Why KeyCorp Shares Are Trading Lower By Over 5%? Here Are Other Stocks Moving In Thursday's Mid-Day Session
Portfolio Pulse from Avi Kapoor
KeyCorp (NYSE:KEY) shares dropped by 5.4% to $13.10 after reporting Q4 financial results with revenues of $1.538 billion, down 19% Y/Y, but slightly above consensus. Adjusted EPS of 25 cents also exceeded expectations. Other stocks experienced significant movements in Thursday's mid-day session, with various companies reporting gains due to different reasons such as acquisitions, financial results, and analyst upgrades. Conversely, several companies saw their shares fall due to negative news such as voluntary delisting, reverse stock splits, and disappointing earnings guidance.
January 18, 2024 | 6:08 pm
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POSITIVE IMPACT
Hertz Global Holdings, Inc. (NASDAQ:HTZ) gained 7.1% to $8.95 following an upgrade from Morgan Stanley from Equal-Weight to Overweight.
Analyst upgrades can have a positive impact on stock prices, as seen with Hertz's increase, even though the price target was reduced.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
M.D.C. Holdings, Inc. (NYSE:MDC) rose 18.2% to $62.76 after announcing it will be acquired by Sekisui House.
Acquisition announcements typically lead to a positive short-term reaction in the stock price of the company being acquired, as seen with M.D.C. Holdings.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Discover Financial Services (NYSE:DFS) fell 6.9% to $101.22 after reporting a 62% drop in Q4 profit.
A significant decline in quarterly profit typically leads to a negative market reaction, as evidenced by the drop in Discover Financial's stock price.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 90
NEGATIVE IMPACT
Humana Inc. (NYSE:HUM) fell 11.5% to $396.49 after issuing soft 2023 adjusted EPS guidance.
Investors often react negatively to lower-than-expected earnings guidance, leading to a decrease in stock price as seen with Humana.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 90
NEGATIVE IMPACT
KeyCorp reported Q4 results with a slight revenue beat and higher EPS, but shares fell 5.4% to $13.10.
Even though KeyCorp's financial results were above expectations, the stock price declined, possibly due to the overall 19% Y/Y revenue drop signaling potential concerns about the company's growth trajectory.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
NEGATIVE IMPACT
Plug Power Inc. (NASDAQ:PLUG) shares dipped 12.1% to $2.4050 after announcing a common stock offering of up to $1 billion.
Announcements of significant stock offerings can dilute existing shares and often result in a negative short-term price reaction.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Spirit Airlines, Inc. (NYSE:SAVE) fell 12.2% to $5.39 after a federal judge blocked its acquisition by JetBlue Airways and a Citigroup downgrade.
Legal challenges to corporate actions and analyst downgrades are negative catalysts for stock prices, contributing to Spirit Airlines' decline.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 90
NEGATIVE IMPACT
U.S. Bancorp (NYSE:USB) slipped 3.7% to $39.31 during Thursday's session.
The article does not provide specific reasons for U.S. Bancorp's stock movement, but the decline may be part of a broader market trend affecting financial stocks.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50