Tesla (NASDAQ:TSLA) – The electric vehicle
manufacturer reported earnings per share of $0.72, exceeding the
estimated $0.58. Revenue was $25.18 billion, slightly below the
expected $25.37 billion. Net income increased to $2.17 billion.
Automotive revenue grew 2%, while energy generation surged 52%. CEO
Elon Musk announced plans to launch autonomous transport services
in California and Texas by 2025. However, Musk acknowledged
regulatory challenges, particularly in California, where companies
like Waymo have spent years obtaining permits. The stock rose 11.2%
in pre-market trading, after closing down 2.0% on Wednesday.
IBM (NYSE:IBM) – The technology and consulting
company reported adjusted earnings of $2.30 per share, beating the
expected $2.23, but revenue grew by just 1.5% to $14.97 billion,
missing forecasts of $15.07 billion. Weak demand for consulting
services, which generated $5.15 billion in revenue, contributed to
the shortfall. IBM posted a net loss of $330 million due to a
pension settlement charge but reaffirmed its 2024 free cash flow
target of over $12 billion. The stock fell 4.3% in pre-market
trading, after closing up 0.2% on Wednesday.
Lam Research (NASDAQ:LRCX) – The semiconductor
equipment manufacturer exceeded Wall Street expectations, reporting
adjusted earnings of $0.86 per share, above the anticipated $0.81,
and revenue of $4.17 billion, surpassing the $4.06 billion
forecast. Net income was $1.12 billion. For the upcoming quarter,
the company projects earnings between $0.77 and $0.97 per share.
The stock rose 6.5% in pre-market trading, after closing down 0.2%
on Wednesday.
Celestica (NYSE:CLS) – The electronic
manufacturing services provider reported third-quarter 2024 revenue
of $2.5 billion, a 22% increase year-over-year. Adjusted earnings
per share were $1.04, up from $0.65 last year. Free cash flow rose
to $74.5 million from $34.1 million YoY, and the adjusted operating
margin climbed to 6.7%. Celestica raised its full-year forecast,
now expecting adjusted EPS of $3.85 and revenue of $9.60 billion.
The stock rose 8.2% in pre-market trading, after closing up 2.6% on
Wednesday.
Newmont (NYSE:NEM) – The world’s largest gold
producer reported third-quarter net income of $922 million, nearly
six times higher than the previous year, though still below Wall
Street expectations. Gold production reached 1.67 million ounces
during the quarter. Newmont produced 2.1 million gold equivalent
ounces and generated $760 million in free cash flow in Q3 2024. The
company also recorded $1.6 billion in operating cash flow and
announced asset sales that could raise up to $1.5 billion.
Additionally, a third-quarter dividend of $0.25 per share was
declared.
ServiceNow (NYSE:NOW) – The enterprise software
developer reported adjusted earnings of $3.72 per share, surpassing
the expected $3.45, with revenue of $2.8 billion, exceeding
forecasts of $2.746 billion. Subscription revenue grew 23%,
reaching $2.72 billion. ServiceNow raised its subscription revenue
outlook for 2024 and appointed Amit Zavery as president, chief
product officer, and COO, effective October 28.
Viking Therapeutics (NASDAQ:VKTX) – The
biotechnology company focused on metabolic therapies reported a net
loss of $24.9 million in Q3 2024, equivalent to $0.22 per share,
slightly higher than the $22.5 million loss in Q3 2023. R&D
expenses increased to $22.8 million, while the company ended the
quarter with $930 million in cash and short-term investments.
Shares rose 5.0% in pre-market trading, after closing down 2.6% on
Wednesday.
T-Mobile (NASDAQ:TMUS) – The 5G telecom and
internet provider reported Q3 2024 earnings of $2.61 per share,
surpassing the expected $2.43. Net income increased 43%, totaling
$3.1 billion, with revenue of $20.2 billion, above the $20 billion
forecast. The company reported 315,000 net postpaid account
additions and 415,000 high-speed internet customers, with a
postpaid phone churn rate of 0.86%, the lowest ever. T-Mobile
raised its guidance for net postpaid customer additions. Shares
rose 2.3% in pre-market trading, after closing up 0.9% on
Wednesday.
