General Motors raises profit forecast, shares soar
General Motors (GM) stock rose more than 7% on Tuesday morning as the automaker boosted its profitability guidance for a third time this year.
Yahoo Finance's Pras Subramanian reports:
For the quarter, GM reported revenue of $48.78 billion, easily topping estimates of $44.69 billion per Bloomberg consensus, and higher than the prior quarter's nearly $48 billion. GM's Q3 revenue was also 10.5% higher than a year ago.
The company booked adjusted EPS (earnings per share) of $2.96, far outstripping expectations of $2.44. It reported EBIT-adjusted profit of $4.115 billion, up 15.5% from a year ago, with EBIT-adjusted margin climbing to 8.4% from 8.1% year over year.
Read more here.
Tue, October 22, 2024 at 2:35 PM GMT+1
Stocks slide at the open
US stocks retreated on Tuesday as investors digested a recent bond-market selloff and braced for the next wave of earnings reports.
The S&P 500 (^GSPC) dropped more than 0.5%. The Dow Jones Industrial Average (^DJI) dropped more than 120 points, or 0.3%, while the tech-heavy Nasdaq Composite (^IXIC) slid roughly 0.6%.
Tue, October 22, 2024 at 1:44 PM GMT+1
A host of companies reported third quarter earnings Tuesday morning.
The biggest premarket stock movers were GE Aerospace (GE), Verizon (VZ), 3M (MMM) and Philip Morris (PM). GE Aerospace fell over 5% and Verizon shares fell around 3% on mixed third quarter reports. Paint company Sherwin Williams (SHW) fell 4% after an earnings miss. Lockheed Martin (LMT) and Moody’s (MCO) fell less than 1% despite strong results.
Meanwhile, Philip Morris jumped 3% after raising its guidance thanks to higher cigarette prices as well as its surging smoke-free business. General Motors (GM) rose 1.4% and tech and manufacturing conglomerate 3M jumped 6% after earnings beats.
Here’s more detail about the companies’ performance (expectations according to Bloomberg consensus estimates):
GE Aerospace: Adjusted earnings per share of $1.15 vs. $1.13 expected and revenue totaling $8.9 billion vs. the $9 billion expected,
Philip Morris: Adjusted EPS of $1.91 vs. $1.81 expected, net revenue of $9.9 billion vs. $9.7 billion expected
Verizon: Adjusted EPS of $6.84 vs. $6.44 expected, revenue of $17.1 billion vs. $17.4 billion expected
Moody’s: Adjusted EPS of $3.21 vs. $2.88 expected, revenue of $1.8 billion vs. $1.7 billion expected
Lockheed Martin: Adjusted EPS of $6.84 vs. $6.44 expected, revenue of $17.1 billion vs. $17.4 billion expected
Sherwin Williams: Adjusted EPS of $3.37 vs. $3.53 expected, revenue of $6.16 billion vs. $6.21 billion expected
3M: Adjusted EPS of $1.98 vs. $1.91 expected, revenue of $6.07 billion vs. $6.06 billion expected
General Motors: Adjusted EPS of $2.96 vs. $2.45 expected, revenue of $48.8 billion vs. $44.69 expected
Tue, October 22, 2024 at 1:06 PM GMT+1
Good morning. Here's what's happening today.
Economic data: Philadelphia Fed Non-Manufacturing Index (October); Richmond Fed Manufacturing & Business Conditions Index (October)
Earnings: General Motors (GM), 3M Company (MMM), RTX Corporation (RTX), Verizon Communications (VZ), GE Aerospace (GE), Lockheed Martin (LMT), Quest Diagnostics (DGX), Philip Morris (PM), Denny's Corporation (DENN), Sherwin-Williams (SHW), Interpublic Group of Companies (IPG), Norfolk Southern Corporation (NSC), Texas Instruments (TXN), PulteGroup (PHM), Enphase Energy (ENPH)
Here are some of the biggest stories you may have missed overnight and early this morning:
GM posts Q3 earnings beat, raises profit forecast again
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ASML: Growth in 2026, US-China tensions to persist
Bullish Citi hikes 3-month gold price outlook to $2,800
Trump tariffs: How big business could escape 'blanket' duties