Market movers: Stocks seeing action on Tuesday - and why

) beat Wall Street estimates for quarterly profit on higher menu prices, even as it warned short-term inflationary pressures would persist in 2023.Investors are watching bellwethers like McDonald’s for any sign consumers are cutting spending to help determine whether the Federal Reserve’s monetary tightening will help cool the U.S. economy without causing a recession.

Even so, traffic rose 5 per cent for full-year 2022, McDonald’s disclosed on Tuesday, as its meals remained less expensive than many competitors, drawing low-income consumers. The company reported profit of US$2.59 per share, an increase of 16 per cent. Analysts on an average expected profit of US$2.45.

McDonald’s U.S. comparable sales rose 10.3 per cent in the quarter ended Dec. 31. Global revenue dropped 1 per cent to US$5.93-billion because of the impact of the stronger U.S. dollar against foreign currencies while in constant currencies, revenue rose 5 per cent.) fourth-quarter earnings slid by 29 per cent, it reported on Tuesday, citing higher manufacturing costs and foreign currency effects that weighed on the industrial bellwether’s margins.

Caterpillar’s sales and revenue for the quarter rose 20 per cent to US$16.6-billion despite weaker sales in the Asia Pacific region.) forecast a bigger-than-expected drop in sales of its COVID-19 vaccine and pill in 2023, intensifying investor concerns over demand for the products as governments reduce orders.

The U.S. drugmaker estimated annual sales of US$13.5-billion from the vaccine, below Refinitiv estimates of US$14.39-billion, and projected US$8-billion in sales of Paxlovid, short of analysts’ expectation of $10.33 billion.Citi analyst Andrew Baum said in a research note that the company is struggling to escape its dependence on COVID-19 drugs.Ms.

But regulators are examining if Autopilot’s design and claims about its capabilities provide users a false sense of security, leading to complacency behind the wheel with possibly fatal results.

Source: News Formal (newsformal.com)

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