Joey Solitro
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
-
Will Your State End Tax on Tips This Year?State Tax While President Trump spearheads federal talk on tips, several key states are considering ending taxes on tip income.
-
From wire fraud to fake listings, real estate scams are becoming more sophisticated. Discover how to protect yourself from common scams in 2025.Learn how to recognize and prevent the latest real estate scams.
-
Alternative Investments Under Trump: What You Need to KnowAs access to alternative markets opens up, retail investors looking to enhance their long-term financial outcomes have more opportunities to carefully consider.
-
Beware of TV/Billboard Personal Injury Law Firms: Here's WhyIf you or someone you know is tempted to hire a so-called settlement mill to handle a personal injury case, here are some reasons to reconsider.
-
How Small Businesses Can Clear the Economic Hurdles AheadShifting rules on taxes, trade and regulation are creating uncertainty for SMBs. Owners can overcome that by focusing on efficiency, flexibility and investment.
-
Stock Market Today: Dow Adds 353 Points Despite Soft Retail SalesInvestors and traders shake off another set of shaky economic numbers and send 10 of 11 sectors higher on Monday.
-
CoreWeave IPO: Should You Buy CRWV Stock?The CoreWeave IPO will mark the biggest public offering of the year, with the AI cloud company expected to start trading on the Nasdaq in late March.
-
Nvidia Stock's Been Growing for Years. Just Look At Its 100,000% ReturnNvidia shareholders have had to stomach intense volatility over the years, but they have come out on top thanks to the AI chipmaker's bellwether status.
-
10 Tax Topics Every Retiree Should Know AboutA little knowledge can go a long way toward saving on your tax bill. Print this out and take it to your tax planner so you can have a productive chat.
-
It's No Surprise That Berkshire Hathaway's in the 100,000% Return ClubWarren Buffett's fascination with the insurance industry has helped Berkshire Hathaway's stock return snowball.
