General Motors CEO Mary Barra speaks to reporters while she waits for the arrival of President Joe Biden at media day of the North American International Auto Show in Detroit, Michigan, September 14, 2022.
Rebecca Cook | Reuters
Check out the companies making headlines in midday trading Tuesday.
General Motors — The automaker’s stock surged more than 7% after the company cruised past analyst estimates on the top and bottom lines for its fourth quarter. The company reported an adjusted $2.12 per share on $43.11 billion in revenue. Analysts surveyed by Refinitiv were looking for $1.69 in earnings per share on $40.65 billion in revenue. The outperformance came despite profit margins narrowing year over year. GM also said it expected earnings to fall in 2023, but that guidance was still above analyst estimates.
Caterpillar — Shares fell about 3% after Caterpillar reported a 29% earnings decline. The construction machinery and equipment maker said higher manufacturing costs and foreign currency effects weighed on its quarterly results.
Paramount — Shares of the entertainment giant shed 1% after a downgrade to underperform from neutral by Macquarie, which cited its exposure to advertising. CNBC reported Monday that the company will integrate Showtime’s streaming service into its main streaming platform, Paramount+.
A.O. Smith — Shares skyrocketed 9.6% after the manufacturing company reported earnings of $0.86 per share, beating consensus estimates. The company has beat EPS estimates three times over the last four quarters.
McDonald’s — Shares dipped 2.60% after McDonald’s reported its latest quarterly results. Although the fast food company’s earnings and revenue beat expectations, management cautioned that rising cost pressures are likely to continue in 2023.
UPS — Shares of United Parcel Service gained 4% after shipping and transportation giant posted earnings of $3.62 a share, slightly ahead of the $3.59 expected by analysts surveyed by Refinitiv. UPS also…
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