The US stock market saw a mixed performance on Tuesday, with the Dow Jones Industrial Average dropping around 100 points. However, a surge in Walgreens Boots Alliance (WBA) stock propelled the company into the spotlight. The pharmacy giant delivered a strong fourth-quarter earnings report, exceeding analyst expectations and boosting investor confidence.
Walgreens reported sales of $37.55 billion for the quarter, a 6% increase year-over-year, outpacing the projected $35.76 billion. This growth was fueled by sales across all segments of the business. The company also reported adjusted earnings per share of 39 cents, surpassing the consensus estimate of 36 cents despite a 40.8% decline from the previous year.
In response to the positive earnings announcement, WBA shares soared 12.3% to close at $10.11.
Beyond Walgreens, several other companies made noteworthy moves during the session:
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Wolfspeed, Inc. (WOLF):
Shares surged 25% to $14.24 after the company revealed it signed a non-binding preliminary memorandum of terms for potential direct funding of up to $750 million under the CHIPS and Science Act.*
MeiraGTx Holdings plc (MGTX):
The company witnessed a 13.4% jump in its stock price, reaching $5.26, following positive news regarding a gene therapy study for Parkinson’s disease. The study confirmed the safety and tolerability of the therapy.*
Telefonaktiebolaget LM Ericsson (publ) (ERIC):
Ericsson’s stock climbed 12.5% to $8.48 after exceeding third-quarter earnings expectations.*
Rumble Inc. (RUM):
Shares gained 9.5% to close at $5.99.*
Montrose Environmental Group, Inc. (MEG):
The company announced a $249 million US Army Corps of Engineers Environmental Services contract, driving its stock up 7.2% to $25.16.*
TechTarget, Inc. (TTGT):
TechTarget received a boost from Craig-Hallum analyst Jason Kreyer, who upgraded the company’s rating from Hold to Buy and raised the price target from $34 to $36. The news lifted TTGT shares by 7.2% to $26.97.*
Bit Digital, Inc. (BTBT):
BTBT stock climbed 5.8% to $3.4813 after the company announced the acquisition of Enovum Data Centers for an approximate total consideration of $46 million.*
Ardent Health Partners, Inc. (ARDT):
Shares rose 5.2% to $19.85.*
Foot Locker, Inc. (FL):
Foot Locker saw a 4% increase in its stock price to $24.72.*
American Airlines Group Inc. (AAL):
American Airlines stock gained 3.3% to reach $12.27.This dynamic session saw positive news for several companies, highlighting the diverse opportunities within the stock market.