February 27, 2024

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Stocks making the biggest moves midday: GM, McDonald’s, UPS, Pulte, International Paper and more

2 min read
Stocks making the biggest moves midday: GM, McDonald's, UPS, Pulte, International Paper and more

General Motors CEO Mary Barra speaks to reporters while she waits for the arrival of President Joe Biden at media day of the North American International Auto Show in Detroit, Michigan, September 14, 2022.

Rebecca Cook | Reuters

Check out the companies making headlines in midday trading Tuesday.

Caterpillar — Shares fell about 3% after Caterpillar reported a 29% earnings decline. The construction machinery and equipment maker said higher manufacturing costs and foreign currency effects weighed on its quarterly results.

Paramount — Shares of the entertainment giant shed 1% after a downgrade to underperform from neutral by Macquarie, which cited its exposure to advertising. CNBC reported Monday that the company will integrate Showtime’s streaming service into its main streaming platform, Paramount+.

A.O. Smith — Shares skyrocketed 9.6% after the manufacturing company reported earnings of $0.86 per share, beating consensus estimates. The company has beat EPS estimates three times over the last four quarters.

McDonald’s — Shares dipped 2.60% after McDonald’s reported its latest quarterly results. Although the fast food company’s earnings and revenue beat expectations, management cautioned that rising cost pressures are likely to continue in 2023.

UPS — Shares of United Parcel Service gained 4% after shipping and transportation giant posted earnings of $3.62 a share, slightly ahead of the $3.59 expected by analysts surveyed by Refinitiv. UPS also raised its dividend and sanctioned a new $5 billion stock repurchase plan.

PulteGroup — Shares of the homebuilder soared 9% in midday trading after the company reported better-than-expected fourth quarter earnings. The company reported $3.63 in adjusted earnings per share on $5.17 billion of revenue, and its homebuilding gross margin rose year over year.

International Paper — Shares of the packaging and paper products company rallied more than 8% after reporting fourth-quarter adjusted operating earnings of 87 cents per diluted share, exceeding StreetAccount’s estimate of 69 cents per diluted share. International Paper also gave fiscal year 2023 guidance of $2.8 billion compared to the $2.4 billion expected.

Pentair — Shares of Pentair surged 6.7% after the water treatment company reported earnings that topped Wall Street estimates for earnings and revenue. The company also gave solid forward guidance for earnings for the full year 2023.

Lam Research — Shares were up 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.

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