Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action news and analysis.

Good afternoon. Today is Tuesday, January 23rdrd and I'm your host Kim Khan. Our top story so far.

Earning season kicks up another gear. Verizon shares rose after the telecom reported fourth-criter revenue that top estimates

aided by strong growth in its wireless unit. For the period ending December 31st

Verizon earned an adjusted 108 per share as revenue declined 0.6% year over year to 35.1 billion.

Aiding the quarter was a 3.2% year over year increase in wireless service revenue to

19.4 billion as the company added 1.46 million

retail post-paid net additions during the quarter. 3M slumped after the maker of

Scotch tape and other products provided earnings guidance for 2024 that was less than expected.

The company now sees earnings adjusted for one-time items in the range of 935 a share to

975, compared with the consensus estimate of 982.

Revenue for the fourth quarter was better than expected, falling less than 1% from a year

earlier to 7.69 billion, compared with the consensus estimate of 7.72 billion.

General electric shares retreated from a six-year high and on Monday.

The company estimated earnings adjusted for one-time items would be

60 to 65 cents in the first quarter of 2024, compared with average estimates of

69 cents a share among Wall Street analysts. Also among this morning's results, Procter and Gamble posted MixQ2 numbers.

Organic sales rose 4% during the quarter versus 4.6% expected.

Pricing was up 4% and there was a neutral effect for mix while

volume fell 1%. Johnson and Johnson top Q4 expectations thanks to the

outperformance of its pharma and med tech segments following the spin-off of its consumer care division Kenview.

And Raytheon shares bounced on earnings and revenue that came in ahead of forecasts.

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