CVS Health is popping higher after posting 2024 revenue that is above Wall Street estimates. The drugstore is forecasting revenue of at least $366 billion. Analysts expected $345.81 billion. It set a profit forecast of at least $8.51 a share.
Johnson & Johnson (JNJ) expects revenue growth of 5% to 6% in 2024. It is expecting strong demand for cancer treatments – Darzalex and Carvykti – plus solid sales of its drug Stelara to drive growth.
GitLab (GTLB) gained 13% to trade at nearly $60.00. It achieved an earnings milestone with a non-GAAP operating income of $4.7 million. It lost $21.6 million last year. Revenue grew by 32% to $149.7 million.
US Stock markets will open lower as traders book profits. They are unwilling to bet on a Santa Clause rally this month after a strong November performance. Instead of being greedy, investors are selling stock ahead of the Federal Reserve’s next rate decision on Dec. 13, 2023.
Some pundits are even hoping a rate cut happens in the first half of 2024. Investors are piling onto the longer-term treasury bills. The TLT ETF is up 12.37% from its 52-week low. A strong jobs report this week would send TLT and the 10-year treasury (IEF) lower. This would increase their yield from the current 3.56% and 2.90% dividend, respectively.
