Stocks were down Tuesday after Federal Reserve Fed Gov. Christopher Waller said Tuesday that the central bank can cut interest rates this year but that the process should be “carefully calibrated and not rushed.”
These stocks were making moves Tuesday:
Morgan Stanley
reported fourth-quarter earnings of 85 cents a share, falling short of analysts’ estimates of $1.07 and down from $1.31 a year earlier as the company recorded two one-time charges. Revenue rose 1.2% to $12.9 billion, beating consensus of $11.93 billion. The stock declined 4.5%.
Goldman Sachs
reported fourth-quarter earnings of $5.48 a share, beating analysts’ estimates of $3.62. Revenue at the bank’s asset and wealth management rose 23% in the period. The stock was up 0.9%.
JetBlue
rose 4.2% and
Spirit Airlines
fell 55% after a federal judge blocked the merger, saying the combination would harm
Spirit’s
price-sensitive consumers.
Boeing
was down 8.3% after the much-anticipated return of 737 MAX deliveries to China was hit with further delays following an emergency incident onboard an Alaska Airlines flight earlier this month, The Wall Street Journal reported.
China Southern Airlines
was to receive
Boeing
planes as early as January, people familiar with the matter told the Journal. Now the airline is planning to conduct additional safety inspections on the aircraft following the incident, though the jets to be delivered aren’t the same variant as Alaska’s MAX 9, the Journal noted.
Advanced Micro Devices
rose 7.4% and was the top-performing stock in the
S&P 500.
Analysts at KeyBanc raised their price target on the stock to $195 from $170 and maintained their Overweight rating on the shares.
Tesla
rose 1%, turning positive after beginning the session in the red. Elon Musk, chief executive of the electric-vehicle maker, wrote in a blog post on X that he wants more voting power at the company if he is to grow it into a leader in artificial intelligence and robotics.
Microsoft
officially passed
Apple
on Friday to reclaim the title of the world’s most valuable public company.
Microsoft’s
value at the close of trading was $2.89 trillion, eclipsing
Apple’s
$2.87 trillion. Microsoft has risen 3.3% this year, while Apple has declined 3.4%. Microsoft was rising 0.3%, while Apple was down 1.6%.
Microsoft on Monday unveiled Copilot Pro, a subscription service targeted at individuals, for $20 a month. The service is an artificial intelligence-based companion for the company’s widely used suite of productivity apps, including Word, Excel, PowerPoint, and Teams.
Apple, meanwhile, is removing a blood-oxygen sensor from some of its smartwatches to get around a patent dispute related to the technology, The Wall Street Journal reported. The company also is offering discounts on some newer models of its iPhone in China.
Western Digital
was rising 3.7% to $51.87 after shares of the data-storage company were raised to Buy from Hold at
Deutsche Bank
and the price target on the stock was increased to $65 from $45. Analysts at Barclays also raised their recommendation on
Western Digital
to Overweight from Equal Weight.
Ansys,
the design-software company, agreed to be acquired by
Synopsys
in a cash-and-stock deal valued at $35 billion. The transaction values
Ansys
shares at $367.57. Ansys closed Friday at $345. It was falling Tuesday by 5.6% to $327.15.
Synopsys
rose 1.8%.
Alcoa
was falling 7.7% to $27.72 after the stock was initiated with a Sell rating at
UBS.
The price target was set at $29. The aluminum products company is scheduled to report earnings after the close of trading Wednesday.
Write to Joe Woelfel at [email protected]
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