Up:
- IBM Hits Ten-Year High on Strong Quarterly Results
IBM's stock soared 12.9%, reaching a ten-year high, following the announcement of solid quarterly results and better-than-expected future prospects. The company reported a 9% increase in operational net income and a 4% rise in revenue, driven by strong demand for its AI services. IBM's positive outlook, including a projected free cash flow of approximately $12 billion for 2024, has been well-received by investors, leading to a significant stock price increase. BofA Securities has raised its price target on IBM to $200 from $170 while maintaining a Buy rating. - United Rentals Reports Profit Increase and Share Buyback
United Rentals jumped 13.3% after it announced a 6.25% rise in fourth-quarter profit, driven by strong equipment demand. The company also authorized a $1.5 billion share buyback program to be completed by the first quarter of 2025. The group expects total revenue for 2024 to be between $14.650 billion and $15.150 billion. - ADT Announces Share Buyback and Dividend Increase
ADT Inc. rose 12.2% after it said it plans to exit the residential solar business to focus on its core security and smart home business. The company also announced a $350 million share buyback program and a 57% increase in its quarterly dividend.
Down:
- Northrop Grumman Posts Loss Due to B-21 Bomber Charge
Northrop Grumman declined 7.2% after it reported a loss in the fourth quarter, primarily due to a significant charge related to the B-21 stealth bomber contract. Despite the loss, the company's overall sales increased by 6%, and it has been awarded new contracts worth $15.5 billion. - Concentrix Corporation Issues Earnings Guidance for 2024
Concentrix Corporation dropped 15.20% after providing its earnings guidance for the first quarter and full year of fiscal 2024, with expected revenue growth of 1% to 3% in constant currency terms. Operating income is also projected to increase. However, the guidance missed analysts expectations. - Hexcel Corporation Projects Increased Sales for 2024
Hexcel Corporation fell 6.9% despite saying it expects sales to reach between $1.925 billion and $2.025 billion, compared to the previous year's sales of $1.789 million. However, net income decreased to $105.7 million from $126.3 million, and both basic and diluted earnings per share from continuing operations declined year-over-year. - Tesla Faces Stock Decline After Reporting Lower-Than-Expected Results
Tesla's stock fell by over 10% after reporting fourth-quarter results that showed a decline in adjusted earnings per share and lower-than-expected revenue. The company also indicated that vehicle volume growth in 2024 might be significantly lower than in 2023. - Humana Reports Unexpected Loss and Provides Downbeat 2024 Outlook
Humana fell 12.3% after it unexpectedly reported a fourth-quarter loss and provided a 2024 earnings outlook that fell short of consensus estimates. The company cited rising Medicare Advantage medical costs as the primary reason for the loss.