The most active stocks today involve the post-earnings trading action.
In the telecom sector, income investors are piling on Verizon (VZ) stock. Shares traded at their highest level in over a year. The firm reported wireless growth of 3.2% Y/Y. Revenue from wireless service topped $19.4 billion when Verizon added 1.46 million retail postpaid customers in the quarter.
Investors are not worried about Verizon’s GAAP loss of 64 cents a share. The impairment charge relates to secular declines in its Business Group.
In the defense and aerospace industry, RTX (RTX), formerly Raytheon, posted revenue growing by 10.0% Y/Y. Its outlook for 2024 is also above analyst consensus estimates. Markets put aside their worries over the Pratt & Whitney engine recall. RTX closed below $90 after rallying strongly on Tuesday. It could trade to $95 – $100 in the coming weeks.
Losing Stocks
Ericsson (ERIC) posted Q4 results that included warnings of marketing challenges prevailing this year. Its rival, Nokia (NOK), will post results tomorrow morning before markets open.
Computer peripheral supplier Logitech (LOGI) dropped by 11.54% yesterday. Revenue fell by 0.8% to $1.26 billion. The firm raised its fiscal year 2024 guidance but markets did not respond positively to it. LOGI stock might rebound from yesterday’s sell-off as traders bet on a bounce.