Big Moves Made on Wall Street with Delta Airlines, CVS, Nike and More...
Oct 12, 2024
As the market opens, investors are closely watching a handful of stocks that are making significant moves.
Delta Air Lines is facing headwinds after reporting lower-than-expected revenue projections for the fourth quarter. The airline's shares fell by 5% on the news, as investors reacted to the company's forecast of only a 2-4% increase in revenue, compared to the 4.1% projected by LSEG. Delta's third-quarter earnings and revenue also missed analysts' expectations.
10x Genomics is another stock that is under pressure today, with shares declining by roughly 26%. The company, a global leader in single-cell genomics, anticipates a Q3 revenue of $151.7 million, a slight dip of 1% from the previous year's same quarter. CEO Serge Saxonov attributed the decline to disruptions caused by the company's restructuring of commercial processes and organization, particularly in the Americas.
On the other hand, CVS Health is seeing a boost, with shares rising by 1.9%. Barclays upgraded the stock to "overweight" from "equal weight," citing a potential "compelling margin recovery opportunity" for the healthcare giant.
GXO Logistics is another stock that is on the move, with shares increasing by 12%. Rumors have been circulating that the company is considering a sale, although GXO has not confirmed these reports.
Celsius Holdings continues to impress, with shares escalating around 5% following the release of Piper Sandler's latest teen survey. The survey found that Celsius is gaining market share in the energy drink market, a trend that is expected to continue.
Tesla is also making headlines today, with shares rising modestly by 1%. Investors are eagerly awaiting the company's upcoming robotaxi event, where Tesla is expected to unveil a prototype of its Cybercab robotaxi and provide updates on its advancements in driver assistance and artificial intelligence.
Nike is another stock that is seeing a positive move, with shares nudging 1.5% higher. Truist upgraded Nike to "buy" from "hold," citing near-term catalysts and long-term potential for growth.
Medtronic is also on the rise, with shares edging up by 1%. RBC Capital Markets upgraded Medtronic to "outperform," citing a "renewed sense of confidence" in the medical device company.
American International Group is another stock that is seeing a positive move, with shares rising by approximately 1%. JPMorgan upgraded AIG to "overweight" from "neutral," citing "more reasonable" EPS predictions and improved valuation.
However, not all stocks are seeing positive movement today. PayPal is experiencing a decline, with shares falling by 1.7%. Bernstein downgraded PayPal to "market perform," suggesting that the stock's recent rally of nearly 40% in the last three months may be overdone.
Overall, it is a mixed day for the market, with some stocks performing well and others struggling. Investors will be closely monitoring these stocks throughout the day to see how they continue to perform.
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