Stocks were up Tuesday after equities tumbled in the previous session on worries over Middle East tensions and on fears the Federal Reserve will have to maintain high interest rates to keep inflation under control. Earnings reports Tuesday from UnitedHealth Group and Bank of America were better than expected.
reported first-quarter adjusted earnings of $6.91 a share, topping analysts’ estimates of $6.61. Revenue of $99.8 billion beat forecasts of $99.2 billion. UnitedHealth reported a net loss of $1.53 a share in the quarter which included an impact of 74 cents a share from the hack of the payments tools operated by its subsidiary Change Healthcare. The stock was rising 5%.
stock declined 7.5% following a report from The Wall Street Journal that said the Justice Department was preparing to sue the parent of Ticketmaster, alleging the company has leveraged its dominance for ticketing live events that has undermined competition. The suit could be filed as soon as next month, the Journal reported, citing people familiar with the matter.
Trump Media & Technology Group
stock was down 13% after falling 18% on Monday after the parent company of the Truth Social platform filed for the sale of a large amount of shares. On Tuesday, the company announced plans to launch a new live TV streaming network.
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stock declined 3%. Shares of the electric-vehicle maker dropped 5.6% on Monday after CEO Elon Musk said Tesla was planning to lay off more than 10% of its global workforce, and Drew Baglino, Tesla’s head of powertrain and energy engineering, announced he was stepping down.
earned 83 cents a share on an adjusted basis in the first quarter, beating analysts’ estimates of 76 cents. Revenue fell to $25.8 billion from $26.2 billion a year earlier but topped consensus of $25.5 billion. Net interest income in the period fell 3% to $14.03 billion. Shares were down 3.8%.
Shares of
rose 2.6% after the investment bank’s earnings topped Wall Street expectations. The bank reported a return on tangible common equity, the closely watched measure of profitability known as ROTCE, of 19.7%, up from 16.9% a year earlier and closer to Morgan Stanley management’s own target of 20%.
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stock was down 2% after profit and revenue declined in the regional bank’s first quarter. Net interest income—a key metric among banks—of $3.26 billion missed consensus estimates of $3.29 billion.
posted first-quarter adjusted earnings of $2.71 a share, better than Wall Street expectations. The company said it now expects full-year adjusted earnings in a range of $10.57 to $10.72 a share, compared with a previous range of $10.55 to $10.75. The stock was falling 1.9%.
Shares of
were up 5.8% to $933.92 after analysts at Loop Capital raised their price target on shares of the server maker to $1,500 from $600 and maintained a Buy rating.
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stock was up 3.3% to $45.17. Analysts at Goldman Sachs initiated coverage on shares of the sports-betting company with a Buy recommendation and price target of $60.
Write to Joe Woelfel at joseph.woelfel@barrons.com and Angela Palumbo at angela.palumbo@dowjones.com
