Market Updates
U.S. Movers: Bank of America, Morgan Stanley, Target Corp, UnitedHealth
Scott Peters
16 Jan, 2025
New York City
Bank of America increased 0.5% to $47.10 after the financial service company reported better-than-expected revenue and earnings in the fourth quarter.
Morgan Stanley advanced 1% to $131.79 after the investment and asset management company reported higher-than-expected revenue and earnings in the fourth quarter.
The company benefited from a rise in its investment banking fees and a surge in fixed income trading revenue.
Target Corp. declined 0.8% to $133.52 after the big-box retailer raised its sales outlook in the fourth quarter.
The retailer said comparable sales are likely to increase 1.5% in the fourth quarter, compared to the previous estimate of flat.
The company left its earnings estimate unrevised for the quarter and the full year, indicating customers were driven by promotions and deals during the holiday period.
The retailer anticipated earnings per share in the fourth quarter between $1.85 and $2.45 and for the full year between $8.30 and $8.90.
Target said it will release detailed financial results on March 4.
UnitedHealth Group decreased 3.5% to $525.0 after the health insurance company reported mixed quarterly results.
Total revenue in the quarter was $100.81 billion, and adjusted earnings per share were $6.81.
The annual medical cost ratio, the percentage of collected premiums spent on medical care costs, increased to 85.5% from 83.2% in 2023.
The company reaffirmed its annual earnings per share in 2025 between $29.50 and $30.0, confirming its previous estimate released in December.
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