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Midday movers: PepsiCo, JetBlue fall; GM, Danaher and UPS rise

Published 2024-04-23, 08:00 a/m
© Reuters.

(Updated - April 23, 2024 11:45 AM EDT)

Investing.com -- Main U.S. indexes climbed Tuesday ahead of earnings reports from megacap tech companies later this week.

Here are some of the biggest premarket U.S. stock movers today:

Apple (NASDAQ:AAPL) stock rose 0.3% despite news that iPhone sales in China plummeted by 19% during the March quarter, according to data from Counterpoint Research, marking the device's poorest performance in the region since the onset of Covid around 2020.

Amazon (NASDAQ:AMZN) stock rose 0.5% after the e-commerce giant launched a new grocery delivery subscription in the United States for members of its Prime program and customers who are recipients of the government food assistance benefits.

General Motors (NYSE:GM) stock rose 4.3% after the auto giant reported a robust first quarter in 2024, with earnings and revenue surpassing expectations and the company raising its full-year guidance.

PepsiCo (NASDAQ:PEP) stock fell 2.25% despite the soft drinks giant beating quarterly earnings and revenue expectations, despite a recall of some Quaker Foods cereal and bars that dented U.S. volumes.

United Parcel (NYSE:UPS) Service (UPS) stock rose 2.4% after the delivery firm reported first-quarter profit above estimates as cost cuts partly offset subdued demand for small-package delivery.

JetBlue (JBLU) stock fell 17% after the low-cost airline lowered its 2024 revenue forecast, adding second-quarter revenue would likely drop as much as 10.5% on the year.

Spotify (NYSE:SPOT) stock soared 15% after the music streaming company reported its gross profit crossed E1 billion in a quarter for the first time, despite quarterly monthly active users coming in below estimates.

Affirm (AFRM) stock rose 2%, with the fintech lender starting to offer "buy now, pay later" loans for elective medical procedures, in a major push beyond its core e-commerce market.

Cadence Design (NASDAQ:CDNS) stock fell 2.3% after the chip design software maker forecast second-quarter revenue below expectations.

Roblox (RBLX) stock rose 5% after JPMorgan (NYSE:JPM) upgraded its stance on the gaming platform to ‘overweight’ from ‘neutral’, citing significant monetization opportunities.

Nucor (NYSE:NUE) fell 7% after the steel company reported lackluster earnings in the first quarter of 2024 and said second quarter earnings will decrease.

MSCI (MSCI) fell 13%, its biggest drop in a year, after its revenue and missed estimates.

Sherwin-Williams (NYSE:SHW) fell 3.5% after it published disappointing results and guidance.

Kimberly-Clark (NYSE:KMB) rose 5% after the consumer products company easily beating consensus estimates for first quarter EPS and revenue, with strong organic growth.

Danaher (NYSE:DHR) rose 7% after improving order growth drove a beat on the top and bottom line.

Additional reporting by Louis Juricic

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