Panuwat Dangsungnoen
Stock futures inched higher on Thursday after a positive GDP data. The data revealed robust economic growth and signs of a slowdown in inflation, providing a boost to investor confidence.
Here are some of Thursday's biggest stock movers:
Biggest stock gainers:
- Nokia (NYSE:NOK) shares rose more than 7% after unveiling plans to initiate a €600M ($653M) share buyback this quarter. This announcement followed a report of a significant profit decline in 2023. Within the Mobile Networks division, the company foresees challenges to its top line in 2024. This is attributed to telecommunications operators scaling back spending on their networks and a slowdown in investment pace in India.
- IBM (NYSE:IBM) shares surged 8% after the company's Q4 earnings surpassed market expectations. The consulting business played a pivotal role in boosting revenue growth, and the company provided guidance for strong cash flow in the new year. For 2024, the company's guidance is to achieve constant-currency revenue growth "consistent with its mid-single-digit model" (with currency currently seen as a one-point headwind) and free cash flow of about $12B.
- Shares of Las Vegas Sands (NYSE:LVS) rose by 3% following mixed Q4 results, marked by a 161% Y/Y top-line growth. The significant contribution to revenue growth came from Macao operations, which saw Y/Y growth of more than 300%, resulting in total Macao operations revenue of $1.86B. Sands CEO and Chairman Rob Goldstein expressed optimism, stating that the company believes the Macao market will continue to grow in the future.
- Comcast (NASDAQ:CMCSA) shares climbed more than 5% as the media and cable giant revealed Q4 results that exceeded expectations. Despite facing ongoing declines in broadband subscribers, Comcast announced an extended $15 billion buyback program. The company's board of directors additionally approved a dividend increase, marking the 16th consecutive annual raise, with an annualized payout of $1.24 for 2024.
- American Airlines Group (NASDAQ:AAL) shares surged by 8% following its outperformance in Q4 EPS and margin. The airline's operational excellence during the holiday season was emphasized, achieving its highest-ever completion factor, on-time departures, and the lowest mishandled baggage rate. Looking ahead, American Airlines (AAL) anticipates Q1 EPS ranging from -$0.35 to -$0.15, compared to the -$0.22 consensus. Q1 capacity is projected to increase between 6.5% and 8.5%. For the full year, an EPS range of $2.25 to $3.25 is expected, surpassing the $2.14 consensus.
Biggest stock losers:
- Elon Musk's Tesla (NASDAQ:TSLA) shares plummeted over 10% following disappointing Q4 results that not only missed consensus estimates but also revealed weak margins. Additionally, the electric vehicle giant issued a warning that vehicle volume growth in 2024 may be notably lower than the level observed in 2023.
Related stock stories:
- Nokia Oyj 2023 Q4 - Results - Earnings Call Presentation
- Tesla, Inc. (TSLA) Q4 2023 Earnings Call Transcript
- International Business Machines Corporation (IBM) Q4 2023 Earnings Call Transcript
- Tesla in charts: Adjusted EBITDA margin slips; production, deliveries grow
- IBM in charts: Software, Infrastructure segments rise Q/Q, while Financing slips in Q4
- Nokia in charts: Q/Q sales rise across all major segments in Q4; Europe and North America surge, while India dips