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The Biggest Stock Movers Today: Magna, 3M, Peloton, Danaher, and More

Stocks were mixed on Tuesday as investors parsed the latest quarterly earnings reports. Next week's Fed move looms large.

January 24, 2023
3 minutes
minute read

Stocks were mixed on Tuesday as investors parsed the latest quarterly earnings reports. Next week's Fed move looms large.

The following stocks were making moves on Tuesday:

Magna International (ticker: MGA) dropped 7.3% after the auto parts company said profit margins in 2022 would be lower than previously forecast, citing higher costs and certain provisions.

HighPeak Energy (HPK) announced that it would be exploring strategic alternatives to maximize shareholder value, including a potential sale of the company. This news sent the stock prices soaring, with an 8.5% increase.

3M stock tumbled 4.9% after the company missed slightly on fourth-quarter earnings. Wall Street had expected earnings per share of $2.36, but 3M reported adjusted earnings per share of $2.28 on sales of $8.1 billion. The company attributed the miss to weak demand and said it plans to cut about 2,500 manufacturing jobs in response.

3M reported fourth-quarter adjusted earnings per share of $2.28, which was lower than what Wall Street analysts had expected. Sales for the quarter were $8.1 billion.

Peloton Interactive (PTON) shares declined 3.4% after the at-home fitness company was downgraded to Neutral from Outperform by analysts at Baird.

Magna International's shares slid after the company said its profit margins in 2022 would be lower than previously forecast. 3M's earnings came up short of estimates, and the company announced it would cut 2,500 manufacturing jobs.

Magna International (MGA) shares fell after the auto parts company said profit margins in 2022 would be lower than previously forecast. 3M (MMM) reported earnings that came up short of estimates and announced it will cut 2,500 manufacturing jobs. Danaher (DHR) fell 2.5% after it reported adjusted fourth-quarter earnings that beat analysts’ estimates but redefined revenue to exclude Covid-related business beginning in first quarter 2023.

Magna International's shares slid after the company said its profit margins in 2022 would be lower than previously forecast. 3M's earnings came up short of estimates, and the company announced it would cut 2,500 manufacturing jobs.

The medical company's fourth-quarter earnings beat expectations, but analysts say investors are paying attention to other elements of the report. Specifically, they are looking at the company's guidance for the coming year.

Magna International shares slid after the company said its profit margins in 2022 would be lower than previously forecast. 3M's earnings came up short of estimates and the company announced it would cut 2,500 manufacturing jobs. Union Pacific shares fell 2.4% after the railroad company's fourth-quarter earnings missed estimates.

Magna International's shares slid after the company said its profit margins in 2022 would be lower than previously forecast. 3M's earnings came up short of estimates, and the company announced it would cut 2,500 manufacturing jobs.

Lululemon Athletica (LULU) fell 1.8% after shares of the athleisure company were downgraded to Underperform. Analysts at Bernstein downgraded Lululemon shares to Underperform from Market Perform, citing concerns about the company's growth prospects.

Lululemon shares have come under pressure in recent months as the company has struggled to grow sales and margins. While the company has made some progress in improving its operations, Bernstein analysts believe it will take time for these improvements to translate into meaningful sales and earnings growth.

Lululemon shares are down on Tuesday as another analyst turns bearish on the company. This analyst cites concerns about the company's growth prospects and competitive environment.

Raytheon Technologies (RTX) was up 1.7% today after the company reported a slight beat on fourth-quarter adjusted earnings. This came as a relief to investors after Magna International announced that its profit margins in 2022 would be lower than previously forecast, and 3M's earnings came up short of estimates. 3M also announced that it would cut 2,500 manufacturing jobs, which added to the negative sentiment in the market.

Magna International's shares slid after the company said its profit margins in 2022 would be lower than previously forecast. 3M's earnings came up short of estimates, and the company announced it would cut 2,500 manufacturing jobs.

D.R. Horton (DHI) rose 1.2% after the home builder posted beats for net profit and revenue in its fiscal first quarter. The company reported net profit of $2.76 a share, while analysts anticipated $2.25, according to FactSet.

D.R. Horton noted some positive metrics that could bode well for the spring selling season. These positive indicators, combined with the company's strong earnings results, led to the stock's rise.

The home builder noted some positive metrics that could indicate a strong spring selling season.

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Cathy Hills
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Eric Ng
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John Liu
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Bryan Curtis
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Adan Harris
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Cathy Hills
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