Happy Tuesday afternoon to everyone on The Street. Here's a snapshot of where markets ended the trading session, plus tomorrow's trade idea delivered to you today.

• 🟨 | US stocks were mixed on Tuesday. An uptick in interest rates was cause for concern.

• 📈 | One Notable Gainer: Philip Morris shares surged 10.5% to an all-time high, as finance bros’ Zyn habits paid dividends.

• 📉 | One Notable Decliner: PulteGroup shares edged down 7% after executives noted incentives used to attract potential buyers will remain in play and hinted at uncertainty in the housing market.

• 💡 | Tomorrow's Trade: G(E)reat Expectations. Keep scrolling for more or read on our site.

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MARKET MOVERS

General Motors, Verizon, GE Aerospace

GM (+9.8%) General Motors’ stock jumps after big profit beat, progress on EV profits (MarketWatch)

VZ (-5%) Verizon Revenue Misses Estimates on Slow Phone Upgrade Cycle (Bloomberg)

GE (-9.1%) GE Aerospace Beats Earnings Estimates. The Stock Falls. (Barron’s)

WBA (-6.9%) Walmart will start delivering prescriptions to customers' doorsteps as CVS and Walgreens struggle (CNBC)

GPC (-21%) Genuine Parts Company shares slide on eroding profitability, lowered FY24 outlook (SeekingAlpha)

OVERHEARD ON THE STREET

NYT: JPMorgan CEO Jaime Dimon told associates of his support for VP Kamala Harris and his dislike of Donald Trump, but won’t say it publicly for fear of blowback.

YF: Trump Media stock hit its highest level since July on Tuesday, rising as much as 10% as investors bet on former President Donald Trump's improved odds of winning the November election.

MarketWatch: Legendary investor Paul Tudor Jones said Tuesday he’s moved his portfolio in the direction of a Trump victory, but warned of a potential reckoning over a burgeoning U.S. debt pile regardless of the victor.

CNBC: Amazon is shutting down a service that offers same-day delivery from mall and brick-and-mortar retailers.

Bloomberg: US aviation regulators released final safety rules for the nascent air taxi industry Tuesday, crossing a key milestone for Joby Aviation and Archer Aviation to eventually begin commercial operations.

TOMORROW’S TRADE IDEA, TODAY

G(E)reat Expectations

How High Can It Go?

Could GE Vernova (GEV) go supernova? Deutsche Bank seems to think so. It initiated coverage of the electrical services company at a Buy rating and a $354 price target. For context, the stock closed at $276.42 today.

The stock’s off to a good start. It has almost doubled in value since spinning off from General Electric (GE) in April. But most analysts covering it think it has even further to run, rating it a Buy or Strong Buy. 

Electrical Surges

Analysts believe that GE Vernova’s continued growth will be fueled by its investments in power-generating assets as electricity demand continues to increase, thanks to AI data centers.

Nicole DeBlase, a Deutsche Bank analyst, believes that GEV can be an industry leader in terms of revenue and earnings growth. AI-powered demand could drive both revenue and margin expansion for its electrification business.

Its wind turbine business is projecting long-term growth as well. Wind energy is expected to account for 25% more of worldwide electricity generation by 2040.

Multifaceted Momentum

GEV’s gas power segment is also shaping up to be a tailwind for the stock. DeBlase said demand for gas turbines is rising as existing electrical grids become over-stressed, which has resulted in a spike in orders. 

Now the company is increasing its heavy-duty gas-turbine manufacturing to meet demand. As more customers utilize these products, service orders have been increasing as well.  

In other words, GEV has momentum in multiple arms of its business. It makes sense that the stock is surging, but according to analysts, its strong run may be long from done.

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ON OUR RADAR

ABC: Honda is recalling more than 700,000 vehicles because the high-pressure fuel pump may crack and leak fuel, which could increase the risk of a fire.

Bloomberg: Brazil is looking to attract mining companies to revive the country’s uranium exploration and production efforts amid renewed appetite for nuclear power.

CNBC: Peloton is partnering with Costco to sell its Bike+ in stores and online as Peloton looks for fresh and profitable ways to reach new customers.

Bloomberg: SEC Chair Gary Gensler says the agency is keeping a close eye on the burgeoning private credit sector, which now totals $1.7 trillion.

WSJ: Mike Jeffries used hypersexualized marketing and shirtless male models to create buzz for Abercrombie & Fitch. He was also allegedly using his status to coerce aspiring models into having sex with him and his romantic partner.

MONDAY’S POLL RESULTS

Are you bullish or bearish on Crane NXT (CXT) over the next 12 months?

🟩🟩🟩🟩🟩🟩 🐂 Bullish

🟨🟨🟨🟨🟨⬜️ 🐻 Bearish