Verizon Stock Gains 4% As Flexible Plans Drive Subscriber Additions
Verizon Communications forecast annual profit above estimates on Tuesday after strong demand for its wireless plans and Black Friday promotions helped the U.S. carrier post its highest quarterly subscriber additions in nearly two years.
Verizon stock gains 4% in premarket trading.
The telecom firm added net 449,000 monthly bill-paying wireless phone subscribers in the last three months of 2023, blowing past estimates of 223,800 additions, according to Factset.
Halliburton Stock Gains 1.8% As Profit Beats on International Strength
Halliburton's fourth-quarter profit beat market expectations on Tuesday as strength in offshore and overseas drilling activities internationally boosted demand for oilfield services and equipment.
Halliburton stock gains 1.8% in premarket trading.
The Houston-based company said adjusted net income stood at 86 cents per share for the three months ended Dec. 31, compared with 80 cents per share according to LSEG analysts.
3M Stock Slides 6% As Outlook Falls Short of Expectations
Shares of 3M Co. $(MMM)$ tanked 6% in premarket trading Tuesday, after the consumer, industrial and healthcare-products company reported fourth-quarter profit that rose above expectations but provided a 2024 outlook that was well below forecasts.
Net earnings per share rose to $1.70 from 98 cents a year ago. Excluding nonrecurring items, such as litigation costs and other special items, adjusted EPS rose to $2.42 from $2.18 to beat the FactSet consensus of $2.31.
GE's Stock Drops 7% as Outlook Comes Up Short
Shares of General Electric Co. $(GE)$ slumped 7.12% in premarket trading Tuesday, after the aerospace, power and renewable energy company reported fourth-quarter earnings that beat expectations, but provided a downbeat outlook.
Net income fell to $1.59 billion, or $1.45 a share, from $2.10 billion, or $1.90 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $1.03 beat the FactSet consensus of 90 cents.
P&G Cuts Annual Profit Forecast on Slowing Price Hikes
Procter & Gamble cut its annual profit forecast on Tuesday as the boost from earlier price hikes fades and on writing down the value of its Gillette business in December.
P&G shares gains 1% in premarket trading.
The company estimated it would record up to $2.5 billion in charges over two fiscal years due to the Gillette business write down and restructuring of certain markets.
J&J Beats Profit Estimates on Pharmaceutical Unit Strength
Johnson & Johnson (JNJ.N) on Tuesday reported fourth-quarter profit above Wall Street expectations, helped by demand for its blockbuster psoriasis treatment Stelara and strength in its medical device unit.
It expects higher revenue from its multiple myeloma drug Darzalex and newer oncology drugs such as Carvykti and Tecvayli to help it meet its 2025 pharmaceutical sales target of $57 billion.
The company is expected to face fresh competition that year from the first biosimilar versions of its blockbuster psoriasis treatment Stelara.