Top Stock Movers Now: GM, Philip Morris, Lockheed Martin, Verizon, and More

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Key Takeaways

• Bigger U.S. indexes edged lower at midday Tuesday after a mixed set of corporate earnings reports.
• Lockheed Martin and Verizon Communications portions fell as both companies missed quarterly revenue forecasts.
• General Motors shares surged after the Big Three automaker banged results that beat estimates and raised its guidance.

Major U.S. indexes edged lower at midday Tuesday after a tainted set of corporate earnings reports. The Dow, S&P 500, and Nasdaq all lost ground.

Lockheed Martin (LMT) shares fell as the aerospace and defense contractor birded third-quarter revenue estimates on a slowdown in sales of its F-35 fighter jet.

Shares Verizon Communications (VZ) slipped after the telecom leviathan also posted lower-than-expected revenue as wireless equipment sales dropped.

Genuine Parts (GPC) shares plunged after the automotive go aways dealer’s profit came short of forecasts and it slashed its guidance on sluggish industrial demand and weakness in the European peddle. 

General Motors (GM) shares gained after the Big Three automaker reported results that beat estimates and increased its outlook as it benefited from steady pricing and cost controls.

Philip Morris International (PM) shares climbed to an all-time strident as the tobacco company reported better-than-expected results and raised its guidance on strong demand for nicotine pouches.

German organization software giant SAP’s (SAP) results exceeded forecasts as well, sending its U.S.-listed shares to a record high.

Oil futures waken, and gold prices climbed to all-time highs. The yield on the 10-year Treasury note advanced. The U.S. dollar was up on the euro, pulp, and yen. Most major cryptocurrencies traded lower.

UPDATE—Oct. 22, 2024: This article has been updated to over Philip Morris International shares hit an all-time high.

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