United Airlines
Macy’s
Pre-Market:Pre-Market
Pre-Market active stocks
Gainers
- Fisker’s (NYSE:FSR) stock climbed 9.7% after the EV company said it expects to sell all of its approximately 5,000 unsold vehicles from last year by the end of the first quarter and that its recently announced dealer-partner model is gaining popularity.
- United Airlines’ (NASDAQ:UAL) shares jumped 6.4% after the airline reported solid fourth-quarter results, thanks in part to its “busiest” travel period ever in the last two weeks of December, but it also indicated it anticipated a larger-than-expected loss in the current quarter.
- Verizon’s (NYSE:VZ) stock surged 4.6% after the telecommunications giant said it was “well-positioned” for growth in 2024, revealing an annual earnings estimate range that exceeded expectations.
- Archer-Daniels-Midland (NYSE:ADM) shares increased 2.1% after falling 24% on Monday on the disclosure of an investigation into accounting practices in the company’s Nutrition division.
- Halliburton (NYSE:HAL) stock increased 1.7% after the oil services company’s fourth-quarter profit above forecasts due to strong offshore and foreign drilling activity globally.
- Procter & Gamble (NYSE:PG) stock increased 0.9% despite the consumer goods company lowering its annual profit prediction as the benefit of earlier price increases fades and writing down the value of its Gillette business in December.
- Johnson & Johnson (NYSE:JNJ) stock dipped 0.3% as the pharmaceutical major maintained its full-year outlook for 2024, despite the fact that its fourth-quarter results exceeded expectations.
- Exxon Mobil (NYSE:XOM) stock increased 0.2% after TD Cowen upgraded the oil company to ‘outperform’ from’market perform’, noting a favorable valuation.
Losers
- 3M (NYSE:MMM) stock slumped 6.9% after the industrial company issued a lower-than-expected annual earnings projection, adding that the plan does not take into account the potential impact of recent lawsuit settlements involving public water systems and US military earplugs.
- Coinbase (NASDAQ:COIN) stock slumped 4.3% as the cryptocurrency exchange suffered after bitcoin, the most popular digital currency, went below $40,000, reaching a more than seven-week low.
- General Electric (NYSE:GE) stock slumped 3.3% after the industrial conglomerate disappointed with its first-quarter projection, despite fourth-quarter earnings above expectations due to robust demand for parts and services at its jet engine unit.
Stocks in focus
After missing profit projections for the full year 2024, 3M (NYSE:MMM) shares fell more than 6% in pre-market trade. As consumer and electronics demand remains weak, 3M’s (MMM) Q4 2023 revenue fell below projections. 3M (MMM), which owns Scotch tape and Post-it notes, predicted 2024 adjusted EPS of $9.35 to $9.75, compared to a consensus of $9.82. Charts showing MMM performance.
Another industrial powerhouse, General Electric (GE), fell 2% after disappointing guidance. GE expects Q1 2024 adjusted EPS of 60 cents to 65 cents, compared to 69 cents consensus. GE Aerospace and GE Vernova will launch in early April, completing GE’s historic three-way split. In Q4 2023, GE’s revenue rose 15% to $19.4B and orders up 8% to $21.7B. Charts show GE’s performance.
JNJ shares fluctuated before the bell. A strong medical technology division helped the pharmaceutical giant smash its Q4 2023 top and bottom line to start the healthcare earnings season. The segment’s revenue rose 13.3% to $7.67B. Innovative medicine, J&J’s other major segment, earned $13.72B (+4.2% Y/Y). J&J (JNJ) also maintained its 2024 top and bottom line guidance. Chart JNJ’s performance.
Verizon’s Q4 2023 revenue of $35.1B surpassed consensus projections by almost half a billion dollars, sending the stock up about 4% in pre-market trading. The Dow 30 component added over 400K broadband net additions, including 375K fixed wireless net additions, for the fifth consecutive quarter, bringing the total subscriber base to over 3M. Verizon (VZ)’s Q4 pre-tax special items loss was $7.8B.
Netflix (NASDAQ:NFLX) shares will be watched on Tuesday following the closing bell for Q4 2023 earnings. Wall Street anticipates NFLX to earn $2.23 per share on $8.71B revenue. The shares rose ~2% pre-market, garnering headlines for the company. Netflix (NFLX) announced that it would exclusively air TKO Group’s (TKO) WWE Raw wrestling show in the U.S., Canada, UK, and Latin America starting in January 2025, with more countries to follow. In a filing, TKO (TKO) said the 10-year arrangement is worth “in excess” of $5B.
WEEKLYÂ EARNINGS CALENDAR
Tuesday, JAN 23
GE, JNJ, Procter & Gamble, Verizon, 3M, CN Rail, Netflix, Baker Hughes
Wednesday, JAN 24
AT&T, Tesla, IBM
Thursday Jan 25
Dow Chemical, Southwest Airlines, Alaska Airlines, Intel, Visa, T-Mobile
Friday, JAN 26
American Express, Norfolk Southern
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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.