PVH, the parent company of Calvin Klein and Tommy Hilfiger, saw its shares plummet more than 21% due to weak revenue guidance for the first quarter and full year. While the retailer exceeded quarterly estimates, it warned of a challenging macroeconomic environment and specific weakness in Europe. Health insurance managed care stocks such as Humana and UnitedHealth declined following the announcement that rates for the 2025 calendar year will increase by 3.7%, as previously proposed, which some investors had expected to be higher. Estee Lauder’s shares rose over 2% after a Citi upgrade to buy from neutral, citing the normalization of channel inventories and financials. Blackstone saw a 1% drop after a UBS downgrade to neutral, anticipating pressure from a slow real estate market recovery. Trump Media and Technology, the holding company for Truth Social, faced a decline of over 2% after revealing less than $5 million in revenue for 2023. Figs, a medical scrubs maker, slumped 4.5% following a Bank of America downgrade as pandemic-induced demand decreases and health care workers confront a more challenging economic environment.
General Electric saw a 0.6% increase in shares after completing the spinoff of its energy business from its aerospace business. GE Vernova will begin trading on the NYSE under the ticker GEV, while General Electric, now GE Aerospace, will retain the GE symbol. ChampionX, an oilfield equipment maker, saw a 10% increase in shares after announcing its acquisition by SLB for $7.7 billion in an all-stock deal expected to close by the end of 2024. Despite surpassing expectations, PVH experienced a significant drop in shares due to a weak revenue outlook for the first quarter and full year, attributed to a challenging macroeconomic environment and European weakness. Health insurance managed care stocks, including Humana and UnitedHealth, declined after a smaller-than-expected rate hike by the Center for Medicare and Medicaid Services for the 2025 calendar year. Estee Lauder’s shares rose after a buy rating from Citi based on inventory and financial normalization. Blackstone’s shares dropped following a UBS downgrade, anticipating pressure from a slow real estate market recovery. Trump Media and Technology’s shares fell after disclosing low revenue for 2023, while Figs saw a decline after a Bank of America downgrade amid decreasing pandemic-fueled demand and a more difficult economic environment for health care workers.
General Electric’s shares ticked higher after completing the spinoff of its energy business from its aerospace business, with the new entity, GE Vernova, now trading on the NYSE under the ticker GEV. ChampionX experienced a 10% increase in shares after announcing its acquisition by SLB for $7.7 billion in an all-stock deal set to close before the end of 2024. PVH’s significant share drop was due to a poor revenue outlook for the first quarter and full year, citing a challenging macroeconomic environment and weak European performance. Health insurance managed care stocks such as Humana and UnitedHealth declined on news of a smaller-than-expected rate hike by the Center for Medicare and Medicaid Services for the 2025 calendar year. Estee Lauder’s shares rose after an upgrade to buy from neutral by Citi, emphasizing inventory and financial normalization. Blackstone’s shares fell following a UBS downgrade, anticipating pressure from a slow real estate market recovery. Trump Media and Technology’s shares dropped after revealing low revenue for 2023, while Figs saw a decline after a Bank of America downgrade due to decreasing demand and a tough economic climate for health care workers. General Electric’s shares increased after completing the spinoff of its energy business, with the new aerospace-focused entity, GE Vernova, now trading on the NYSE. ChampionX experienced a surge in shares following news of its acquisition by SLB for $7.7 billion in an all-stock deal expected to close by the end of 2024.
