The stock market is trading lower at midday.
The S&P 500 lost 0.25% and the tech-heavy Nasdaq Composite fell 0.21%. The Dow Jones Industrial Average traded just below the stable level, down 0.04%. The Russell 2000 index fell 0.47%.
The biggest stocks in the S&P 500 today
Five S&P 500 stocks making big midday moves are:
- general motors (GM) +9.2%
- Philip Morris International (P.M) +7.9%
- Mission diagnosis (DGX) +7.1%
- Norfolk South (NSC) +4.4%
- Charter communications (CHTR) 3.3%
The five S&P 500 stocks with the worst performance and the biggest drop at midday are:
- Original parts (CPG) -19.9%
- Paccar (PCAR) -8.7%
- GE Aerospace (G.E.) -7.7%
- Walgreens Boot Alliance (AMB) -7.4%
- Nucor (NUE) -7.3%
Actions also worth highlighting include:
- NVIDIA (NVDA) -0.7%
- Apple (AAPL) -0.9%
- amazon (AMZN) +0.2%
- microsoft (MSFT) +1.7%
- amd (amd) -3.7%
GE Aerospace collapses after revenue loss
GE Aerospace shares fell 8% after missing revenue in the third quarter.
The defense company reported adjusted earnings per share of $1.15, which only beat consensus estimates by 1 cent. Revenue of $8.94 billion missed analyst estimates of $9.05 billion.
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The company raised its full-year earnings forecast for the third time in seven months, now expecting adjusted earnings of $4.20 to $4.35 per share by 2024, up from its previous estimate of $3.95 to $4.20. per share.
“The GE Aerospace team delivered strong results, with demand driving orders up 28%. We increased profits by 25% and generated substantial free cash flow, both largely driven by services.” GE Aerospace CEO Larry Culp said. “Given the strength of our results and expectations for Q4, we are raising our earnings and cash guidance for the year.”
GE Aerospace is a manufacturer of jet engines for commercial and military aircraft. It became an independent company in April 2024 after being spun off from GE.
General Motors rises after surpassing its results
General Motors jumped 7% and topped the S&P 500 after the automaker posted third-quarter results that beat analysts' expectations.
The company reported adjusted earnings of $2.96 per share on revenue of $48.76 billion, beating analyst expectations of $2.43 per share on $44.59 billion.
Related: Analyst changes General Motors stock price target based on earnings data
GM also raised its full-year outlook. It now expects adjusted earnings of $10 to $10.50 per share, up from the previous estimate of $9.50 to $10.50 per share.
“In the third quarter, we increased our share of the U.S. retail market with above-average pricing, well-managed inventories, and below-average incentives. In China, sales improved from the second quarter and dealer inventory fell sharply. Additionally, we remain on track to meet our 2024 EV production and profitability goals,” the company said in a statement.
First Solar appears after analyst update
First Solar added 3% after Citi upgraded the stock to buy from neutral with a price target of $254, up from $200, thefly.com reported.
The update was made ahead of third-quarter results and the US election. According to a Citi analyst, First Solar is well positioned to benefit regardless of the election outcome.
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A Democratic victory could lead to the most immediate recovery of the company's shares, while a Republican victory could result in higher tariffs, leading to a longer-term recovery, Citi says.
First Solar is a US-based renewable energy company that specializes in the design and manufacturing of solar panels.
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