In a day of dynamic market movements, several major companies saw significant shifts in their stock values. General Motors and Ford Motor Co. experienced a 1% rise in shares following President Donald Trump's decision to pause tariffs on Canadian imports for 30 days. Meanwhile, Palantir Technologies' shares soared by an impressive 23% after the company reported better-than-expected earnings and future guidance. Spotify also made headlines with a remarkable increase in monthly active users, surpassing analyst expectations.
General Motors and Ford, two giants in the automotive industry, saw a 1% boost in their stock prices. The rise came as a relief to the companies, which have substantial manufacturing operations throughout North America, notably in Mexico. The temporary suspension of tariffs on Canadian imports by President Trump provided a favorable environment for these automakers.
Palantir Technologies, a leader in data analytics, reported earnings that exceeded expectations on both the top and bottom lines for the fourth quarter. The company's robust performance led to a 23% surge in its stock price. Moreover, Palantir issued strong guidance for the full year, further boosting investor confidence.
Spotify reported a significant increase in its user base, with 675 million monthly active users, a 12% growth year-over-year. This figure surpassed the 664.3 million expected by analysts polled by FactSet. The music streaming giant not only beat estimates for revenue but also exceeded expectations for operating income, reinforcing its position as a dominant player in the market.
Pfizer, a global pharmaceutical leader, announced adjusted earnings of 63 cents per share on $17.76 billion in revenue. Estee Lauder also reported an earnings and revenue beat for its fiscal second quarter. However, the company anticipates a year-over-year revenue contraction between 10% and 12%, contrary to analysts' expectations of a 6.9% decline.
In the financial sector, PayPal reported stronger-than-anticipated fourth-quarter results and forward guidance. Apollo Global Management delivered mixed fourth-quarter results but managed to exceed consensus earnings expectations with $2.22 per share compared to the forecasted $1.89.
Ferrari reported impressive earnings growth for 2024, showcasing a 21% increase from the previous year. On the other hand, Diageo fell short of earnings expectations, reporting adjusted earnings of $c97.7 per share against the expected $c99.1.
Merck's full-year guidance underwhelmed analysts, missing expectations and affecting investor sentiment. PepsiCo shares fell by 2% following a miss in fourth-quarter revenue projections. Similarly, Clorox's stock declined more than 3% due to its fiscal second-quarter results.