Midday movers: McDonald's, Tesla, Onsemi rise; Abbott falls
(Updated - July 29, 2024 11:44 AM EDT)
Investing.com -- U.S. stock futures declined Monday, starting the new week that includes a Fed meeting, a monthly jobs report, and key earnings from tech giants with a negative tone.
Here are some of the biggest U.S. stock movers today:
McDonald’s (NYSE:MCD) stock rose 4% despite the fast-food giant reporting a surprise drop in quarterly global comparable sales, as despite the overall decline, consolidated revenues showed a slight increase of 1% in constant currencies compared to the same quarter last year.
Occidental Petroleum (NYSE:OXY) stock fell 1.3% after the oil company agreed to sell Delaware Basin assets in Texas and New Mexico to Permian Resources (PR), down 0.4%, for about $818 million.
Apple (NASDAQ:AAPL) stock fell 0.5% after Bloomberg reported that it will take the tech giant longer than expected to include its recently unveiled artificial intelligence features into its flagship iPhone and iPad devices, and they will not be included in an initial software update.
Abbott Laboratories (NYSE:ABT) (ABT) stock fell 2% after a jury ordered the healthcare company to pay $495 million in damages in a premature-infant formula trial.
Tesla (NASDAQ:TSLA) stock rose 4.5% after analysts at Piper Sandler issued a bullish note on the EV manufacturer, suggesting it may have finally cracked the code for full self-driving technology, and was worth a ‘buy’ rating. Morgan Stanley has also elevated Tesla to its ‘Top Pick’ in the U.S. autos sector.
Philips (PHG) ADRs rose 14% after the Dutch medical device maker reported strong second-quarter results thanks to cost savings, partly from job cuts, and flagged a big insurance payout linked to liability claims.
Coinbase (NASDAQ:COIN) stock fell 1.6% after the cryptocurrency exchange was hurt by bitcoin prices retracing after earlier jumping to a seven-week high.
onsemi (ON) rose 13%, the most in two years, after second quarter results topped consensus estimates. While guidance was viewed as somewhat mixed, given soft results industrywide recently investors were likely relieved.
Stellantis (NYSE:STLA) fell 4%, extending a decline in the wake of its earnings report last week, after it was downgraded to 'hold' from 'buy' by analysts at Deutsche Bank.
Additional reporting by Louis Juricic
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