11:52 AM EDT, 10/22/2024 (MT Newswires) -- All three major stock indexes were down around midday trading Tuesday, as big-company earnings continued to pour in.

In company news, General Motors ( GM ) reported Q3 adjusted earnings Tuesday of $2.96 per diluted share, up from $2.28 a year earlier and above the Capital IQ consensus analyst estimate of $2.40. Third-quarter revenue was $48.76 billion, up from $44.13 billion in the year-ago period and above the Capital IQ consensus estimate of $44.38 billion. The company said it now expects 2024 adjusted EPS of $10 to $10.50, compared with previous guidance of $9.50 to $10.50. Shares of General Motors ( GM ) were up 9.2% around midday.

GE Aerospace (GE) reported Q3 adjusted earnings Tuesday of $1.15 per diluted share, up from $0.92 a year earlier and above the Capital IQ consensus estimate of $1.13. Third-quarter revenue was $9.84 billion, up from $9.30 billion in the year-ago period and above the Capital IQ consensus of $9.38 billion. The company raised its 2024 adjusted diluted EPS guidance to $4.20 to $4.35 from $3.95 to $4.20. Shares of GE were down 7.5%.

Danaher ( DHR ) reported Q3 adjusted earnings Tuesday of $1.71 per diluted share, down from $1.72 a year earlier but above the Capital IQ consensus estimate of $1.57. Third-quarter revenue was $5.80 billion, up from $5.62 billion in the year-ago period and above the Capital IQ consensus of $5.59 billion. For Q4, Danaher ( DHR ) expects its core revenue will decline in the low single digits year over year. Danaher ( DHR ) shares were down 3.1%.

Philip Morris International ( PM ) reported Q3 adjusted earnings Tuesday of $1.91 per diluted share, up from $1.67 a year earlier and above the Capital IQ consensus estimate of $1.82. Third-quarter revenue was $9.91 billion, up from $9.14 billion a year earlier and above the Capital IQ consensus of $9.69 billion. The company expects full-year 2024 adjusted EPS of $6.45 to $6.51 per diluted share, up from previous guidance of $6.33 to $6.45. The company expects organic revenue growth of around 9.5% for full-year 2024, up from a range of 7.5% to 9% previously. Philip Morris ( PM ) shares were up 7.9%.

Verizon Communications ( VZ ) reported Q3 adjusted earnings Tuesday of $1.19 per diluted share, down from $1.22 a year earlier but above the Capital IQ consensus estimate of $1.18. Third-quarter total operating revenue was $33.33 billion, down from $33.34 billion in the year-ago period and below the Capital IQ consensus of $33.42 billion. The company said it reached its target of between 4 million and 5 million fixed wireless domestic subscribers 15 months ahead of schedule. Verizon shares were down 4.4%.

Taiwan Semiconductor Manufacturing ( TSM ) said Tuesday it has notified the US Department of Commerce about a potential issue tied to restrictions on chip exports to China. Meanwhile, ASML Holding ( ASML ) Chief Executive Christophe Fouquet expects the US to increase the pressure to further restrict sales of semiconductor technology to China, Bloomberg reported Tuesday, citing an interview with the company's CEO. Shares of Taiwan Semiconductor were down 1.6%, while those of ASML ( ASML ) were up 1.3%.

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