HSBC Holdings (NYSE:HSBC) shares dropped 3% on Tuesday, after reporting weaker-than-expected earnings. The banking giant posted an annual profit of $19.89 billion for 2018, which came in lower than analyst expectations $21.26 billion.
On an earnings call Tuesday, John Flint, CEO for HSBC said uncertainty and risk in the global economy is higher, relating mainly to the UK economy, global trade tensions and the future path of interest rates.
Shares were down 3% at $41.53 in New York.
Walmart Inc (NYSE:WMT) shares closed on a strong note Tuesday, after the retail giant posted earnings and revenue for its latest quarter, beating Wall Street expectations.
Walmart's adjusted earnings per share (EPS) for the quarter, including the key holiday period, came in at $1.41 a share, versus $1.33 expected. That was on revenue of $138.79 billion, against $138.65 billion expected by analysts. The company's e-commerce sales also surged 43%, with an increase in its online delivery service.
The stock closed up 2.1% in New York at $102.20.
Shares of embattled California utility PG&E Corporation (NYSE:PCG) skyrocketed Tuesday after Citigroup upgraded the bankrupt utility stock to a buy rating.
According to analysts, the revision was based on expectations that state lawmakers may move to reduce wildfire liabilities for California utility providers.
PG&E shares were up 14.6% at $17.74.
Weight Watchers International Inc (NASDAQ:WTW) shares dropped more than 4% after J.P. Morgan downgraded the company to underweight from neutral as the number of daily active app users dropped during a critical time of year.
The investment bank lowered its 12-month price target for the dieting service company to $25 from $37.
Freeport-McMoRan Inc (NYSE:FCX) shares popped Tuesday, up 6.8% at $13.09.
On Tuesday, Citigroup upgraded the stock to Buy from Neutral, with a target price of $16 up from $14
Contact Katie Lewis at katie@proactiveinvestors.com