3M, Lyft, Verizon, Lululemon, and More Stocks on the Move Today

Stock futures traded lower on Tuesday, after Wall Street rallied for a second day. Stocks paused as the economic outlook brightened, with technology shares leading the way.

This week is filled with corporate earnings, so investors will be closely watching for any clues about the future direction of the market.

‍
These stocks could see some movement on Tuesday:
3M (ticker: MMM) fell 4.8% after the materials conglomerate missed slightly on fourth-quarter earnings. 3M reported fourth-quarter adjusted earnings per share of $2.28 from sales of $8.1 billion. Wall Street was looking for earnings of about $2.36 from sales of $8.1 billion. The company also said Tuesday it plans to cut about 2,500 manufacturing jobs, “a necessary decision to align with adjusted production volumes,” the company said.

‍
3M reported fourth-quarter adjusted earnings per share of $2.28 from sales of $8.1 billion. This was lower than what Wall Street analysts were expecting, which was earnings of about $2.36 from sales of $8.1 billion. HighPeak Energy (HPK) is up 14.9% in premarket trading after announcing that it will "initiate a process to evaluate certain strategic alternatives to maximize shareholder value, including a potential sale of the company."

‍
Lyft's stock rose 3.2% after KeyBanc analysts upgraded it to Overweight from Sector Weight. Analyst Justin Patterson saw data improvement over December, and combined with cost cutting, said he sees "meaningful opportunity" for the company to improve earnings this year.

‍
According to analysts at KeyBanc, ride-sharing app Lyft could see an uptick in business this year. The firm has upgraded the stock to Overweight from Sector Weight.
Verizon Communications (VZ) slid 2.6% after the telecommunications giant matched fourth-quarter earnings expectations. The wireless service provider reported fourth-quarter adjusted earnings of $1.19 a share, matching analysts' expectations. However, the company's guidance for 2023 fell short of consensus, causing shares to drop. The wireless service provider reported fourth-quarter adjusted earnings of $1.19 a share, which matched analysts' expectations.

‍
Lululemon Athletica (LULU) shares fell 2.1% in premarket trading after Bernstein downgraded the stock to Underperform from Market Perform.
Danaher's stock price fell by 1.9% today. The company reported adjusted fourth-quarter earnings that beat analysts' estimates. This positive news was not enough to offset the overall market trend, and Danaher's stock ended the day lower.

‍
Raytheon Technologies (RTX) saw a 1.3% increase after releasing their fourth-quarter report which showed a small beat on adjusted earnings.
D.R. Horton (DHI) rose 0.8% early Tuesday after the home builder posted beats for net profit and revenue in its fiscal first quarter. The company reported net profit of $2.76 a share, while analysts anticipated $2.25, according to FactSet. D.R. Horton said it has been reducing some home prices and using more incentives, with a potential impact to its first-quarter earnings.

‍
The home builder said that it has been reducing some home prices and using more incentives, which could potentially impact its first-quarter earnings.
3M and Verizon both issued disappointing earnings reports today, with 3M missing estimates and announcing job cuts, and Verizon falling short of guidance. GE was one of the bright spots, however, with the company posting better-than-expected earnings and revenue.

‍
3M announced it will cut 2,500 manufacturing jobs after posting a slight earnings miss. Verizon issued 2023 earnings guidance that missed consensus.
General Electric reported fourth-quarter earnings per share of $1.24 from sales of $21 billion. This was slightly higher than what analysts were expecting, as they were looking for earnings of $1.15 from sales of around $21.3 billion.

‍
Johnson & Johnson (JNJ), the healthcare giant, reported fourth-quarter adjusted earnings of $2.35 a share, topping estimates of $2.23. The stock was rising 0.5%.This is a good earnings report for the company. However, earlier this month, it had warned the outlook was uncertain. This means that there is still some uncertainty surrounding the company's future.

‍
Johnson & Johnson will report fourth-quarter and full-year earnings early Tuesday. The company had warned earlier this month that the outlook was uncertain.
Microsoft is set to release its earnings for the second quarter later today, and there are two major issues hanging over the stock. One is how much the slowing economy is affecting Microsoft's Azure cloud business. The other is the company's decelerating growth in cloud computing.

‍
3M announced it will cut 2,500 manufacturing jobs after posting a slight earnings miss. Verizon issued 2023 earnings guidance that missed consensus.
How is the slowing economy affecting Microsoft's Azure cloud business? This is a key question that needs to be answered.
Halliburton (HAL) shares rose 0.3% in premarket trading after the oil company posted a fourth-quarter earnings beat. Halliburton, Baker Hughes, Schlumberger, Targa Resources, and EQT are all poised to boost profits handily this year.