will help it recover market share losses.

WEEKLY EARNINGS CALENDAR

Thursday Jan 25

Dow Chemical, Southwest Airlines, Alaska Airlines, Intel, Visa, T-Mobile

Friday, JAN 26

American Express, Norfolk Southern

For Details Tesla Tesla Tesla Tesla Tesla Tesla Tesla Tesla Tesla Tesla Tesla Tesla Tesla Tesla Tesla Tesla Tesla Tesla

Airbnb suffers as a result of KeyBanc’s downgrade 

Airbnb (NASDAQ:ABNB) shares were down nearly 3% in premarket trading Tuesday after KeyBanc downgraded the business from Overweight to Sector Weight.  

Following the split, WK Kellogg began at Sell. 

Following the conclusion of Kellogg Company’s (NYSE:K) spinoff of its North American cereal division into the WK Kellogg standalone entity, Goldman Sachs commenced coverage on WK Kellogg (NYSE:KLG) with a Sell rating and a price target of $11.00. 

WK Kellogg’s stock dropped significantly on the first day after the spinoff, closing more than 9% down on Monday.  

Nortfolk Southern and Bread Financial have been downgraded. 

Norfolk Southern (NYSE:NSC) shares fell more than 2% on Monday after BofA Securities downgraded the firm to Neutral from Buy and reduced its price objective to $215.00 from $266.00, citing operational difficulties and excessive costs.  

Bread Financial (NYSE:BFH) has been downgraded to Sell from Neutral by Goldman Sachs, with a $32 price target. As a result, shares dropped about 2% on Monday. 

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ell suffers as a result of a downgrade by Barclays.
Dell Technologies (NYSE:DELL) shares tumbled 3% before the bell on Thursday after Barclays downgraded the firm to Underweight from Equalweight, with a $53.00 price target.

Cloudflare began at Underperform.
Cloudflare (NYSE:NET) has been added to BofA Securities’ coverage with an Underperform rating and a $52.00 price objective.

Crocs (NASDAQ:CROX) shares were down more than 2% in pre-market trading today after B.Riley downgraded the firm to Neutral from Buy and reduced its price objective to $101.00 from $125.00.

Verint Systems (NASDAQ:VRNT) was downgraded from Outperform to Perform by Oppenheimer.
Following the company’s announced Q2 EPS and sales misses, as well as dismal full-year forecasts, shares fell more than 17% pre-market today.

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