Welcome to the latest edition of our magazine, where we bring you the top stories from the stock market. Let’s dive in and see which companies are making headlines before the bell.
First up, we have Disney, which saw its shares jump 7.8% after announcing a 50% increase to its dividend and delivering higher-than-expected fiscal first-quarter earnings. The entertainment giant’s positive guidance also contributed to the stock’s rise, with adjusted earnings expected to climb 20% to $4.60 per share in fiscal year 2024.
Next, Ralph Lauren’s stock popped 5.3% following a strong beat on earnings and revenue for its fiscal third quarter. The apparel maker closed out the holiday shopping season with healthy inventory levels and reported earnings of $4.17 per share, surpassing analysts’ expectations.
Ally Financial saw its shares add 1.9% after being upgraded to overweight by Morgan Stanley. The lender is seen as a strong play in anticipation of lower interest rates.
Mattel’s shares gained 2.6% after the Barbie toymaker posted fourth-quarter adjusted earnings of $0.29 per share, higher than the previous year. Although earnings and revenue fell short of consensus estimates, the company announced a $1 billion share buyback program.
On the flip side, PayPal’s stock plunged 9.4% after the online payments leader posted slightly disappointing guidance for the full year and first quarter. The company also announced layoffs, contributing to the stock’s decline.
New York Community Bancorp continued to fall premarket, losing about 4.7% after being hit with a shareholder lawsuit and a downgrade of its long-term debt ratings to junk status.
In more positive news, Arm Holdings’ stock soared more than 28% after reporting a fiscal third-quarter earnings beat and issuing fourth-quarter earnings and revenue guidance that exceeded expectations. Apollo Global Management’s shares rose nearly 3% after the asset management company’s fourth-quarter earnings topped estimates.
American Express saw its shares dip 1.6% following a downgrade by Morgan Stanley, while Maersk’s shares slipped nearly 13% due to “high uncertainty” in its 2024 earnings outlook.
That’s it for today’s market highlights. Stay tuned for more updates and insights in our next issue. Thanks for reading!
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