On Tuesday, the stock market experienced an uptick as investors turned their attention to a new batch of earnings reports, while traders kept a close watch on the latest developments in Treasury yields.
**Spotify (SPOT)**
— Spotify’s stock (SPOT) experienced a remarkable surge of over 10% on Tuesday, driven by the unexpected revelation of a profit in the third quarter. This marked a significant milestone as the company hadn’t reported a quarterly profit for more than a year. Spotify (SPOT) attributed this success to a combination of cost-cutting measures, such as reduced marketing expenses and staff layoffs, along with higher subscription fees, resulting in a profit of €65 million euros.
**Coca-Cola (KO)**
— Coca-Cola’s stock (KO) enjoyed a 3.1% boost in its stock value after surpassing analyst predictions for the third quarter. The company reported adjusted earnings of 74 cents per share and generated $11.91 billion in revenue, outperforming the consensus forecast of 69 cents per share and $11.44 billion in revenue by analysts surveyed by LSEG. Additionally, Coca-Cola (KO) revised its future outlook upwards, instilling further confidence among investors.
**DraftKings (DKNG)**
— Shares of the sports betting company DraftKings (DKNG) surged by 5.9% following an upgrade from neutral to buy by MoffettNathanson. This upgrade was attributed to DraftKings’ (DKNG) stronger financial position than anticipated, coupled with its impressive revenue performance.
**General Electric (GE)**
— General Electric’s (GE) stock witnessed a significant 7.5% increase in its stock value after surpassing Wall Street’s expectations for both earnings per share (EPS) and revenue in the third quarter. The company also raised its full-year guidance, citing increased demand within its aerospace division.
**3M (MMM)**
— The conglomerate 3M (MMM) experienced a notable 5.8% rise in its stock value after exceeding analyst expectations for the quarter and revising its earnings outlook upwards. Specifically, 3M (MMM) announced that its full-year adjusted earnings were expected to surpass previous estimates, primarily due to successful restructuring efforts and prudent spending management.
**Barclays (BCS)**
— U.S.-listed shares of Barclays (BCS) faced a 6.4% decline in response to the British bank’s report of a 16% decrease in third-quarter profits. This decline was partly attributed to reduced investment banking revenue.
**Alphabet (GOOGL), Snap (SNAP), and Microsoft (MSFT)**
— Well-known technology stocks, including Alphabet (GOOGL), Snap (SNAP), and Microsoft (MSFT), experienced gains as investors prepared for their upcoming earnings reports scheduled after the market’s close. Snap (SNAP) saw an increase of more than 3%, Alphabet (GOOGL) gained nearly 2%, and Microsoft (MSFT) saw a modest rise of about 0.4%.
**Coinbase (COIN)**
— A notable surge in the price of Bitcoin gave a significant 10% boost to Coinbase’s stock (COIN) and pushed other cryptocurrency-related equities higher on Tuesday. Bitcoin proxy Microstrategy (MSTR) witnessed a 12% gain, while Bitcoin miners Marathon Digital (MARA) and Riot Platforms (RIOT) advanced by 14% and 11%, respectively. Other trading platforms also benefited, with Robinhood (HOOD) rising by more than 2%, and Block (SQ), the operator of Cash App, increasing by 3.5%.
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Source: https://www.cnbc.com/2023/10/24/this-biotech-stock-is-set-to-nearly-quadruple-says-cantor-fitzgerald.html
