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HomeEconomyGE, GM, RTX, Spotify, Alaska Air and more stock market drivers

GE, GM, RTX, Spotify, Alaska Air and more stock market drivers

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Markets closed higher on Tuesday, as the Dow posted its 12th day of gains and attention turned to the Federal Reserve.

General Electric (Stock ticker: GE) reported second-quarter adjusted earnings of 68 cents per share on sales of $15.9 billion, higher than Wall Street’s estimate that called for earnings of 46 cents per share on sales of $14.8 billion. GE also raised its full-year guidance, and the stock jumped 6.2%.

General Motors (GM) earned $1.91 per share on an adjusted basis in the second quarter, beating analyst estimates. Revenue of $44.8 billion also exceeded expectations of $42.1 billion. But shares of the automaker fell 3.5 percent.

RTX (RTX), the former Raytheon Technologies company, fell 10% after the aerospace and defense company cut its free cash flow forecast for a full year after issues with some Pratt & Whitney engines. It was the worst performance ever


Standard & Poor’s 500

Tuesday; American Packaging (PKG) was the top 10%.

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3M (MMM) rose 5.4% after the company reported better-than-expected second-quarter profits and sales, and raised its full-year outlook.

Spotify Technology (SPOT) fell 14% even after the music streaming service posted better-than-expected subscriber growth in the second quarter. It was the company’s best-ever quarter for new users, but shares fell after revenue missed expectations.

Alaska Air (ALK) plunged 9.7% after saying it expects revenue growth to slow in the third quarter.

Sherwin Williams

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Shares (SHW) rose 2.9% after the paint company raised its earnings forecast after posting record quarterly revenue.

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F5 (FFIV), the cloud security company, reported third quarter financial earnings of $3.21 on revenue of $702.6 million. Analysts had estimated earnings of $2.86 per share on revenue of $698.9 million. Shares jumped 5.8%.

Shares of computer accessories maker Logitech International (LOGI) rose 14% after beating estimates for fiscal first-quarter earnings and raising its guidance.

NXP Semiconductor

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(NXPI) beat analysts’ earnings and revenue forecasts in the second quarter, and the Netherlands-based chip maker forecast third-quarter profit of $3.39 to $3.82 per share versus expectations of $3.44 per share. The stock rose 4.3%.

Write to Joe Woelfel at joseph.woelfel@barrons.com

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