GM, Tesla, and UPS earnings in focus: 3 Things

General Motors (GM) stock shifts into high gear in Tuesday's pre-market trading after reporting a first-quarter earnings beat, anticipating "positive variable profit" in its EV sales in its full-year guidance.

Tesla (TSLA) will report earnings after Tuesday's market close. Investors will be heavily scrutinizing the EV giant's results closely after a rocky 2024 start.

Lastly, United Parcel Service (UPS) tops first-quarter estimates in its top and bottom lines, reporting rising labor costs.

For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.

This post was written by Luke Carberry Mogan.

Video transcript

JOSH LIPTON: Your roadmap for the trading day. Yahoo Finance's Brian Sozzi, Ines Ferre, and Jared Blikre have more.

BRIAN SOZZI: General Motors shares are shifting into overdrive after another big earnings beat GM's strong performance in trucks and EVs led the company to lift its 2024 profit guidance as customers have remained resilient in a period of higher interest rates. The automaker also gave investors an update on its EV business saying it still sees positive variable profit in the back half of this year.

INES FERRE: And we're also watching shares of Tesla ahead of its highly anticipated earnings report after the close, the EV giant looking to recover some losses after the stock hit a 15-month low on Monday. Tesla will give investors a much needed update on EV demand and guidance as investor sentiment slides.

JARED BLIKRE: And shares of UPS edging lower in its Q1 earnings beat. UPS posting better than expected results in the top and bottom lines, but higher labor costs and subdued demand for small package deliveries is weighing on its profit. A new labor contract with the Teamsters Union is also squeezing their margins.