GE shares rise on better-than-expected earnings
General Electric traded up more than 2% in the premarket after the industrial giant posted quarterly results that beat analyst expectations.
GE earned $1.24 per share on revenue of $21.79 billion for the last quarter. Analysts expect earnings of $1.13 per share on revenue of $21.59 billion, according to Refinitiv,
“2022 marks the beginning of a new era for GE. We successfully launched GE Healthcare, delivered strong financial performance, made significant operational progress and continued our steadfast commitment to our customers. Thank you, GE ended the year with solid revenue growth and margin expansion,” CEO Larry Culp said in a statement.
— Fred Imbert
AMD falls after Bernstein downgrade
amd Shares fell more than 2% after Bernstein downgraded the semiconductor maker from outperform to market perform. cited firm Deteriorating personal computer market trends to downgrade |,
“It must be said that the PC environment has gotten much worse since then,” Bernstein said in a note to the client. “And our belief that the AMD channel would prove relatively immune to decline unfortunately proved incorrect, and we are becoming more wary of potential PC dynamics in recent months.”
— Alex Harring
European markets flat as investors digest key PMIs
European markets were mixed on Tuesday with investors digesting the latest flash Purchasing Managers’ Index data from the euro zone in January.
pan european stoxx 600 index Hovering partially above the flatline in early trade, retail shares shed 0.7% while oil and gas shares lost 0.6%.
The S&P Global Euro Zone Composite PMI came in at 50.2 in January, up from 49.3 in December and ahead of the consensus forecast of 49.8.
CNBC Pro: Goldman Sachs Asset Management picks a corner of the US market with ‘great opportunities’
A Goldman Sachs Asset Management strategist named one segment of the market that could be poised for a comeback this year.
James Ashley, head of international market strategy at Goldman Sachs Asset Management, also pointed to research showing that these types of companies outperform when inflation is high but fall.
CNBC Pro subscribers can read more here.
Ganesh Rao
Zion shares fall after earnings
shares of zions bancorp The regional bank’s earnings for the fourth quarter fell more than 2% despite beating estimates. According to StreetAccount, Zions reported $1.84 in earnings per share, above the $1.65 expected by analysts. Net interest income also beat estimates.
However, non-interest income was lower than expected, and deposits fell 13% year over year to $71.7 billion.
Shares of Zion rose 2.27% in regular trading Monday ahead of its earnings release.
-Jesse Pound
Dawson says shares need to touch this key level to potentially rally
Shares gained on Monday, according to Cameron Dawson of NewAge Wealth, but not by much to truly consider it a market rally.
“We have to pass the all-important level of 4,100,” Dawson said on CNBC’s “Closing Bell: Overtime“On Monday. That’s because 4,100 is the S&P 500’s 65-day high.
Dawson said the S&P 500 may never touch key momentum levels in 2022 because it was in a decline. If the stock breaks this level, it could signal that the rally has the potential to move into a new bull cycle.
Technicals and positioning can only get the stock so far before a fundamental shift is needed to really give shares momentum.
“We need to see a change in fundamentals to really think that this rally is going to continue,” he added.
He cautioned that until the Federal Reserve fully pivots and re-stimulates the US economy, stock prices will likely continue to rise.
“It is unlikely that we can go back to pre-pandemic multiples without the Fed’s help,” she said.
Dawson said that if stocks are able to rally and break the 65-day high, it would also reduce the likelihood of the S&P 500’s October lows.
-Carmen Renicke
Stock futures opened little changed
Futures were little changed on Monday evening after stocks posted solid gains during regular trading hours. There were no reports of large cap earnings to make big moves in the futures market after the bell.
Jesse Pound
Nasdaq, chip stocks edged higher on Monday
Stocks enjoyed a broad rally on Monday. Here’s a look at some of the key numbers from the trading session.
- The Dow closed at 33,629.56, up 254 points, or 0.76%.
- The S&P 500 closed at 4,019.81, up 47 points, or 1.19%.
- The Nasdaq Composite rose 224 points, or 2.01%, to close at 11,364.41.
- Nvidia had the biggest impact on the Nasdaq, which added 36 points.
- The VanEck Semiconductor ETF (SMH) rose 4.72% for its best day since Nov. 30.
– Jesse Pound, Christopher Hayes