Midday movers: PepsiCo, JetBlue fall; GM, Danaher and UPS rise
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 Service (NYSE: 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 (NASDAQ: 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 (NASDAQ: 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 (NYSE: RBLX) stock rose 5% after JPMorgan 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 (NYSE: 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