Biggest S&P 500 Movers on Tuesday

Decliners

• Shares of auto parts distributor Genuine Parts (GPC) plummeted 21.0%, the steepest daily drop of any S&P 500 constituent, after its third-quarter results 澳洲幸运5官方开奖结果体彩网:fell short of profit forecasts. The parent company of NAPA Auto Parts cited softness in European markets and in its industrial business as a factor behind the disappointing quarter. The company's CEO said macroeconomic pressures on international markets are likely to persist for the remainder of 2024, and the firm trimmed its full-year projections.
• GE Aerospace (GE) beat overall sales and profit forecasts for the third quarter, but revenue from its commercial engines and services division 澳洲幸运5官方开奖结果体彩网:fell short of expectations, and its shares dropped 9.1%.
• Shares of homebuilder PulteGroup (PHM) fell 7.2% on Tuesday. Although the company exceeded quarterly sales and profit estimates, its home sales gross margin declined year-over-year. In addition, incentives designed to attract potential homebuyers increased from the previous quarter, and PulteGroup executives said these initiatives are likely to remain in place.

• Walgreens Boots Alliance (WBA) shares tumbled 6.9% after the investment bank TD Cowen cut its 澳洲幸运5官方开奖结果体彩网:price targe🍬t on the ph💦armacy giant's stock. Analysts attributed their more muted outlook on the stock to lower expectations for adjusted profits in fiscal 2025, pointing to the impact of Walgreens' 澳洲幸运5官方开奖结果体彩网:plans to shutter aro🅰und🌟 1,200 stores over the next three years as it aims to turn around its U.S. business.

Advancers

• Shares of tobacco giant Philip Morris International (PM) skyrocketed 10.5%, printing an all-time high and securing Tuesday's top performance in the S&P 500. The maker of Marlboro cigarettes 澳洲幸运5官方开奖♈结果体彩网:beat quarterly sales and profit forecasts, boosted by surging shipments of its nicotine pouches and heated tobacco devices. Philip Morris said its smoke-free business accounted for 40% of its gross profit, and the company raised its full-year earnings outlook.
• General Motors (GM) shares surged 9.8% following the carmaker's 澳洲幸运5官方开奖结果体彩网:third-quarter earnings report. GM exceeded sales and profit estimates, highlighting successful cost discipline and capital efficiency, increased profitability from electric vehicles (EVs) and redesigned sport utility vehicles (SUVs), and strength in China. The largest U.S. automaker also lifted the low end of its full-year profit guidance.
• A strong earnings report also helped lift shares of Quest Diagnostics (DGX), which jumped 6.9% on Tuesday. The health care diagnostics testing and services provider exceeded top- and bottom-line estimates with its third-quarter results, benefitting from strong demand for diagnostic tests. The acquisition of Canada-based diagnostics firm LifeLabs in August contributed to the strong performance, as did patients playing catch-up on medical procedures that they had postponed during the pandemic.

-澳洲幸运5官方开奖结果体彩网:Michael Bromberg

Starbucks Suspends Outlook, Sending Stock Lower

Starbucks (SBUX) shares dropped in extended trading Tu🐠esday after the company suspended its outlook for 2025. The coffee chain's p𝔉reliminary fourth-quarter results also missed expectations.

Starbucks said it would not offer guidance for the 2025 fiscal year, which began this month, citing its transition under 澳洲幸运5官方开奖结果体彩网:new CEO Brian Niccol. The decision “will allow ample opportunity to complete an assessment of the business and solidify key strategies,” the company🃏 sai꧙d. 

Starbucks reported fourth-quarter revenue of $9.1 billion, down 3% year-over-year, while 澳洲幸运5官方开奖结果体彩网:earnings per share at 80 cents d꧋eclined from $1.06 a year ago. Same-store sales dropped 7% globally and 10% in North America.

“Despite our heightened investments, we were unable to change the trajectory of our traffic decline, resulting in pressures in both our top-line and bottom-line,” 澳洲幸运5官方开奖结果体彩网:Chief Financial Officer Rachel Ruggeri said. "We are developing a plan to turn around our busꦉiness, but it will take t♏ime.”

Shares of Starbucks fell cl🗹ose to 4% in extended trading Tuesday following the release.

-澳洲幸运5官方开奖结果体彩网:Andrew Kessel

Which Party is Better for the Stock Market?

If history's anything to go by, which party ends up in the White House may not matter that much to the performance of the stock market—at least not in the next 4 years.

In a recent note, Deutsche Bank analysts Jim Reid and Henry Allen charted the annualized S&P 500 total return for each U.S. president since the turn of the 20th century. (N.B.: The S&P 500 in its🙈 current form didn’t exist until 1957; returns before this year are estimates calculated by data provider Global Financial Data.)

