April 24, 2024 15:48 GMT
Equities Roundup: Big Moves On Earnings Misses
US STOCKS
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- Stocks trading moderately lower, SPX and Nasdaq shares outperforming in late morning trade. Stocks pared early gains, taking cues from weaker Treasuries in the first half that had mirrored weakness in EGBs. Currently, DJIA is down 180.94 points (-0.47%) at 38320.62, S&P E-Minis down 18 points (-0.35%) at 5088, Nasdaq down 23.7 points (-0.2%) at 15670.85.
- Heavy earnings announcements on the day included the following ahead of the open: Owens Corning, Thermo Fisher, AT&T, Boston Scientific, Humana, Amphenol, Norfolk Southern and Old Dominion Freight. Announcements expected after the close: Whirlpool, Ford, IBM, United Rentals, Teradyne, Lam Research, Waste Management, Raymond James and Meta.
- Leading gainers: Consumer Discretionary and Information Technology sectors outperformed in early trade, auto makers led support in the former, namely Tesla +11.86% -- despite missing both 1Q EPS and 1Q Revenue late Tuesday. The EV maker surged after pledging to speed up the launch of more affordable models to revive sagging demand. Chip stocks supported the IT sector for the third day running: Texas Instrument +6.50% after beating earnings, TY +6.57%, ON semiconductor +5.05%, Analog Devices +4.39%.
- Laggers: Industrials and Communication Services underperformed in the first half, transportation shares weighed on the former: Old Dominion Freight -9.1% after meeting income targets, Norfolk Southern -3.67%, UPS -3.07%. Meanwhile, interactive media and telecommunications shares weighed on the former: Netflix -3.89%, Warner Bros -1.84%, Verizon -1.28%.
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