Stocks

Today’s Stocks to Watch: GE Aerospace, Nvidia, and Verizon

October 22, 2024 OnEquity

Key points:

  • GE Aerospace and Verizon shares declined despite strong results
  • Nvidia posted a record market value, even though its shares fell slightly
  • Lockheed Martin and 3M raised their forecasts, attracting market interest

GE Aerospace (GE) Falls Despite Beating Expectations

GE Aerospace shares declined despite surpassing expectations for adjusted earnings and revenue. While the company met its full-year guidance, investors had anticipated stronger results, leading to a slight drop in the stock price.

Nvidia (NVDA) Marks a Milestone in the Market

Nvidia, the maker of artificial intelligence chips, reached a market value above $3.5 trillion for the first time. Although the company continues to grow, its shares fell slightly in pre-market trading, causing some caution among investors.

General Motors (GM) Approaches Record Revenues

General Motors, the largest U.S. automaker, announced it is close to achieving record adjusted operating income in 2024, despite extraordinary charges. This has sparked optimism in the market.

Verizon Communications (VZ) Reports Lower Profits

Verizon Communications reported lower profits and flat revenue for the latest quarter. Shares declined in pre-market trading due to headcount reduction charges, which impacted the results.

Lockheed Martin (LMT) Raises Annual Profit Forecast

Lockheed Martin, the military contractor, raised its annual profit forecast. This favorable revision was welcomed by investors, leading to a slight increase in its shares.

Cheesecake Factory (CAKE) Rises Following Interest from Activist Investors

Cheesecake Factory shares rose after an activist investor bought a stake in the company and submitted a proposal to spin off three brands into a separate public company.

Danaher (DHR) Beats Quarterly Expectations

Danaher reported quarterly earnings and sales that exceeded expectations and reaffirmed its 2024 sales growth forecast. Its shares rallied in pre-market trading.

SAP (SAP) Boosts Revenue Thanks to AI

SAP, the German software company, reported higher revenue and earnings for the latest quarter, driven by growing demand for artificial intelligence solutions. Shares rose 4% in Germany.

3M (MMM) Beats Forecasts and Raises Outlook

3M, the maker of Scotch tape, posted adjusted quarterly profits above analysts’ expectations and raised its profit forecast for the remainder of the year. Shares rose in pre-market trading.

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