Stocks ran into a wall Tuesday, with the main indexes retreating from record highs. There was little in the way of economic data to move the needle, so market participants focused on an earnings calendar featuring several blue chip stocks.
Goldman Sachs (GS, -0.04%), for one, handily beat top- and bottom-line expectations for its third quarter, highlighted by a more than 50% year-over-year increase in earnings per share.
The investment banking giant benefited from improved capital markets activity and strength in debt and equity underwriting, says CFRA Research analyst Kenneth Leon, who reiterated a Strong Buy rating on the financial stock.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
"Alternative investments remain a key focus area, with assets under supervision (AUS) in this category reaching $328 billion," he adds.
Walgreens has its best day since 2008
Walgreens Boots Alliance (WBA) was another notable post-earnings gainer, jumping 15.8% after the pharmacy retail chain reported third-quarter earnings and revenue that beat analysts' estimates. Management also announced a plan to close roughly 1,200 stores over the next three years in an effort to boost the bottom line.
The former Dow component – which was replaced by Amazon.com (AMZN) in the 30-stock index back in February – has had a rough ride in recent years, shedding 60% in 2024 alone. But today's gain was its biggest one-day advance since October 2008, according to MarketWatch.
UnitedHealth stock slumps after earnings
UnitedHealth Group (UNH), meanwhile, slumped 8.4% after earnings – making it the worst-performing Dow Jones stock today.
Although the health insurance company reported higher-than-anticipated third-quarter earnings and revenue, management trimmed the top end of its full-year profit forecast due to "business disruption impacts" from a Change Healthcare data breach earlier this year.
CFRA Research analyst Paige Meyer maintained a Hold rating on UNH after evaluating the company's results. While Meyer is upbeat about UnitedHealth's management and above-average earnings-per-share growth rate, she cautions that its rising medical care ratio reflects "CMS Medicare funding reductions, medical reserve development effects and business mix changes."
Boeing stock pops on cash-raising efforts
In non-earnings news, Boeing (BA) rose 2.3% after the aerospace company filed to raise up to $25 billion through a combination of stock and debt offerings.
Separately, the company announced that it had entered into a $10 billion supplemental credit agreement with lenders. Both moves are intended to shore up Boeing's balance sheet amid ongoing challenges.
As for the main indexes, the Dow Jones Industrial Average fell 0.8% to 42,740, the S&P 500 shed 0.8% to 5,815, and the Nasdaq Composite gave back 1.0% to 18,315.
Related content
- Where To Put Your Money As Interest Rates Drop
- Election 2024: Politics and Your Portfolio
- How to Spot a Bubble in Stocks
-
Stock Market Today: Stocks Rally Despite Rising Geopolitical TensionThe main indexes were mixed on Tuesday but closed well off their lows after an early flight to safety.
-
What's at Stake for Alphabet as DOJ Eyes Google's ChromeAlphabet is higher Tuesday even as antitrust officials at the DOJ support forcing Google to sell its popular web browser. Here's what you need to know.
-
Stock Market Today: Stocks Rally Despite Rising Geopolitical Tension
The main indexes were mixed on Tuesday but closed well off their lows after an early flight to safety.
-
What's at Stake for Alphabet as DOJ Eyes Google's Chrome
Alphabet is higher Tuesday even as antitrust officials at the DOJ support forcing Google to sell its popular web browser. Here's what you need to know.
-
Lowe's Stock Is Falling After Earnings. Here's WhyLowe's stock is lower Tuesday as Wall Street weighs a beat-and-raise quarter against declining revenue. This is what you need to know.
-
Why Walmart Stock's a Buy After Its Beat-And-Raise QuarterWalmart is the best Dow Jones stock Tuesday after the retail giant's solid earnings report and outlook and Wall Street thinks it's just getting started. Here's what they're saying.
-
Winners and Losers of Fed Rate CutsNavigating interest-rate changes can seem daunting, but these areas of the fixed-income market could perform better (or worse) than others.
-
Six Ways to Optimize Your Charitable Giving Before Year-EndAs 2024 winds down, right now is the time to look at how you plan to handle your charitable giving. The sooner you start, the more tax-efficient you can be.
-
How Preferred Stocks Can Boost Your Retirement PortfolioHigher yields, priority on dividend payments and the potential for capital appreciation are just three reasons to consider investing in preferred stocks.
-
Structured Settlement Annuity vs Lump-Sum Payout: Which Is Better?As the use of structured settlement annuities grows, it can be tough to decide whether to take the lump sum to invest or opt instead for guaranteed payments.
