2023-04-25 08:39:13 ET
Stocks looked poised for a lower start to Tuesday's trading, as investors remained cautious ahead of some key tech earnings. This would follow a mixed performance the previous day. Here are some stocks to watch for Tuesday:
- UPS ( NYSE: UPS ) dropped in premarket trading following the release of its quarterly results. Shares of the package delivery giant slumped almost 5% after its Q1 profit came in below expectations . Revenue fell 6% to $22.9B. For the full year, UPS predicted 2023 consolidated revenue of around $97B, below the $98.25B that analysts were expecting.
- The announcement of quarterly results prompted premarket buying in General Motors ( GM ). The automaker exceeded expectations on both its top and bottom lines, with revenue rising 11% to nearly $40B. The company also raised its full-year profit forecast, with full-year EBIT-adjusted of $11B-$13B. Shares climbed 3% before the opening bell.
- 3M ( MMM ) reported Q1 EPS that fell from last year but still beat analysts' consensus . The firm's revenue dropped 9% to $8B. The maker of industrial and consumer products also revealed plans to cut 6K jobs as part of a broader restructuring effort.
- Verizon ( VZ ) unveiled a mixed earnings report, with a profit that beat expectations. Revenue came up short, slipping 2% to $32.9B. Meanwhile, the telecom behemoth reported 633K subscriber additions in Q1
- Microsoft ( MSFT ) is scheduled to report its quarterly results after the closing bell. Investors will be looking closely at the company's commentary on AI and its Azure cloud services unit. Analysts expect the software giant to earn $2.22 per share on revenue of $49.4B.
- AI will also be an important topic for Alphabet ( GOOG ) ( GOOGL ), which is set to announce its quarterly update after the close as well. The Google parent is projected to earn $1.07 per share, with revenues of $68.8B.
Looking at the broader market, Seeking Alpha contributor Lawrence Fuller argues that the economy is "on track for a soft landing" with earnings coming in better than expected and macro data " showing more signs of resilience ."
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6 stocks to watch on Tuesday: UPS, General Motors, 3M and more