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Goldman Sachs and Morgan Stanley reported quarterly earnings Tuesday.
Scott Eells/Bloomberg
Stock futures traded lower Tuesday after Wall Street reopened after a holiday. Equities have kicked off 2023 with two consecutive positive weeks.
These stocks were poised to make moves in Tuesday’s trading session:
Goldman Sachs
(ticker: GS) fell 1.4% early Tuesday after fourth-quarter earnings missed analysts’ estimates.
Morgan Stanley
(MS) reported fourth-quarter profit of $1.26 a share, beating Wall Street forecasts by 1 cent.
Morgan Stanley
shares fell slightly.
Emerson Electric
(EMR), the industrial automation and energy giant, announced Tuesday it submitted a proposal to acquire tech company
National Instruments
(NATI) for $53 a share in cash with an implied enterprise value of $7.6 billion. Shares of Emerson slipped 2% early Tuesday, while
National Instruments
shares soared 13.1%.
Silvergate Capital (SI) shares were rising 6.4% in premarket trading Tuesday
.
The company reported a fourth-quarter earnings miss. The stock has fallen more than 90% in the last 12 months.
XPeng
(XPEV) ADRs were down 3.4% in premarket Tuesday. The Chinese electric-vehicle maker cut the price tag on its G3i base models by 12.5%, or about $22,000, bowing to pressure after
Tesla
(TSLA) announced price cuts earlier this month.
Tesla
was rising 1.7%.
AutoNation
(AN) was falling 3.2% after shares of the car retailer were downgraded to Underweight from Equal Weight at Morgan Stanley, the Fly reported.
Signature Bank
(SBNY) rose 1.3% after the company reported fourth-quarter earnings.
Bank of America
(BAC) was downgraded to Underweight from Neutral at
Piper Sandler
.
The bank’s fourth-quarter profit rose modestly, while higher interest rates drove up revenue. Shares fell 0.8%.
United Airlines (UAL) is scheduled to report quarterly earnings after the markets close Tuesday. Shares were down 0.5% in premarket trading.
American depositary receipts of
Alibaba
(BABA) rose 0.4% in premarket trading after The Wall Street Journal reported that Ryan Cohen, the billionaire co-founder of
Chewy
(CHWY) and chairman of
GameStop
(GME), built up a stake worth several hundred millions of dollars in the Chinese e-commerce giant in the second half of last year and is pushing for the company to increase its stock buybacks.
Alibaba
shares rose 1% in Hong Kong.
Write to Joe Woelfel at joseph.woe[email protected] and Emily Dattilo at [email protected]
