Top Movers | GE & GM Boosted Guidance! UPST Got Upgraed and Led by Calls
1. $General Motors(GM)$ -3.51%: Drops as labor investors questioned on its upgraded outlook
General Motors shares sink as much as 5.6% Tuesday as investors worry about the potential that labor strikes weigh on the company's outlook.
The automaker is raising its 2023 guidance for a second time this year after the automaker reported second-quarter results Tuesday that were up sharply year over year.
But it said new outlook assumes no labor strike this year. The company has kicked off discussions for a new contract with the United Auto Workers union ahead of Sept. 14 deadline.
Adjusted EPS: $1.91. vs. $1.85 analysts expected
Revenue: $44.75 bln vs. $42.64 bln expected
2. $General Electric Co(GE)$ +6.27%: beat both top and bottom line, also boosts outlook on aerospace gains
GE jumped over 6% yesterday as its second-quarter profit and revenue both beat Wall Street's estimates. CEO Larry Culp cites broad strength across aviation business
General Electric raised its full-year guidance and reported second-quarter results that blew past Wall Street's expectations as the manufacturer capitalizes on rebounding renewable-energy orders and an air travel boom that continues to drive demand for jet engines.
Adjusted EPS: $0.68 vs. $0.46
Revenue: $15.85 bln vs. $14.73 bln
Followed the exciting financial numbers, Citi analyst Andrew Kaplowitz raised the target on General Electric to $135 from $126. Maintains buy rating
3. $Upstart Holdings, Inc.(UPST)$ +17.43%: got upgraed to $72 and led by options calls
Upstart Holdings gains 20% after BTIG LLC analyst Lance Jessurun boosted his price target to $72 from $42, as the analyst expects strong top-line beat given our analysis of web traffic resulting in rate checks when the firm reports earnings in August.
Trading in options of Upstart Holdings rose to 242,645 contracts on Tuesday, according to exchange data compiled Bloomberg. Call volume was 150,757, and put volume was 91,888.
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