Logitech, 3M, United Airlines, D.R. Horton, GE, and More Market Movers

Logitech,
the computer peripherals maker, reported fiscal third-quarter revenue of $1.26 billion, down from $1.27 billion a year earlier, and forecast a fiscal-year sales decline of 6% to 7% to $4.2 billion to $4.25 billion, narrower than its previous expectations for a fiscal-year sales drop of 9% to 12%. The company expects operating income of between $610 million and $660 million, up from prior guidance of between $525 million and $575 million. The stock fell 7.4%.

3M
posted better-than-expected adjusted earnings and sales for its most recent quarter, while adjusted earnings guidance for 2024 of about $9.55 a share was below Wall Street’s call for $9.90. Shares of the Scotch tape maker were down 6.9%.

Fourth-quarter earnings at
United Airlines
topped Wall Street forecasts, and the carrier said it expected 2024 adjusted profit of $9 to $11 a share, compared with analysts’ estimates of $9.48. The stock was rising 6.5%. United said it anticipates a first-quarter loss wider than estimates because regulators have grounded Boeing‘s 737 MAX 9 planes.

Home builder
D.R. Horton
reported mixed quarterly results on Tuesday, with earnings short of Wall Street’s forecast but revenue ahead of expectations. The stock fell 5.1%.

Verizon Communications
stock jumped 4.4% after the telecommunications company reported fiscal fourth-quarter revenue and postpaid net additions that beat Wall Street estimates. Adjusted earnings were in line with consensus.

Aerospace-and-defense company
RTX
reported adjusted earnings per share of $1.29 on sales of $19.8 billion, while Wall Street was looking for earnings per share of $1.24 and sales of $19.7 billion, respectively. For 2024, management expects earnings per share of $5.25 to $5.40, while analysts had called for earnings of $5.28. Shares gained 4.3%.

General Electric
reported better-than-expected fourth-quarter earnings and issued solid sales guidance. The stock was down 4.2% after GE said it expects first-quarter adjusted earnings of 60 cents to 65 cents a share, below consensus of 70 cents. 

Coinbase
was falling 4.1% to $122.93 after shares of the crypto exchange were downgraded to Underweight from Neutral at J.P. Morgan and the price target was left unchanged at $80.

Sanofi
plans to buy the assets and liabilities of INBRX-101, a therapy from biopharmaceutical company
Inhibrx,
in a deal valued at up to $2.2 billion. INBRX-101 therapy is currently being evaluated in a registrational trial for the treatment of patients with alpha-1 antitrypsin deficiency. Prior to the closing of the deal, assets not associated with INBRX-101 will be spun off into a new publicly traded company. Under the terms of the agreement, Inhibrx shareholders will receive $30 a share in cash, plus a contingent value right. Inhibrx stock rose 2.9% to $34.31.

Netflix,
which reports earnings after the closing bell Tuesday, was up 1.7% in premarket trading. The streaming giant forecast fourth-quarter revenue of $8.7 billion, up 10.7% from a year earlier. It expects a profit of $2.15 a share, up from just 12 cents in the year-earlier period, but down from $3.73 a share in the third quarter. Analysts expect Netflix to post fourth-quarter earnings of $2.22.

Procter & Gamble
stock rose 1% after the consumer products titan beat core earnings estimates but delivered sales slightly below the consensus estimate for the fiscal second quarter ended Dec. 31.

Aerospace company
Lockheed Martin
reported fourth-quarter earnings per share of $7.58 a share from sales of $18.9 billion. Wall Street was looking for EPS of $7.29 a share from about $18 billion in sales. Shares edged 0.3% higher.

Johnson & Johnson
stock was down 0.2% after the healthcare giant reported fourth-quarter adjusted earnings of $2.29 a share, one cent above analysts’ estimates. Sales of $21.4 billion came in slightly higher than Wall Street forecasts.

Write to Joe Woelfel at [email protected] and Emily Dattilo at [email protected]