Corporate results:

  • HSBC: Quarterly pre-tax profit reached $6.51 billion
  • Logitech: Q2 fiscal revenue was down 12%.
  • Medpace: Shares soared 17% in after-hours trading after reporting better-than-expected results.
  • Novartis: The drugmaker suffered a 3.7% contraction in quarterly revenue to $12.54B and earnings were down.
  • SAP: Q3 revenue came in higher than expected.
  • UBS: Q3 profit falls but beats expectations.
  • Warner Bros. Discovery: The company expects a $1.6 billion restructuring charge in Q3.
  • 3M Co lowered its annual profit and revenue forecasts, as the Scotch and Post-it manufacturer expects to suffer more from inflation and the strength of the dollar on the results of its overseas operations. Its stock was down 2% in premarket trading.
  • General Motors was up 5% in pre-market trading, as sales of high-priced trucks in North America helped the automaker post a quarterly profit that beat analysts' expectations.
  • Coca-Cola raised its annual revenue forecast on the expectation of stable demand for its sodas, whose prices have risen to offset the impact of inflation. In pre-market trading, the stock gained 3%.
  • General Electric reported a 19% decline in adjusted quarterly profit and lowered its annual profit target, citing internal supply problems, inflationary pressures and weakness in its renewable energy business.
  • UPS on Tuesday reported an increase in adjusted third-quarter profit as higher delivery costs offset a slowdown in online business.
  • Biogen raised its 2022 profit forecast again, thanks to a reduction in expenses.
  • Health insurer Centene was down in pre-market trading despite slightly better-than-expected quarterly profit growth.
  • Halliburton gained 1.8% in premarket trading after posting a stronger-than-expected increase in third-quarter profit.
  • Valero Energy said Tuesday it posted a better-than-expected third-quarter profit on demand.
  • Archer-Daniels-Midland - The grain and agricultural commodities trading group saw its third-quarter profit nearly double, thanks to strong demand and tight supply.

 

In other news:

  • Apple is cutting the production rate of the iPhone 14 Plus due to weak demand and increasing the production rate of the iPhone 14 Pro, market research firm TrendForce reported Tuesday. It is also raising subscription prices for music, TV and Apple One.
  • Brussels is expected to clear Philip Morris' takeover of Swedish Match.
  • Credit Suisse moves closer to selling its securitized products business.
  • A shareholder of Meta Platforms (Facebook) wants the group to cut staff and expenses.
  • No national security investigation in sight for Elon Musk (Tesla), the White House says.
  • Bone Therapeutics becomes BioSenic.
  • Tesla slashes Model 3 and Model Y prices in China.
  • Activist investor Nelson Peltz is sounding out former consumer goods CEOs to take over the reins of Unilever.
  • Suzano will buy Kimberly-Clark's fabric assets in Brazil.
  • Warner Bros Discovery announced Monday that costs related to the cancellation of several series and movies, including "Batgirl," could reach $2.5 billion.

Today’s main earnings reports: Alphabet, Visa, Coca-Cola, Novartis, Texas Instruments, United Parcel Service, Lockheed Martin, HSBC, SAP, Air Liquide, UBS, Vinci... All the agenda is here.