Biggest stock movers today: Verizon, 3M, United Airlines, Coinbase, and more

Stock futures were showing a mixed trend on Tuesday following the Dow Jones Industrial Average reaching a historic milestone of surpassing 38,000 for the first time.

Here are some of Tuesday’s biggest stock movers:

Biggest stock gainers

• United Airlines (NASDAQ:UAL) shares rose 7% after the company said it expects full year adjusted EPS of between $9 and $11 vs. $9.48 consensus, although a Q1 loss is anticipated due to the grounding of the Boeing (BA) Max 9.
• Verizon’s (NYSE:VZ) shares rose over 4% following upbeat Q4 results, boosted by strong growth in its wireless unit. The company expects 2024 wireless service revenue to grow between 2% and 3.5%, adjusted EBITDA to grow between 1% and 3%, and earnings between $4.50 and $4.70 per share.
• The SPAC associated with the former president, Digital World Acquisition (NASDAQ:DWAC), witnessed a 12% surge, building on an 88% higher close on Monday. This gain follows rival Ron DeSantis’s withdrawal from the presidential race on Sunday, coupled with his endorsement of the ex-president. Analysts suggest that with Trump emerging as the de facto Republican candidate, the momentum is expected to persist. Kristi Marvin, a former investment banker and founder of SPACInsider, noted, “In a way, it’s a barometer for how he’s doing in the race.”

Biggest stock losers

• Agilysys (NASDAQ:AGYS) experienced a 4% decline despite surpassing Q3 earnings expectations. Furthermore, the company raised Adjusted EBITDA expectations for FY2024 to 15% of revenue and reiterated full-year revenue guidance of $235M to $238M and subscription revenue growth of 28% Y/Y.
• Coinbase (NASDAQ:COIN) shares fell as much as 5% after JPMorgan downgraded its rating for the cryptocurrency platform operator’s shares from neutral to underweight. Analyst Kenneth Worthington believes that the catalyst in Bitcoin ETFs, which led to the cryptocurrency ecosystem’s good feeling, may disappoint market players. He believes that 2024 will be a more problematic year for the stock. He sets the price target at $80, which represents a 38% decline from the previous record price.
• D.R. Horton (NYSE:DHI) stock dropped 4% after the homebuilder reported mixed FQ1 earnings, as high mortgage rates continue to weigh on the housing sector. In the last full week of 2023, the average 30-year fixed-rate mortgage rate stood at 6.61% compared with 6.42% in the year-earlier period.
• 3M’s (NYSE:MMM) stock dropped more than 6% as the company’s FY2024 profit outlook of $9.35 and $9.75 fell short of market expectations of $9.82. The company, recognized for brands like Scotch tape and Post-it notes, reported mixed Q4 results, mainly due to lower demand for their products in the consumer and electronics markets.