markets

Luke Kawa10/22/24

Genuine Parts had a genuinely awful quarter

Shares of Genuine Parts Co.are tumbling in the pre-market after the company reported brutal earnings along with a revised financial outlook that suggests the soft patch in its business will persist.

The provider of automotive and industrial replacement parts reported earnings per share of $1.88 in the third quarter; Wall Street was looking for $2.42. Its full-year guidance for both sales and profits was slashed — the latter by more than 20%. While the firm, which owns NAPA Auto Parts, still expects positive sales growth out of its automotive segment, industrial sales are poised to decline on an annual basis.

“Our results were below our expectations, primarily driven by continued weakness in market conditions in Europe and our Industrial business,” said President and CEO Will Stengel, adding that “the external environment remains challenging for the balance of 2024.”

The stock is slated to open the day as the worst-performing S&P 500 constituent.

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J. Edward Moreno7/7/26

SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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