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Midday movers: Boeing flies, Alphabet flops, and more

January 31, 2024 7:57 AM
(Updated - January 31, 2024 11:29 AM EST)

Investing.com -- U.S. futures traded lower Wednesday as investors digested earnings from some tech giants ahead of the conclusion of the latest Federal Reserve policy-setting meeting.

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

Alphabet (NASDAQ: GOOGL) stock slumped 6.4% after the Google-parent reported holiday-season advertising sales below expectations and projected higher spending this year on artificial intelligence.

Microsoft (NASDAQ: MSFT) stock fell 1% after the software giant forecast rising costs to develop new artificial-intelligence features, eclipsing a quarterly results beat.

Tesla (NASDAQ: TSLA) stock fell 0.2% after a U.S. judge voided CEO Elon Musk's record-breaking $56 billion pay package.

Starbucks (NASDAQ: SBUX) shares were volatile after the coffee chain cut its annual sales forecast, warning of softer demand in January and a slow recovery in China. However, even more weakness had been expected following disappointing store traffic in November and December. The stock was flat midday after earlier rising 3%.

AMD (NASDAQ: AMD) stock fell 3.4% after the chipmaker's first-quarter revenue forecast and a boosted projection for AI processors failed to meet expectations.

Mondelez (NASDAQ: MDLZ) stock fell 1.7% after the Carbiry parent posted a rise in fourth-quarter sales on Tuesday, but price hikes took a toll on volumes as it squeezed demand.

Thermo Fisher (NYSE: TMO) stock fell 3.3% after the medical equipment maker forecast annual profit and revenue below expectations, signaling a slump in demand for its services.

Novo Nordisk (NYSE: NVO) stock rose 4.8% after the Danish drugmaker forecast another year of double-digit growth due to the popularity of its weight-loss drug Wegovy.

Boeing (NYSE: BA) stock rose 6.5% after reporting a smaller than expected loss in the fourth quarter. The embattled aircraft manufacturer also postponed 2024 outlook, with CEO Dave Calhoun saying the company faces a "serious challenge."

Cigna (NYSE: CI) stock rose 1% after the health insurer agreed to sell its Medicare business to Health Care Service Corp for $3.3 billion in cash.

Rockwell Automation (NYSE: ROK) stock fell 15% after missing first quarter EPS and revenue estimates, fueling doubts about full-year growth.

Stryker (NYSE: SYK) climbed 6% after reporting better than expected earnings and revenue in the fourth quarter. The medical device company’s strong performance prompted one analyst to upgrade the stock’s rating to ‘buy’, while more than a half dozen others increased their price targets.

Edwards Lifesciences (NYSE: EW) climbed 6.3% and Zimmer Biomet (NYSE: ZBH) climbed 3% following strong results from Stryker and Boston Scientific (NYSE: BSX). Boston Scientific was higher by 2.6%.

New York Community Bancorp (NYSE: NYCB) declined 35% after it surprised investors with a larger than expected provision for credit losses and a dividend cut. Weakness in NYCB weighed on other regional banks, causing a related ETF (NYSE: KRE) to decline 3.6%.

By Louis Juricic and Peter Nurse

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