Stock Market Today: Live Updates

shares Original spare parts It fell 18% and hit a 52-week low after the company cut its full-year earnings forecast. It now expects adjusted earnings of $8 to $8.20 per share, versus its previous guidance of $9.30 to $9.50 per share. Analysts polled by FactSet were expecting guidance of $9.35 per share.

The OEM also trimmed its expected revenue growth for the year to between 1% and 2% year over year, compared to its previous guidance of 1% to 3%.

The company, which distributes automotive and industrial parts, also reported a third-quarter profit loss. Adjusted EPS was $1.88, below the consensus estimate of $2.42, per FactSet.

“Our results fell short of our expectations, driven primarily by continued weakness in market conditions in Europe and our industrial businesses,” President and CEO Will Stengel said in a statement.

– Michelle Fox

The Richmond region's manufacturing outlook improved slightly in October although it remains mired in contraction, according to a Federal Reserve gauge released Tuesday.

The Federal Reserve Bank of Richmond's monthly manufacturing survey showed that 14% of companies reported contraction versus expansion during the month. That was an improvement from -21% in September and slightly better than the Dow Jones estimate of -15%.

—Jeff Cox

Gold – known as a classic “safe haven” asset – has been on a tear this year due to rising geopolitical tensions and broader macroeconomic uncertainty.

Spot gold prices rose above $2,700 an ounce and rose for a fifth day on Monday to reach another record high of over $2,733 an ounce. Year-to-date, spot gold has risen more than 30%. The precious metal rose again early Tuesday. trading, adding 0.5% to $2,732.58.

Against this backdrop, CNBC Pro spoke with several investment professionals about their outlook on gold. Many are optimistic, predicting gold will reach $3,000 an ounce by 2025. But there is still some cautious sentiment behind the rally.

“Lower interest rates will be a good tailwind for the gold market and increase prices over the next six to 12 months. But it is possible that we will see volatility in the short term… driven in part by speculative investors,” said John Reid, chief markets officer. said a strategist at the World Gold Council Trade Association.

Read more about how the pros view gold's rise here.

– Amala Balakrishner, Piya Singh

These are the stocks that moved the most in pre-market trading:

Cheesecake Factory – Shares rose more than 3% after activist investor JCP Investment Management built a stake in the company and asked it to consider spinning off three of its brands into a separate company. Sherwin Williams – The paint maker fell 6.5% after posting disappointing third-quarter results.3M – Shares of the industrial company rose 5% after 3M reported third-quarter earnings of $1.98 per share on revenue of $6.07 billion. . Analysts had expected earnings per share of $1.90 on revenue of $6.06 billion, according to LSEG.

Read the full list of stocks moving here.

-Lisa Kailai Han

There are several reasons to abandon it HertzJP Morgan said.

Analyst Ryan Brinkman downgraded the car rental stock to below neutral weight. Brinkman also removed the price target, which was previously $5.

Brinkman said softer travel trends and the potential for faster moving vehicles contributed to his decision. Moreover, he noted that the Florida-based company's financial leverage is high.

In addition, he said the company may face litigation costs associated with its previous bankruptcy. That was not priced in the old valuation analysis, the analyst said.

Meanwhile, Brinkman said shares Avis budgetfor which it received an overweight rating, “attractively inexpensive.”

Hertz shares added about 1% in Tuesday's pre-trading session, regaining some of their gains after falling more than 8% in the previous session. The stock is down more than 71% in 2024 alone, bringing shares below the $3 mark to close Monday's session.

GM Shares rose nearly 3% after the automaker reported third-quarter results that beat analysts' expectations and raised its full-year forecast.

The company earned adjusted $2.96 per share on revenue of $48.76 billion. Analysts surveyed by LSEG expected earnings of $2.43 per share on revenue of $44.59 billion.

GM also said it expects 2024 EBIT to be between $14 billion and $15 billion. This is higher than previous guidance of $13 billion to $15 billion.

