"Top 7 Stock Movers Now: PepsiCo, Elevance Health, CSX, Norfolk Southern, United Airlines, Abbott Labs, ADM"
U.S. stock indexes were higher by midday Thursday, boosted by stronger-than-expected earnings from several major companies. The Dow, S&P 500, and Nasdaq all advanced, while investors reacted to key corporate updates, takeover rumors, and product shifts.
Keypoints;
- PepsiCo shares jumped as it beat earnings estimates, driven by international sales growth.
- Elevance Health plunged after it missed earnings and lowered its forecast due to rising costs.
- Railroad stocks CSX and Norfolk Southern surged on rumors of a Union Pacific acquisition.
- United Airlines rallied after strong earnings and a positive travel demand outlook.
- Abbott Labs dropped following a weak forecast and plummeting COVID test sales.
- ADM and Ingredion stocks slid after Trump said Coke may switch to cane sugar.
- Overall market sentiment was upbeat, with oil rising, gold slipping, and crypto gaining.
Pepsi, Airlines, and Rail Stocks on the Rise
PepsiCo (PEP) surged after reporting better-than-expected earnings and revenue, thanks to strong demand overseas. Investors were also bullish on United Airlines (UAL), which posted solid earnings and gave a positive forecast for travel demand this year. Meanwhile, railroad operators CSX (CSX) and Norfolk Southern (NSC) jumped on reports that Union Pacific (UNP) may be planning a major acquisition, with speculation they could be targets. Union Pacific, however, slipped slightly on the news.
Earlier this week; Top Stock Movers Now; Nvidia, AMD, Newmont, BlackRock
Health and Ingredient Stocks Under Pressure
Elevance Health (ELV) was the biggest loser in the S&P 500, falling sharply after it missed profit expectations and slashed its full-year outlook. The health insurer blamed higher costs tied to Medicaid and ACA coverage. Its weakness weighed on the broader healthcare sector. Abbott Laboratories (ABT) also declined after narrowing its full-year forecast and revealing a 46% drop in COVID-19 testing sales.
Additionally, Archer Daniels Midland (ADM) and Ingredion (INGR), both major corn syrup suppliers, lost ground after former President Trump posted that Coca-Cola would begin using cane sugar in the U.S. instead of high-fructose corn syrup sparking supply chain concerns.