Today’s Stock With The Biggest Move: UPS, GM, GE, 3M, First Republic, Verizon, Spotify, And More 

Stocks fell on Tuesday as investors awaited earnings from tech titans Microsoft and Alphabet, as well as reports from several industrial and consumer brands.

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These stocks were active on Tuesday: 

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United Parcel Service (UPS) posted first-quarter adjusted earnings of $2.20 per share, which were in line with analysts' expectations. The shipping behemoth predicted $97 billion in revenue in 2023, up from $97 billion to $99.4 billion before. The stock was down 8.9%.

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General Motors (GM) posted first-quarter results that were above analysts' expectations, and the automaker boosted its full-year forecast. The stock fell 2.5%.

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The stock of General Electric (GE) was down 1.3%. During the first quarter, the company's adjusted profits and revenue exceeded Wall Street's estimates. The business announced adjusted profits per share of 27 cents on revenues of $13.7 billion. Wall Street expected earnings of 14 cents per share on revenues of $13.3 billion.

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First Republic Bank FRC -29.19% (FRC) posted first-quarter results that were above analysts' expectations, but shares of the regional lender were down about 28% after deposits fell by almost $72 billion, or 41%, during the period. The bank reported $104.5 billion in deposits at the end of the first quarter, including $30 billion in deposits received as a lifeline from big US banks last month. In addition, the San Francisco-based lender stated that it aims to reduce its headcount by 20% to 25% in the second quarter. 

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Northern Trust (NTRS) was down 9.4% after announcing lower first-quarter profit and lower asset management fees compared to the previous year.

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Verizon Communications (VZ +0.54% (VZ) posted first-quarter adjusted earnings that were higher than expected but revenue that fell short. In addition, the telecom behemoth recorded 263,000 wireless retail postpaid phone net losses in the first quarter. The stock is modestly climbing.

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Spotify Technology (SPOT) rose 6.4% after the company's target for user and subscriber growth was exceeded.

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PepsiCo (PEP) announced $1.40 earnings per share in the first quarter, exceeding Wall Street projections by 2 cents. The beverage and snack company said it anticipates adjusted profits per share of $7.27 in 2023, which is higher than its previous projection. PepsiCo's stock rose 2.2%.

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3M (MMM) was up 0.8% after reporting quarterly results that were above analysts' expectations and announced a reorganization that will result in a further 6,000 job layoffs.

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Microsoft (MSFT) was down 0.8% ahead of the software giant's fiscal third-quarter earnings. Wall Street expects Microsoft to announce $51 billion in quarterly sales, up 3.4% year on year, with a profit of $2.24 per share.

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Analysts estimate Alphabet (GOOGL), Google's parent company, to announce first-quarter earnings of $1.08 per share on revenue of $68.9 billion. The report from Alphabet will be revealed after Wall Street closes on Tuesday. Alphabet's stock was down 0.2%.

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