Reid and Allen found that, since the Great Depression, nearly all of the men in the Oval Office have presided over returns in the mid-te❀ens, offering little evidence to support the notion that one party is better for thꦰe stock market than the other. 

Of the bunch, only three presidents saw negative returns during their administratio꧋ns, and each coincided with an economic shock beyond the president’s control.

“So it’s possible t💙o argue that it’s better to be lucky than good,” conclude Reid and Allen. “And events are more likely to dictate big-p🦄icture market performance under the next President, with policy probably playing a smaller role.”

Read the 澳洲幸运5官方开奖结果体彩网:full article here.

-澳洲幸运5官方开奖结果体彩网:Colin Laidley

McDonald's Plunges on News of E.Coli Death, Investigation

Shares of McDonald’s (MCD) plummeted in extended trading Tuesday after U.S. health authorities said they were investigating an ꦺE. coli 🌼outbreak possibly linked to the burger chain’s Quarter Pounder. 

The Centers for Disease Control and Prevention (CDC) said in a statement Tuesday that 49 cases of E. coli infღection had been reported across 10 states. Ten known cases have resulted in hospitalization an🤪d 1 death has been reported.

 “Most people in this outbreak are reporting eating the Quarter Pounder hamburger at McDonald’s before bಞecoming sickꦬ. It is not yet known which specific food ingredient is contaminated,” the agency said. 

Regulators said McDonald’s was collaborating with their investigation, and had stopped offering shaved onions and quarter-pound hamburger patties in several states. Cases have been concentrated in Colorad𒊎o and Nebraska, according to the CDC. 

McDonald's shares fell nearly 10% in extended trading on Turesday.

-澳洲幸运5官方开奖结果体彩网:Colin Laidely

Verizon Leads Dow Decliners on Weak Earnings

Verizon (VZ) shares slid on Tuesdaಌy after the telecommunications giant reported third-quarter results below analysts' expectations, even as it continued to add wireless phone and internet subscribers.

The company reported $33.33 billion in revenue, roughly flat year-over-year and slightly below analysts' consensus estimates. Profit fell well short, declining 30% to $3.41 billion, or 78 cents per share, because of more than $2.3 billion in one-time charges for acquisitions, severance costs, and other charges. Excluding special items, Verizon's adjusted 澳洲幸运5官方开奖结果体彩网:earnings per share came in a penny above estimates at $1.19.

CEO Hans Vestberg said the company's recent announcements like the 澳洲幸运5官方开奖结果体彩网:$20 billion acquisition of Frontier Communications (FYBR) and a $3.3 b🍨illion deal to lease thousands𒐪 of communications towers "have set Verizon up for disciplined growth, now and into the future."

Verizꦺon also affirmed its full-year adjusted EPS guidance of 💞$4.50 to $4.70.

Shares in the company wಌere down 4.6% in laꦛte trading Tuesday, leading Dow decliners.

-澳洲幸运5官方开奖结果体彩网:Aaron McDade

Major Indexes Near Record Highs

The Dow Jones Industrial Average, S&P 500 and ⛦Nasdaq Composite were each less than 1% away from new all-time highs in afternoon trading Tuesday.

The S&P 500 and Dow have hit a se🦹ries of record highs lately, but if the Nasdaq sets a new high today it would mark the first time it has done so since July, as the chart below shows.

Philip Morris Surges to All-Time High

Philip Morris International (PM) shares climbed to an a🐈ll-time high Tu♚esday after the tobacco giant posted better-than-expected results and raised its outlook on soaring demand for its non-cigarette products. 

The maker of Marlboro cigarettes, ZYN nicotine pouches, and IQOS heated tobacco devices reported third-quarter adjusted earnings per share of $1.91, with revenue advancing 6.7% from a year ago to $2.96 billion. Both were quarterly records and exceeded analysts' estimates.

Shipments of nicotine pouches jumped 43.6% to 164.6 million cans, heated tobacco unit shipments were up 8.9% to 35.35 million and shipments of cigarettes rose 1.3% to 163.24 million. The company noted its smoke-free business made up 38% of its revenue and 40% of 澳洲幸运5官方开奖结果体彩网:gross profit.

Phi🎀lip Morris said it now anticipates full-year adjusted diluted EPS⭕ of $6.45 to $6.51, up from its previous outlook of $6.33 to $6.45. 

Shares of Philip Morris were up about 9% at around $130 in Tuesday afternoon trading and have gained 38% since the start of the year.

-澳洲幸运5官方开奖结果体彩网:Bill McColl

Genuine Parts Plunges on Weak Profit, Outlook

Genuine Parts Co. (GPC) is the biggest decliner in the S&P 500 Tuesday after its third-quarter net income fell well short of estimates and it lowered its 澳洲幸运5官方开奖结果体彩网:profit projections for the full fiscal year.