“The consumer has held up well for us,” CFO Paul Jacobson said during a news conference. “Nothing we've seen has changed from where we've been over the last few quarters.”

– Fred Imbert, Michael Wayland

AppLovin He earned the affection of Loop Capital.

Rob Sanderson, managing director of the investment bank, initiated coverage of the application technology stock with a buy rating. Sanderson's $181 price target suggests a 13.9% upside from Monday's close, meaning the stock could extend its brutal run.

This also appears to be the highest price target for the stock on Wall Street, according to LSEG.

“AppLovin has become an indispensable infrastructure for the mobile gaming industry and is establishing itself as a big data and AI platform for investors,” Sanderson told clients in a note on Monday, using an acronym for artificial intelligence. “For a large market cap with impressive growth, the stock has been relatively undiscovered and, in our view, largely misunderstood until it recently exploded.”

Sanderson said that the stock has many similarities with… Trade officewhich is Loop's top pick for 2024. But he acknowledged that AppLovin already has a larger software business, which is growing faster and has a higher margin.

After the recent rise, Sanderson said investors should look for opportunities to buy at any decline in prices. However, he said the stock's revaluation is “justified” and “sustainable.”

AppLovin shares advanced about 1% before the bell on Tuesday. The stock is up nearly 300% this year.

-Alex Haring

Jefferies sees less downside in the future than previously expected Tesla stock.

While analyst Philippe Houchois has a Hold rating, he raised his price target on the electric automaker by $30 to $195. However, this means the stock will decline 10.9% over the next year as of Monday's close.

Houchois's update comes as he expects higher revenue-to-free cash flow and EBIT metrics between 2024 and 2026. Attention has been refocused back on the business after Tesla's robotics event went down “a little bit,” he said.

“Without significant indication of progress in technology or business models, we have returned to a focus on operations and ongoing concerns about governance and finance,” Hotchois told clients in a note on Monday.

Hoshuis also pointed to “stability” in the auto category which helped the company in the third quarter.

“Tesla continues to be a great company in terms of innovation and leadership,” he said. “But, more than ever, it looks like an unbalanced portfolio of venture capital funded solely by a car company under stress.”

Tesla shares fell nearly 1% in premarket trading on Tuesday. The stock has bucked the broader market's uptrend this year, falling nearly 12% in 2024.

-Alex Haring

Most Asia-Pacific markets fell on Tuesday, trailing a mixed session on Wall Street.

Investors had a light day in terms of economic data out of Asian countries, but took stock of Hyundai Motor India as it made its trading debut after a record initial public offering in India.

The shares were trading 4.42% lower at Rs 1,873 from the IPO price of Rs 1,960, according to stock market data.

The automaker offered 142.19 million shares at a price ranging from 1,865 Indian rupees ($22.18) to 1,960 rupees. The IPO raised 278.56 billion rupees, or $3.3 billion, with shares priced at the upper end of the price range.

– Lim Hui Ji

European stock markets were mixed in early trading, with the index Stokes 600 The index – which was down 0.66% on Monday – fell another 0.1% at 8:35 a.m. in London.

UK FTSE 100 index And France CAC 40 They decreased by 0.28% and 0.11%, respectively. The German DAX index managed to achieve gains of 0.55%.

-Jenny Reed

Here are the companies that made the biggest moves during Monday evening trading:

Nike – Shares added less than 1% after the sneaker giant and athletic apparel company renewed its unified partnership with the NBA and WNBA.Zions Bancorporation – The regional bank stock rose 4% after stronger-than-expected third-quarter results. The steel producer fell more than 2% despite reporting earnings and adjusted revenue that beat expectations in the third quarter.

Read the full list here.

-Samantha Sobin

Stock futures opened little changed Monday evening.

Linked futures contracts Dao It rose 8 points, while Standard & Poor's 500 futures and Nasdaq-100 futures Hovering near the flat line

-Samantha Sobin