GE Aerospace's commercial engine sales are disappointingly low
32 minutes ago
GE Aerospace (GE) fell sharply on Tuesday morning as sales from its commercial engines and services division fell short of analysts' expectations, even though overall sales and profits beat expectations.
The engine and aerospace parts maker had total sales of $9.84 billion, compared to the consensus estimate from analysts compiled by Visible Alpha of $9.55 billion. Net income was $1.89 billion, or $1.56 per share, compared to expectations of $1.28 billion or $1.19 per share.
However, GE Aerospace's commercial engine and services revenue was $7 billion, below expectations of $7.13 billion. The smaller defense and propulsion division had revenue of $2.24 billion, missing expectations by $2.34 billion.
The company raised its full-year 2024 earnings forecast, raising adjusted earnings per share (EPS) to a range of $4.20 to $4.35, up from the previous estimate of $3.95 to $4.20.
GE Aerospace stock fell more than 7% in late morning trading, making it one of the biggest decliners in the S&P 500. Despite today's decline, the stock is still up about 30% since its split from GE Vernova (GEV) in early April.
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–Aaron McDade
GM stock soars on strong financial results and boosted outlook
1 hour 20 minutes ago
Stocks soared Tuesday after General Motors (GM), the largest U.S. automaker, reported better-than-expected results and raised its profit outlook based on stable pricing and cost control.
The company reported third-quarter adjusted earnings per share (EPS) of $2.96 and revenue increased more than 10% to $48.76 billion. GM also raised the lower bounds of its full-year net income, adjusted earnings before interest and taxes (EBIT), and EPS forecasts.
In a letter to shareholders, Chief Executive Officer Mary Barra said that in the quarter, GM focused on improving profitability with EVs and a redesigned SUV, improving performance in China and focusing on capital efficiency. The company noted that it demonstrated cost discipline.
JPMorgan said in a note to clients that the company benefited from “pricing that exceeded industry expectations and strong pricing for GM vehicles relative to the industry.” Wedbush analyst Dan Ives said the results were a testament to the company's goal of balancing production and profitability, adding, “Management is moving in the right direction as it continues to be on a turbulent journey.'' “It's a big step forward.”
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GM stock rose 8% in recent trading, its highest level since early 2022.
–Bill McCall
NVIDIA's price level to watch as stock prices approach record highs
2 hours 10 minutes ago
Nvidia (NVDA) stock rose slightly in early trading Tuesday after hitting a new high yesterday amid optimism about the company's dominance in the AI chip market and insatiable demand for its next-generation Blackwell GPU architecture. .
The Relative Strength Index indicates bullish price momentum and is below the overbought level, suggesting there is plenty of room for stocks to test higher.
The bar pattern, which extracts the stock price upward trend from April to June and repositions the stock price from the start of the current rally in early September, predicts an upside price target of around $180 on NVIDIA's chart.
During downturns, investors should monitor important support levels around $125, $97, and $76.
Nvidia stock rose 0.3% in recent trading to about $144.
Read the full technical analysis here.
–timothy smith
Futures suggest lower opening prices for major stock indexes
3 hours 57 minutes ago
Futures, which track the Dow Jones Industrial Average, fell 0.3%.
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S&P 500 futures fell 0.4%.
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Nasdaq 100 futures also fell 0.4%.
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