AMC, IBM, Microsoft, GE: What to Watch in the Stock Market Today

Wall Street indexes dropped in morning trading, putting stocks on course for another bumpy day. Here’s what we’re watching Tuesday:

  • IBM reported higher profit and a 6.5% revenue increase in the latest quarter, beating analysts’ forecasts. BMO Capital nudged its price target for the stock up to $155, from $153.
  • Joke cryptocurrency dogecoin’s dollar value briefly rose more than 8% from its 5 p.m. ET level Monday after Tesla CEO Elon Musk tweeted that he would eat a Happy Meal on television if McDonald’s accepted dogecoin. Some crypto enthusiasts and traders have joked on social media in recent days that they should get jobs at fast-food restaurants as cryptocurrencies prices crashed.
  • American Express topped revenue and earnings forecasts for the recent quarter as it cited record levels of spending through its cards.
  • Popular meme stocks AMC Entertainment and GameStop were turning in a mixed performance after having suffered disproportionately amid the recent market turmoil.
  • Peloton ’s  shares were giving up gains after they rose nearly 10% Monday. The Wall Street Journal reported an activist investor wants the company to fire its chief executive and explore a sale.
  • General Electric reported fourth-quarter revenue fell 3%, weighed down by supply-chain difficulties, and projected a return to sales growth in 2023 as its aviation business begins to recover.
  • 3M said its results in December were above its expectations. Net income during the recent quarter fell from a year ago, but it managed to beat consensus forecasts.
  • Johnson & Johnson finished 2021 with its strongest quarter to date for Covid-19 vaccine sales, contributing to year-over-year revenue growth across the company as it prepares to separate its consumer-health division.
  • Verizon ’s fourth-quarter profit inched up as the company replaced revenue lost from its digital-media spinoff with new customers under pay-as-you-go wireless giant TracFone.
  • Crane recorded higher fourth-quarter profit and sales, with strong performance across its business despite inflationary pressure.
  • Brown & Brown reported higher revenue and earnings in the fourth quarter as it surpassed analyst expectations.
  • Hollywood visual-effects studio DNEG is combining with a special-purpose acquisition company, Sports Ventures Acquisition Corp . , to go public with a roughly $1.6 billion valuation, the companies said.
  • Microsoft and  Capital One Financial are among the companies reporting earnings after the close.
Chart of the Day
  • The prospect of rising interest rates has been especially hard on the Russell 2000 small-cap index, in large part because of the high proportion of small-caps that aren’t making money.

Write to James Willhite at james.willhite@wsj.com

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