Market Movers: Key Stock Performances Ahead of the Bell
As trading begins, several companies have reported significant earnings that are influencing their stock movements. Here’s a summary of the latest reports and their implications.
GE Aerospace
Shares in GE Aerospace increased by over 4% after the company announced adjusted earnings of $1.49 per share, exceeding analyst expectations of $1.27 per share, according to data from LSEG. However, revenue figures fell short of predictions, indicating mixed results.
Hertz Global Holdings
In contrast, Hertz experienced a nearly 2% decline following a remarkable 112% rise last week, fueled by investor Bill Ackman’s substantial investment. Ackman’s Pershing Square now holds a 19.8% stake in Hertz, including direct share ownership and total return swaps. The stock saw a 5% drop on Monday.
Zions Bancorporation
Zions Bancorporation witnessed a nearly 4% decline in its stock price after releasing first-quarter results that fell below expectations. The bank reported earnings of $1.13 per share, missing the LSEG forecast of $1.18 per share.
3M
Conversely, 3M’s shares surged approximately 6% after the company’s first-quarter earnings surpassed expectations. The manufacturing conglomerate reported adjusted earnings of $1.88 per share with revenue of $5.78 billion, outperforming analyst estimates of $1.77 per share and $5.76 billion in revenue.
Amazon
Amazon’s stock saw a nearly 1% increase after delaying certain international data center lease commitments, a move highlighted by analysts at Wells Fargo. The company’s Amazon Web Services remains a leading provider in the cloud infrastructure space.
Calix
Shares of Calix jumped by 15% after the company reported stronger-than-expected first-quarter earnings, achieving 19 cents per share, against analyst forecasts of 13 cents per share. Revenue also exceeded expectations at $220.2 million, compared to the estimated $207.1 million.
Medpace Holdings
On the downside, Medpace Holdings shares fell by 8% when it was reported that new business awards for the first quarter reached only $500 million, representing a nearly 19% decrease from the previous year.
Verizon
Verizon experienced a decline of more than 4% in its stock after reporting a loss of more postpaid net phone subscribers than anticipated. Despite this, the company beat expectations for first-quarter earnings, posting adjusted earnings of $1.19 per share, above the consensus estimate of $1.15 per share, and revenue of $33.49 billion, exceeding the forecast of $33.24 billion, as per LSEG analysts.
Lockheed Martin
In a positive turn, Lockheed Martin’s stock rose by over 3% after the defense contractor reported a robust first-quarter profit. The company reaffirmed its annual outlook, supported by strong demand for its missile systems and fighter jets, with total revenue for the quarter reaching $17.96 billion, marking a 4.5% increase from the previous year.