Las Vegas Sands (NYSE:LVS) – The global casino
and resort operator reported Q3 2024 net revenue of $2.68 billion,
below the $2.781 billion estimate. Net income of $353 million and
earnings per share of $0.38 were lower compared to last year.
However, the company rewarded shareholders with $450 million in
share buybacks and raised its annual dividend to $1.00. The Las
Vegas Sands also announced plans to expand its Marina Bay Sands
resort in Singapore with an $8 billion investment, more than
doubling the initial $3.4 billion estimate. The new property will
feature a luxury hotel and a 15,000-seat arena, with an opening
planned for 2031, pending government approval.
Mattel (NASDAQ:MAT) – The global toy maker
reported Q3 2024 adjusted earnings of $1.14 per share, beating
estimates of $0.95. Net revenue was $1.84 billion, slightly below
the $1.86 billion forecast. Despite strict cost controls, sales
fell 4%, and the company lowered its full-year sales outlook due to
weak toy demand.
United Rentals (NYSE:URI) – The largest
industrial equipment rental company missed third-quarter earnings
expectations, posting $11.80 per share, below the expected $12.48.
Quarterly revenue grew by 7.4% to $3.46 billion, but missed
estimates of $4.01 billion. Lower margins were impacted by the slow
recovery of non-residential construction and supply chain issues.
United Rentals revised its full-year revenue forecast to a midpoint
of $15.2 billion, aligning with LSEG estimates.
Ameriprise Financial (NYSE:AMP) – The financial
services and wealth management provider reported an 11% increase in
Q3 2024 earnings, with adjusted earnings per share of $8.10, or
$828 million, exceeding last year’s $6.96. Assets under management
rose 22% to $1.5 trillion, driven by net inflows and market
appreciation. Fee revenues increased by 12.5%, totaling $2.57
billion.
LendingClub (NYSE:LC) – The online lending
platform reported Q3 2024 earnings per share and revenue of 13
cents and $201.9 million, respectively, surprising FactSet’s
consensus estimates of 7 cents per share and $190.4 million. Loan
originations increased to $1.9 billion, while total assets grew by
25%, reaching $11 billion. Shares rose 6.3% in pre-market trading,
after closing up 0.5% on Wednesday.
Western Union (NYSE:WU) – The international
money transfer company reported adjusted earnings of 46 cents per
share on revenue of $1.04 billion, beating analysts’ expectations
of 44 cents per share and $1.03 billion in revenue. The company
projects annual earnings between $1.70 and $1.80 per share.
Whirlpool (NYSE:WHR) – The global appliance
manufacturer reported third-quarter diluted ongoing earnings per
share of $3.43, driven by a 5.8% EBIT margin. This beat the $3.19
estimate, according to LSEG. Net revenue was $3.99 billion, an
18.9% decline year-over-year. GAAP diluted earnings per share were
$2.00, with a 2.7% net margin.
Molina Healthcare (NYSE:MOH) – The government
healthcare services provider reported adjusted earnings of $6.01
per share and revenue of $10.34 billion. The results exceeded
LSEG’s consensus estimates of $5.81 EPS and $9.91 billion in
revenue. Revenue grew 21%, and net income was $326 million.
Teck Resources (NYSE:TECK) – The Canadian
mining company reported Q3 2024 adjusted earnings of C$0.60 per
share, beating the estimate of C$0.37. Copper production increased
by 60%, totaling 115,000 tonnes, with an average price of $4.21 per
pound. The company lowered its full-year copper production forecast
to 420,000–455,000 tonnes.
Equinor (NYSE:EQNR) – The Norwegian oil and gas
producer reported adjusted earnings of $6.89 billion in Q3 2024,
below expectations of $7.08 billion, and down 13% from last year
due to lower oil prices and production. The company revised its
annual capital expenditure to $12-13 billion and lowered its
renewable energy production growth forecast to 50%. Shares rose
2.8% in pre-market trading, after closing down 1.5% on
Wednesday.
