General Motors CEO Mary Barra speaks to reporters as they await the arrival of President Joe Biden during the North American International Auto Show media day in Detroit, Michigan on September 14 2022.
Rebecca Cook | Reuters
Check out the companies making headlines on Tuesday at noon.
General Motors — The automaker’s stock jumped more than 7% after the company beat analysts’ estimates for higher and lower earnings for its fourth quarter. The company reported adjusted revenue of $2.12 per share on revenue of $43.11 billion. Analysts polled by Refinitiv were looking for $1.69 in earnings per share on $40.65 billion in revenue. The outperformance came despite shrinking year-over-year profit margins. GM also said it expected lower earnings in 2023, but the forecast was still higher than analysts’ estimates.
caterpillar — Shares fell about 3% after Caterpillar announced a 29% drop in profits. The construction machinery and equipment maker said rising manufacturing costs and foreign currency effects weighed on its quarterly results.
Primordial – Shares of the entertainment giant fell 1% after a downgrade to underperform from neutral by Macquarie, which cited its exposure to advertising. CNBC announced on Monday that the company will integrate Showtime’s streaming service into its main streaming platform, Paramount+.
A. O. Smith – Shares soared 9.6% after the manufacturing company reported earnings of $0.86 per share, beating consensus estimates. The company has beaten EPS estimates three times in the past four quarters.
McDonald’s — Shares fell 2.60% after McDonald’s released its latest quarterly results. Although the fast food company’s profits and revenue beat expectations, management warned that mounting cost pressures are likely to continue in 2023.
UPS – Shares of United Parcel Service gained 4% after the shipping and transportation giant reported earnings of $3.62 per share, slightly better than the $3.59 expected by analysts polled by Refinitiv. UPS also increased its dividend and sanctioned a new $5 billion stock buyback plan.
Pulte Group – Shares of the homebuilder soared 9% midday after the company reported better-than-expected fourth-quarter earnings. The company reported adjusted earnings per share of $3.63 on revenue of $5.17 billion, and its homebuilding gross margin rose year-over-year.
International paper – Shares of the packaging and paper products company rose more than 8% after reporting fourth-quarter adjusted operating profit of 87 cents per diluted share, beating StreetAccount’s estimate of 69 cents per share. diluted stock. International Paper also gave a forecast for fiscal year 2023 of $2.8 billion compared to the $2.4 billion expected.
Pentair – Shares of Pentair jumped 6.7% after the water treatment company reported earnings that beat Wall Street estimates for profit and revenue. The company also gave strong earnings guidance for the full year 2023.
Search Lam – Shares rose 2.3% after Citi added a positive catalyst watch on the semiconductor company and said it expects the stock to outperform.
– CNBC’s Samantha Subin, Alex Harring, Jesse Pound, Yun Li, Carmen Reinicke, Michelle Fox Theobald and Hakyung Kim contributed reporting.