Stocks traded mostly higher Tuesday as Wall Street awaited a flood of economic data this week—including the monthly U.S. jobs report—that will close out what has been a tough month for equities.
(
) reported second-quarter results that were worse than expected and U.S.-listed shares of the Chinese electric-vehicle maker fell 7.4%.
(T) was rising 3.1% to $14.66, while
(VZ) gained 2.8% to $34.49. Shares of both telecommunications giants were upgraded to Buy from Neutral at
Citi
.
‘s price target was left unchanged at $17, while the price target of Verizon stock was increased to $40 from $39.
(MMM) agreed to a $6 billion settlement to resolve claims it sold faulty combat earplugs to the U.S. military. The Wall Street Journal had reported over the weekend that 3M and plaintiffs attorneys were nearing a settlement of $5.5 billion. 3M shares were rising 2% after closing Monday with a gain of 5.2%.
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(BIG) was up 24% after the retailer reported a narrower-than-expected adjusted second-quarter loss.
(CTLT) shares rose 6.6% after the drug manufacturer reached an agreement with activist investor Elliott Investment to appoint four new independent board members. The company also issued a solid revenue outlook for fiscal 2024.
was the
‘s top performer on Tuesday. Shares of heavy-duty trucks maker
(PCAR) were the worst, falling 3.8%.
(BBY), the consumer electronics chain, reported fiscal second-quarter adjusted earnings that beat analysts’ estimates and the company said it expected demand for consumer electronics to pick up.
shares gained 5.9%.
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(HEI), a maker of products for the aviation, space, defense, medical, telecommunications, and electronics industries, reported fiscal third-quarter earnings and sales that beat analysts’ estimates but operating margins declined to 20.7% from 22.6% a year earlier. The stock was down 4.5%.
(ORCL) was up 1.9% to $119.03 after analysts at UBS raised the rating on shares of the software company to Buy from Neutral and lifted the stock price target to $140 from $120.
(PDD), the parent company of e-commerce sites Pinduoduo and Temu, reported second-quarter adjusted earnings that topped analysts’ estimates and the stock jumped 19%.
Write to Joe Woelfel at joseph.woelfel@barrons.com
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