Midday movers: Boeing flies, Alphabet flops, and more

(Updated – January 31, 2024 11:29 AM EST)

Investing.com — U.S. futures traded lower Wednesday as investors digested earnings from some tech giants ahead of the conclusion of the latest Federal Reserve policy-setting meeting.

Here are some of the biggest U.S. stock movers today:

Alphabet (NASDAQ:) stock slumped 6.4% after the Google-parent reported holiday-season advertising sales below expectations and projected higher spending this year on artificial intelligence.

Microsoft (NASDAQ:) stock fell 1% after the software giant forecast rising costs to develop new artificial-intelligence features, eclipsing a quarterly results beat.

Tesla (NASDAQ:) stock fell 0.2% after a U.S. judge voided CEO Elon Musk’s record-breaking $56 billion pay package.

Starbucks (NASDAQ:) shares were volatile after the coffee chain cut its annual sales forecast, warning of softer demand in January and a slow recovery in China. However, even more weakness had been expected following disappointing store traffic in November and December. The stock was flat midday after earlier rising 3%.

AMD (NASDAQ:) stock fell 3.4% after the chipmaker’s first-quarter revenue forecast and a boosted projection for AI processors failed to meet expectations.

Mondelez (NASDAQ:) stock fell 1.7% after the Carbiry parent posted a rise in fourth-quarter sales on Tuesday, but price hikes took a toll on volumes as it squeezed demand.

Thermo Fisher (NYSE:) stock fell 3.3% after the medical equipment maker forecast annual profit and revenue below expectations, signaling a slump in demand for its services.

Novo Nordisk (NYSE:) stock rose 4.8% after the Danish drugmaker forecast another year of double-digit growth due to the popularity of its weight-loss drug Wegovy.

Boeing (NYSE:) stock rose 6.5% after reporting a smaller than expected loss in the fourth quarter. The embattled aircraft manufacturer also postponed 2024 outlook, with CEO Dave Calhoun saying the company faces a “serious challenge.”

Cigna (NYSE:) stock rose 1% after the health insurer agreed to sell its Medicare business to Health Care Service Corp for $3.3 billion in cash.

Rockwell Automation (NYSE:) stock fell 15% after missing first quarter EPS and revenue estimates, fueling doubts about full-year growth.

Stryker (NYSE:) climbed 6% after reporting better than expected earnings and revenue in the fourth quarter. The medical device company’s strong performance prompted analysts to upgrade the stock’s rating to ‘buy’, while more than a half dozen others increased their price targets.

Edwards Lifesciences (NYSE:) climbed 6.3% and Zimmer Biomet (ZBH) climbed 3% following strong results from Stryker and Boston Scientific (NYSE:). Boston Scientific was higher by 2.6%.

New York Community Bancorp (NYSE:) declined 35% after it surprised investors with a larger than expected provision for credit losses and a dividend cut. Weakness in NYCB weighed on other regional banks, causing a related ETF (KRE) to decline 3.6%.

Additional reporting by Louis Juricic