Zacks Equity Research
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U.S. stock markets closed mixed on Thursday after a choppy session. Market participants waited for the key labor market data of January to be released on Friday. Moreover, strong fourth-quarter 2024 earnings results boosted investors’ confidence. Investors also assessed a series of mixed economic data. The S&P 500 and the Nasdaq Composite ended in positive territory while the Dow finished in negative zone.
The Dow Jones Industrial Average (DJI) fell 0.3% or 125.65 points to close at 44,747.63 after a choppy session. At intraday high, the blue-chip index was up more than 93 points. Notably, 15 components of the 30-stock index ended in positive territory while 15 in negative zone.
The tech-heavy Nasdaq Composite finished at 19,791.99 advancing 0.5% or nearly 100 points due to mixed performance by technology behemoths. The S&P 500 rose 0.4% to finish at 6,083.57. Eight out of 11 broad sectors of the broad-market index ended in positive territory while three in negative zone.
The Financials Select Sector SPDR (XLF) advanced 0.8%, while the Energy Select Sector SPDR tumbled 1.8%. The fear-gauge CBOE Volatility Index (VIX) was down 1.7% to 15.50. A total of 13.57 billion shares were traded on Thursday, lower than the last 20-session average of 14.95 billion. Advancers outnumbered decliners on the NYSE by a 1.05-to-1 ratio. On Nasdaq, a 1.12-to-1 ratio favored declining issues.
Eli Lilly and Co. LLY reported fourth-quarter 2024 adjusted earnings per share of $5.32, which beat the Zacks Consensus Estimate of $5.03 per share. Earnings rose 114% year over year. Revenues of $13.53 billion rose 45% year over year, beating the Zacks Consensus Estimate of $13.47 billion.
Philip Morris International Inc.’s PM fourth-quarter adjusted earnings per share came in at $1.55, which increased 14% year over year. Excluding currency effects, the adjusted EPS jumped 9.6%. The bottom line beat the Zacks Consensus Estimate of $1.51.
Net revenues of $9,706 million increased 7.3% on a reported basis and on an organic basis (excluding currency movements and acquisitions). Revenues came ahead of the Zacks Consensus Estimate of $9,362.4 million.
XPO Inc. XPO came out with quarterly adjusted earnings of $0.89 per share, beating the Zacks Consensus Estimate of $0.62 per share. This compares to earnings of $0.77 per share a year ago. The company posted revenues of $1.92 billion, surpassing the Zacks Consensus Estimate by 0.76%.
Consequently, shares of Eli Lilly, Philip Morris and XPO rallied 3.4%, 11% and 7.8%, respectively. Eli Lilly and Philip Morris currently carry a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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