Mario Tama
U.S. stock index futures on Tuesday pointed to a mixed open, with the earnings season dominating headlines. Investors digested a host of quarterly reports from major companies. Here are some stocks to watch on Tuesday:
- Shares of 3M (NYSE:MMM) retreated more than 6% in pre-market trading, after the industrial conglomerate's full year 2024 profit guidance missed estimates. 3M's (MMM) Q4 2023 revenue also came in below expectations, as the company continues to see soft demand in consumer and electronics end markets. 3M (MMM), which owns brands such as Scotch tape and Post-it notes, projected full year 2024 adjusted earnings per share of $9.35 to $9.75, compared to a consensus of $9.82. See how MMM performed in charts.
- A weak guidance by another industrial conglomerate, General Electric (GE), dragged the company's stock down 2%. GE sees adjusted earnings per share of 60 cents to 65 cents for Q1 2024, versus a consensus estimate of 69 cents. This year will also see the completion of GE's historic three-way split, with GE Aerospace and GE Vernova to be launched in early April. For Q4 2023, GE's total revenue jumped 15% Y/Y to $19.4B, while its total orders increased 8% Y/Y to $21.7B. See how GE performed in charts.
- Shares of Johnson & Johnson (JNJ) seesawed ahead of the opening bell. The pharmaceutical major kicked off the healthcare earnings season with a Q4 2023 top and bottom line beat, helped by strength in its medical technology business. The segment saw revenue surge 13.3% Y/Y to $7.67B. J&J's (JNJ) other bigger segment, innovative medicine, brought in revenue of $13.72B (+4.2% Y/Y). Additionally, J&J (JNJ) reaffirmed its full year 2024 top and bottom line guidance. See how JNJ performed in charts.
- Verizon (VZ) stock climbed almost 4% in pre-market trading, after the telecom giant's Q4 2023 revenue of $35.1B beat consensus estimates by over half a billion dollars. The Dow 30 component delivered a fifth consecutive quarter of more than 400K total broadband net additions, including 375K fixed wireless net additions, bringing the total subscriber base to over 3M. Verizon's (VZ) Q4 results included a pre-tax loss from special items of about $7.8B.
- Shares of Netflix (NASDAQ:NFLX) will be in focus on Tuesday, ahead of the streaming giant's Q4 2023 results after the closing bell. Wall Street expects NFLX to earn $2.23 per share on revenue of $8.71B. However, the company was already making headlines in pre-market trading, with the stock up ~2%. In a major move, Netflix (NFLX) said starting January 2025, it would become the exclusive home of TKO Group's (TKO) hugely popular WWE Raw wrestling show in the U.S., Canada, UK and Latin America, with more countries to be added over time. The deal is slated to last 10 years and be worth "in excess" of $5B, TKO (TKO) said in a filing.
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