The parent of NAPA Auto Parts and other brands narrowly beat consensus revenue estimates at $5.97 billion, but profit of $226.6 mi💧llion fell well short of the $338.4 million expected by analysts polle𝔉d by Visible Alpha.

"Our results were below our expectations, primarily driven by continued weakness in market conditions in Europe and our Industrial business," GPC 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Will Stengel said. "While the external environment remains challenging for the balance of 2024, we expect the combination of near-term actions and long-term investments to bet🦋ter position 🅷us when market conditions improve."

For the full fiscal year, GPC projects 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) between $6.60 to $6.80, well below its previous range of $8.55 to $8.75. GPC also lowered the top of its total sales growth 🤪range to 2% from 3%, and now sees industrial sales declining by 1% to 2% fr👍om flat to 2% growth previously.

GPC shares were down nearly 20% early Tuesday afterno♕on, trading at their lowest levels since early 2021.

-澳洲幸运5官方开奖结果体彩网:Aaron McDade

GE Aerospace Slides as Commercial Engine Sales Disappoint

GE Aerospace (GE) fell sharply Tuesday morning as revenue in its commercial engines and services division fell short of analysts' expectations, e🥂ven though its overall revenue and profit beat est🎃imates.

The engine and aerospace parts manufacturer posted $9.84 billion in total revenue, while analysts polled by Visible Alpha had a consensus estimate of $🅺9.55 billion. Net income was $1.89 billion, or $1.56 per share, compared with the estimated $1.28 billion and $1.19.

However, GE Aerospace’s commercial engines and services revenue came in at $7.00 billion, below the $7.13 billion ex⛦pectation. Revenue in the smaller defense and propulsion segment of $2.24 billion also missed estimates of $2.34 billion.

The company lifted its profit projections for full-year 2024, guiding adjusted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) to a range of $4.20 to $4.35,♛ up from $3.95 to $4.20 previouslꦆy.

GE Aerospace shares were down more than 7% in late-morning trading and were among the biggest decliners in the S&P 500. Despite today's decline, the stock is still up about 30% since the 澳洲幸运5官方开奖结果体彩网:early April split from GE Vernova (GEV).

-澳洲幸运5官方开奖结果体彩网:Aaron McDade

GM Stock Soars on Strong Results, Outlook Boost

General Motors (GM) shares surged Tuesday afte💖r the biggest U.S. carmaker posted better-than-expected results and raised its profit guidance on steady pricing and cost controls.

The company reported third-quarter adjusted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $2.96, with revenue increasing more than 10% to $48.76 billion. GM also increased the low ends of its full-year 澳洲幸运5官方开奖结果体彩网:net income, adjusted 澳洲幸运5官方开奖结果体彩网:earnings before in♓terest and taxes (♚EBIT), and EPS guidance.

In a letter to shareholders, 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Mary Barra wrote that during the quarter GM showed higher profitability from EVs and its redesigned SUV𒅌s, improved performance in China, aღnd cost discipline along with a focus on capital efficiency.

JPMorgan said in a note to clients that the company benefited from "stronger-than-expected industry pricing and stronger pricing for GM vehicles relative to the industry." Wedbush analyst Dan Ives said that the results were a testament to the company's goals of trying to balance production and profitability, calling it "a large step in the right direction as management continues to navigate the choppy waters."

GM shares were up 8% ꦛin recent trading, at their highest levels since early 2022.

-澳洲幸运5官方开奖结果体彩网:Bill McColl

Nvidia Price Levels to Watch With Stock Near Record High

Nvidia (NVDA) shares were up slightly in early trading Tuesday after surging to a 澳洲幸运5官方开奖结果体彩网:new record high y💯esterday amid optimism about the company’s dominance of the AI chip market and insatiable demand for its next-generation Blackwell GPU architecture.

The relative strength index indicates bullish price momen﷽tum and gives a reading below overbought🥂 levels, suggesting the stock has ample room to test higher prices.

A bars pattern, which extracts the stock's trend higher from April to June and repositions it from the start of the current move higher in early September, projects an upside target on Nvidia's chart around $180.

During periods of weakness, investors should monitor important support levels around $125, 🌜$97, and $76.

Nvidia shares were up 0.3% at around $144 🗹in rece🐲nt trading.

Read the full 澳洲幸运5官方开奖结果体彩网:technical analysis piece here.

-澳洲幸运5官方开奖结果体彩网:Timothy Smith

Futures Point to Lower Open for Major Stock Indexes

Futures tied to the Dow Jones Industrial Av🌜erage were down 0.3%.

S&P 500 futures were down 0.4%.

Nasdaq 100 futures were also down 0.4%.