Barclays (NYSE:BCS) – Barclays reported Q3 2024
pre-tax profit of $2.85 billion (£2.2 billion), beating the £1.968
billion expectation and last year’s £1.9 billion. Its investment
banking revenue grew by 6%, with a 133% increase in advisory fees
and a 48% rise in debt capital market revenues. Net interest income
guidance was revised upward, with expectations to exceed £11
billion in 2024. However, corporate banking revenue dropped by 21%,
due to an £85 million loss in its leveraged finance portfolio.
Shares rose 4.3% in pre-market trading, after closing down 2.2% on
Wednesday.
More Highlights
Apple (NASDAQ:AAPL) – Apple is gearing up to
launch new MacBook Airs with M4 chips in early 2025, following the
introduction of new Macs next week. The 13-inch and 15-inch models
will retain their current design but offer improved performance and
AI capabilities. Additionally, Apple plans to update other devices
like MacBook Pros, Mac minis, iPads, and introduce a revamped
iPhone SE. Apple has reduced Vision Pro production due to falling
sales after initial enthusiasm. Priced at $3,500, the device faces
competition from cheaper options like Meta’s Quest 3. Production
could halt by November, with a more affordable model expected in
2025. Shares rose 0.3% in pre-market trading, after closing down
2.2% on Wednesday.
Nvidia (NASDAQ:NVDA) – Nvidia expanded
partnerships with Indian companies, such as Reliance, and launched
a lightweight AI model for the Hindi language, aiming to tap into
the growing local market. During the Mumbai AI summit, CEO Jensen
Huang highlighted that Nvidia will significantly expand its
computing infrastructure in India. Shares rose 1.5% in pre-market
trading, after closing down 2.8% on Wednesday.
Intel (NASDAQ:INTC) – Intel won another round
in its dispute with the European Union over a $1.1 billion (€1.06
billion) antitrust fine. The EU court ruled that regulators failed
to prove Intel offered illegal discounts to PC makers. However,
Intel still faces a separate €376 million fine focused on prior
anti-competitive practices. Shares rose 0.6% in pre-market trading,
after closing down 1.9% on Wednesday.
Taiwan Semiconductor Manufacturing Co
(NYSE:TSM) – TSMC halted shipments to an unnamed customer after
discovering its chips were used in a Huawei product, potentially
violating U.S. restrictions. TSMC launched an investigation and
notified U.S. and Taiwanese governments. Shares fell 0.2% in
pre-market trading, after closing up 1.2% on Wednesday.
Roblox (NYSE:RBLX) – Roblox is implementing
reforms following criticism over child safety and the arrests of
abusers who used the platform. Now, users under 13 will need
parental permission to access chat features, and children under 9
will require approval to play games with moderate violence. The
changes aim to make the platform safer.
NextEra Energy (NYSE:NEP) – NextEra Energy is
studying the potential reactivation of its Duane Arnold nuclear
plant in Iowa due to increased energy demand from AI data centers
and electrification. The company is discussing the project with
regulators and sees potential to restart the reactor at a
competitive cost. Shares rose 2.8% in pre-market trading, after
closing down 16.3% on Wednesday.
Shell plc (NYSE:SHEL) – Shell announced
Wednesday that its Shell Energy North America (SENA) unit acquired
RISEC Holdings, which owns a 609-megawatt plant in Rhode Island.
The deal secures SENA long-term supply in the deregulated New
England market, where it already has a full power purchase
agreement for RISEC. Shares rose 1.1% in pre-market trading, after
closing down 0.7% on Wednesday.
Boeing (NYSE:BA) – Boeing CEO Kelly Ortberg
stressed the need for a “fundamental cultural shift” after the
company posted quarterly losses of $6 billion. Boeing has amassed
nearly $8 billion in losses for the year, pushing the company to
improve liquidity and stabilize operations. Ortberg also noted that
Boeing’s defense business, despite issues with over-budget
contracts like the KC-46 tanker and Air Force One, remains crucial
to the company’s future. Boeing workers rejected a new contract
proposal, prolonging a five-week strike. With 64% voting against,
employees are demanding a 40% pay raise and the return of pensions,
frustrating Ortberg’s efforts to stabilize the company financially.
