GE Aerospace, GM report quarterly earnings beats: Morning Buzz

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.

1. STOCK NEWS:

• GE Aerospace (GE) reported upbeat Q3 earnings and revenue and provided FY24 guidance
• General Motors (GM) reported better-than-expected Q3 results and narrowed its FY24 earnings outlook
• Verizon (VZ) reported upbeat Q3 earnings and updated its broadband strategy with new fixed wireless subscriber goals
• JCP Investments is pushing Cheesecake Factory (CAKE) to split off its smaller brands, WSJ reports
• Sherwin-Williams (SHW) reported downbeat Q3 earnings and revenue

2. WALL STREET CALLS:

• First Solar (FSLR) upgraded to Buy from Neutral at Citi
• Canadian Solar (CSIQ) downgraded to Sell from Neutral at Citi
• Hershey (HSY) initiated with bearish view at Redburn Atlantic, here’s why
• Erste Group (UBER) to Buy
• Rosenblatt downgraded Coherent (COHR) to Neutral

3. AROUND THE WEB:

• HSBC (HSBC) CEO Georges Elhedery announced plans to overhaul the bank, which will involve the company splitting into four divisions and creating a new geographic set-up separating east from west, FT reports
• Honda (HMC) could make revisions to its electric vehicle roadmap if the demand for pure EVs continues to dip, DigiTimes reports
• Ubisoft (UBSFY) is canceling early access for its upcoming game “Assassin’s Creed Shadows,” Gamespot says
• A group of lawmakers led by Senator Dick Durbin are seeking answers from Pfizer (PFE) and Eli Lilly (LLY) about their relationships with the telehealth prescribers they point patients to from their websites, STAT reports
• TSMC (TSM) said it alerted the U.S. government to a potential attempt to have it manufacture AI chips for Huawei in a circumvention of export controls, FT says

4. MOVERS:

• Akebia (AKBA) gains after signing a commercial supply contract with a dialysis organization
• Trump Media (DJT) higher after releasing Truth+ streaming on Android TV
• Genuine Parts (GPC) lower after reporting Q3 results and cutting its guidance for FY24
• Nano Nuclear Energy (NNE) declines after filing to sell 1.4M units
• Logitech (LOGI) falls in New York after reporting Q2 results and raising its guidance for FY25

5. EARNINGS/GUIDANCE:

• 3M (MMM) reported Q3 results and narrowed its guidance for FY24
• Lockheed Martin (LMT) reported Q3 results and raised its guidance for FY24
• RTX (RTX) reported Q3 results, with EPS and revenue beating consensus
• Philip Morris (PM) reported Q3 results, with CEO Jacek Olczak commenting, “we delivered exceptionally strong performance”
• Kimberly-Clark (KMB) reported Q3 results and backed its outlook for FY24

INDEXES:

Near midday, the Dow was down 65.72, or 0.15%, to 42,865.88, the Nasdaq was down 24.83, or 0.13%, to 18,515.18, and the S&P 500 was down 14.67, or 0.25%, to 5,839.31.