UnitedHealth Reports Upbeat Earnings, Joins Cullinan Oncology, Ericsson And Other Big Stocks Moving Higher On Tuesday

U.S. stocks were mostly higher, with the Dow Jones index gaining over 100 points on Tuesday.

Shares of UnitedHealth Group Incorporated UNH rose sharply during Tuesday’s session following better-than-expected first-quarter earnings.

The company reported adjusted EPS of $6.91, up from $6.26 a year ago, beating the consensus of $6.62. UnitedHealth’s revenues increased nearly $8 billion to $99.8 billion, beating the consensus of $99.3 billion, according to data from Benzinga Pro.

UnitedHealth Group shares surged 6.2% to $473.20 on Tuesday.

Here are some other big stocks recording losses in today’s session.

• Macatawa Bank Corporation MCBC shares jumped 38.8% to $13.78 after Wintrust Financial Corporation WFTC and Macatawa Bank announced that they have entered into a definitive merger agreement for Wintrust to acquire Macatawa in an all-stock transaction.
• Intra-Cellular Therapies, Inc. ITCI rose 24.1% to $80.39 after the company announced Lumateperone 42 mg once daily as adjunctive therapy to antidepressants met its primary endpoint.
• Cullinan Oncology, Inc. CGEM gained 20.4% to $19.93. The company announced its plan to expand into autoimmune diseases.
• NextNav Inc. NN shares jumped 13.1% to $7.98.
• Alignment Healthcare, Inc. ALHC rose 7.1% to $5.05. Alignment Healthcare is expected to release its first quarter 2024 financial results on May 2, after the closing bell.
• Kenon Holdings Ltd. KEN gained 7% to $21.04.
• Contineum Therapeutics, Inc. CTNM climbed 6.1% to $15.50.
• Global Blue Group Holding AG GB gained 5.6% to $5.14.
• Super Micro Computer, Inc. SMCI rose 5.4% to $930.00. Loop Capital analyst Ananda Baruah maintained Super Micro Computer with a Buy and raised the price target from $600 to $1,500.
• Telefonaktiebolaget LM Ericsson ERIC gained 4.7% to $5.01 after the company reported better-than-expected first-quarter EPS results.

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