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Midday movers: Meta Platforms, IBM, United Parcel Service and more

Investing.com -- U.S. stocks were falling on Thursday after hotter than expected data on gross domestic product growth, as investors await Amazon (NASDAQ:AMZN)'s earnings report.

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

  • Meta Platforms (NASDAQ:META) stock fell 4.7% after the Facebook-parent exceeded third-quarter expectations, but the management said on the earnings call that brand advertising demand softened at the beginning of the fourth quarter.

  • IBM (NYSE:IBM) (IBM) stock rose 3.8% after the tech company beat expectations on profit for the third quarter and reaffirmed its outlook.

  • United Parcel (NYSE:UPS) Service (UPS) stock fell 5.4% after the delivery service cut its 2023 revenue forecast due to lower e-commerce delivery demand as it fights to win back customers lost during its difficult labor talks.

  • Ford (NYSE:F) stock slipped 1.5% after the auto giant reached a tentative labor deal with the United Auto Workers union to end a strike.

  • Align (NASDAQ:ALGN) stock slumped 25% after the dental company lowered its full-year revenue forecast.

  • Hasbro (NASDAQ:HAS) stock fell 9.8% after the toymaker cut its annual revenue forecast for the second time, warning of choppy toy sales into the crucial holiday quarter.

  • Merck (MRK) stock rose 2.9% after the drugmaker reported higher-than-expected third-quarter sales and profit on surprisingly strong demand for its COVID-19 treatment, primarily in Japan.

  • Southwest Airlines (NYSE:LUV) stock fell 0.8% after the carrier reported a third-quarter profit that fell about 30% on soaring labor and fuel costs.

  • Northrop Grumman (NYSE:NOC) (NOC) stock rose 0.4% after the defense company raised its annual revenue target for the second time this year after reporting a jump in third-quarter revenue and profit helped by strong weapons demand.

  • Kenvue (NYSE:KVUE) stock fell 5% after the Johnson&Johnson (NYSE:JNJ) spinoff cut its annual profit forecast, as it expects lower demand for its cough, cold and flu medicines.

 

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.