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Monday, February 26, 2024

United, Morgan Stanley, ASML, J.B. Hunt, Tesla, Netflix, and More Stock Market Movers

United, Morgan Stanley, ASML, J.B. Hunt, Tesla, Netflix, and More Stock Market Movers


Corporate earnings, meanwhile, remained a focus for investors. Highlights Wednesday are reports from

Tesla

(TSLA) and

Netflix

(NFLX) after the closing bell.

These stocks were poised to make moves Wednesday: 

United Airlines

(UAL) reported third-quarter earnings that beat Wall Street’s expectations but shares were down 4.7% in premarket trading after the carrier issued a gloomier fourth-quarter outlook, citing higher fuel costs and interruptions in service to Israel that will hit its results. The Israel-Hamas war has raged for more than a week.

J.B. Hunt Transport Services

(JBHT), the trucking and logistics company, reported third-quarter earnings that fell from a year earlier and missed expectations amid weaker freight demand. Revenue of $3.16 billion was down 18% from a year earlier. The stock declined 4.1%.

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Morgan Stanley

(MS) will be reporting third-quarter earnings before the stock market opens and analysts expect the investment bank to earn $1.31 a share on revenue of $13.2 billion. The environment for investment banking over the last year has been tepid, and

Morgan Stanley

‘s results are expected to reflect that. The stock was down 0.5% ahead of the report.

Procter & Gamble

(PG) is scheduled to report fiscal first-quarter earnings ahead of the opening bell and analysts expect the consumer products giant to earn $1.72 a share on sales of $21.6 billion.

ASML

(ASML), the Amsterdam-listed semiconductor company, reported better-than-expected third-quarter earnings but said it expects revenue in 2024 similar to 2023 as “customers continue to be uncertain about the shape of the demand recovery in the industry.” ASML shares traded in the U.S. declined 1.6%.

Nvidia

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(NVDA) fell for a second day, falling 1.5% in premarket trading, after slumping 4.7% on Tuesday following an announcement from the Biden administration that it would be tightening its restriction on exports of artificial intelligence chips to China.

Interactive Brokers Group

(IBKR) declined 2.9% in premarket trading. The electronic brokerage posted third-quarter adjusted earnings and revenue that beat estimates and said customer accounts rose 21% to 2.43 million.

Earnings reports are also expected before stock markets opens Wednesday from

Abbott Laboratories

(ABT),

Elevance Health

(ELV),

U.S. Bancorp

(USB),

Travelers

(TRV),

Nasdaq

(NDAQ), and

Ally Financia

l (ALLY).

Others besides

Tesla

and

Netflix

reporting quarterly earnings after markets close include

Lam Research

(LRCX),

Las Vegas Sands

(LVS),

Alcoa

(AA), and

Discover Financial

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(DFS).

Write to Joe Woelfel at joseph.woelfel@barrons.com



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