Shares fell 3.0% in pre-market trading, after closing down 1.8% on
Wednesday.
American Airlines (NASDAQ:AAL) – According to
Reuters, the U.S. Department of Transportation fined American
Airlines $50 million for the improper treatment of disabled
passengers, including mishandling wheelchairs and providing
insufficient assistance. This fine is 25 times higher than previous
ones, setting a new standard. American will invest $25 million to
fix these issues. Shares rose 1.2% in pre-market trading, after
closing down 1.0% on Wednesday.
Southwest Airlines (NYSE:LUV) – Elliott
Investment Management and Southwest Airlines are nearing a deal to
avoid a proxy fight for board control. The agreement would give the
activist investor some board seats but not a majority. Elliott,
which owns 10% of the company, is seeking to replace eight
directors and influence strategy. Shares rose 0.9% in pre-market
trading, after closing up 0.8% on Wednesday.
Stellantis (NYSE:STLA) – Nearly 80 members of
Congress, including key Senate Democrats, pressured Stellantis to
honor investment commitments agreed upon with the United Auto
Workers (UAW) union. The automaker delayed a $1.5 billion
investment to reopen a factory in Illinois, causing tensions.
Lawmakers are demanding a timeline, and the UAW is threatening a
strike. Shares rose 3.9% in pre-market trading, after closing up
1.5% on Wednesday.
Goldman Sachs (NYSE:GS), Apple
(NASDAQ:AAPL) – Goldman Sachs and Apple will pay $89 million for
violating consumer protection laws with their joint credit card.
The companies faced allegations of mishandling disputes and
misleading consumers about interest-free purchases. Goldman will
also face restrictions on issuing new cards, and both reached a
settlement with authorities.
JPMorgan Chase (NYSE:JPM) – JPMorgan Chase is
in talks to resume trading liquefied natural gas (LNG) after a
decade. According to Bloomberg, the bank is seeking long-term
supply deals with Gulf Coast projects, including Commonwealth LNG
and Energy Transfer facilities.
HSBC (NYSE:HSBC) – HSBC’s job cuts following
its recent restructuring are focused on eliminating duplicate
roles. The restructuring, which splits the bank into four units,
will streamline management, reduce costs, and increase
accountability in each business area. Shares rose 1.1% in
pre-market trading, after closing down 1.0% on Wednesday.
Capital One (NYSE:COF) – New York Attorney
General Letitia James is investigating potential antitrust
violations in the $35.3 billion merger between Capital One and
Discover. According to Reuters, James is seeking documents from
Capital One, which has not fully cooperated. The merger could
negatively affect New Yorkers, particularly those with subpar
credit.
KKR (NYSE:KKR) – Italian energy group Eni
announced that U.S. fund KKR will buy a 25% stake in Enilive for
€2.938 billion, valuing the biofuels business at €11.75 billion.
The deal strengthens Eni’s financial position, with Eni retaining
control of Enilive. The transaction includes a capital increase and
share sale. Shares rose 1.1% in pre-market trading, after closing
down 1.2% on Wednesday.
McDonald’s (NYSE:MCD) – As previously reported,
McDonald’s is facing an E. coli outbreak linked to Quarter Pounder
hamburgers, resulting in one death and dozens of illnesses. In the
latest update, McDonald’s U.S. head Joe Erlinger pledged to restore
consumer confidence following the outbreak, and the company
promptly removed the item from menus in several U.S. states.
Investigations are ongoing, focusing on the beef and onions. The
CDC expects more cases but praised McDonald’s for its swift action
to prevent further outbreaks and minimize harm. Shares rose 0.6% in
pre-market trading, after closing down 5.1% on Wednesday.
Peloton (NASDAQ:PTON) – David Einhorn of
Greenlight Capital stated that Peloton stock was undervalued during
the Robin Hood Investors Conference. Peloton announced a
partnership with Costco to sell its Bike+, targeting younger and
wealthier consumers. The company is also searching for a new CEO
following Barry McCarthy’s resignation, focusing now on
profitability. Shares rose 1.1% in pre-market trading, after
closing up 11.0% on Wednesday.
LendingClub (NYSE:LC)
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