Midday movers: Goldman Sachs, Boeing, AMD and more

January 16, 2024 8:07 AM EST
(Updated - January 16, 2024 11:46 AM EST) -- Main U.S. indexes retreated Tuesday, as risk appetite fell while investors digested earnings from more senior banks.

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

Goldman Sachs (NYSE: GS) stock rose 1.75% after the lender’s profit rose 51% in the fourth quarter as its equity traders capitalized on a recovery in markets and revenue from its asset and wealth business rose.

Morgan Stanley (NYSE: MS) stock declined 3.3%. The bank beat revenue forecasts by a wide margin, boosted by strength in its investment banking business, but it missed profit expectations because of special one-time charges.

Tesla (NASDAQ: TSLA) stock rose 1% after CEO Elon Musk said he would be uncomfortable growing the electric vehicle maker to be a leader in artificial intelligence and robotics without having at least 25% voting control of the company.

Apple (NASDAQ: AAPL) stock fell 1.3% after the tech giant offered rare discounts on its iPhones in China, implying serious competition pressures.

Boeing (NYSE: BA) stock fell 7% after the Federal Aviation Administration extended the grounding of the plane maker’s 737 MAX 9 airplanes indefinitely for new safety checks. Wells Fargo downgraded the company to ‘equal weight’ from ‘overweight’, saying the risk of production/delivery impact has increased “significantly” after the recent Alaska Air (NYSE: ALK) flight drama.

Microsoft (NASDAQ: MSFT) stock rose 0.8%, with the software giant remaining in demand just a few days after it overtook Apple as the world's most valuable firm.

PayPal (NASDAQ: PYPL) stock fell 3.3% after social media giant X, formerly known as Twitter, was granted a license to transfer money from Utah on Monday, as it explores adding a payments feature to its platform.

Restaurant Brands (NYSE: QSR) stock fell 3.3% after the parent of Burger King announced plans to acquire Carrols Restaurant Group (NASDAQ: TAST) for a 13% premium in an all-cash transaction.

AMD (NASDAQ: AMD) climbed 8.8% after several analysts raised their price target on the stock. Barclays raised its price target to $200, KeyBanc raised its price target to $195, and Susquehanna raised AMD’s price target to $170.

Synopsys (NASDAQ: SNPS) stock rose 3.3% after it entered into an agreement to acquire Ansys (NASDAQ: ANSS). Under the terms of the agreement, Ansys shareholders will receive $197 in cash and 0.3450 shares of Synopsys common stock for each Ansys share, representing an enterprise value of approximately $35 billion. Ansys shares were down 5%.

Coupang (NYSE: CPNG) stock fell 7.5% after analysts at Citi downgraded the stock to ‘neutral’ from ‘buy’, citing increased uncertainties on the trajectory of operating profit.

DuPont (NYSE: DD) stock fell 2.4% after BofA Securities downgraded the stock to ‘underperform’ from ‘buy’, citing valuation, earnings, and under-appreciated PFAS liabilities.

By Louis Juricic and Peter Nurse

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