US stocks opened with muted moves after all three major indices closed at record highs. In the meantime, the Federal Reserve will begin its two-day monetary policy session amid mounting inflation concerns. Here are the stocks we were watching in Tuesday’s session.
- Tesla shares fell in opening trading after CEO Elon Musk tweeted that a deal for Hertz to buy Tesla vehicles had not yet been signed. In addition, 11,000 vehicles were recalled due to a software error.
- Commercial real estate company Simon Property Group has raised its guidance for the year as the company expects buyers to continue returning to its malls.
- Car rental company Avis Budget Group announced that its profit and revenue increased in the third quarter as daily revenue and rental days increased and demand continued.
- McKesson posted adjusted earnings per share in excess of analysts’ expectations, driven by gains on the company’s government contract to distribute Covid-19 vaccines.
- Drug maker Pfizer released adjusted earnings for the third quarter that exceeded analyst estimates and raised its guidance for fiscal 2021.
- Estee Lauder, which makes skin and hair care, makeup and fragrance products, gave a grim outlook as inflation, supply chain disruptions and Covid-19 restrictions are expected to persist.
- Rogers’ shares rose 30% after the market opened, after the engineering materials company agreed to be acquired by DuPont for approximately $ 5.2 billion.
- DuPont announced third quarter results that exceeded expectations, lowered its full year outlook and confirmed its approval of the acquisition of Rogers as part of a company’s transformation.
- Under Armor posted third-quarter sales and profits that exceeded Wall Street expectations.
- T-Mobile US, Mondelez International and Lyft will publish their earnings after the market closes.
Chart of the day
- Federal Reserve Chairman Jerome Powell used much of an anticipated speech in late August to explain why he was still confident that this year’s inflation spike would prove temporary. His remarks have not aged well.
Write to Caitlin Ostroff at firstname.lastname@example.org