Alphabet (NASDAQ:GOOGL) – Alphabet exceeded
expectations in Q3, with earnings per share of $2.12, surpassing
the $1.85 estimate, and revenue of $88.27 billion, beating the
forecast of $86.30 billion. Net income rose to $26.3 billion.
YouTube’s ad revenue reached $8.92 billion, while the Other Bets
division saw revenue expand to $388 million. Google Cloud revenue,
the report’s highlight, generated $11.35 billion, a 35% increase,
driven by AI, offsetting investment costs. Shares rose 5.6% in
pre-market after a 1.8% rise on Tuesday.
AMD (NASDAQ:AMD) – AMD reported adjusted EPS of
92 cents as expected, with revenue up 18% to $6.82 billion,
surpassing the $6.71 billion estimate, driven by MI300
accelerators. The data center segment doubled sales, with a 122%
year-on-year rise in AI-focused Instinct GPUs. For Q4, AMD projects
revenue around $7.5 billion, slightly below the $7.55 billion
analyst expectation, indicating slower-than-expected AI sales
growth. Shares fell 8.2% pre-market after a 4.0% gain on
Tuesday.
Reddit (NYSE:RDDT) – Reddit recorded Q3 revenue
of $348.4 million, surpassing the $313.6 million estimate. A
positive EPS of 16 cents contrasted the expected 7-cent loss. Net
income reached $29.9 million, though daily active users slightly
missed projections at 97.2 million. For Q4, Reddit forecasts
revenue between $385 million and $400 million, bringing 2024 total
revenue to an expected $1.26-$1.27 billion, above the $1.20 billion
analyst prediction. Shares jumped 23.9% pre-market after a 2.6%
rise on Tuesday.
Snap Inc. (NYSE:SNAP) – Snap exceeded Q3
expectations with an adjusted EPS of 8 cents versus the expected 5
cents, and revenue of $1.37 billion, a 15% increase, slightly above
the $1.36 billion estimate. Daily active users reached 443 million,
exceeding targets. However, Q4 revenue guidance fell below
expectations, between $1.51 billion and $1.56 billion. Shares rose
9.5% pre-market following a 1.7% gain on Tuesday.
Qorvo (NASDAQ:QRVO) – Qorvo surpassed Q2
expectations with an EPS of $1.88 over the forecasted $1.84, and
revenue of $1.05 billion, beating the $1.03 billion estimate. For
Q3 2025, the company projects EPS between $1.10 and $1.30 and
revenue around $900 million, below consensus expectations. Shares
dropped 18% pre-market after a 0.2% Tuesday rise.
UBS Group AG (NYSE:UBS) – UBS exceeded Q3
expectations with net income of $1.4 billion, nearly double the
forecast of $740 million. Total revenue reached $12.3 billion,
surpassing the $11.5 billion estimate, while operating expenses
fell to $10.3 billion. Credit Suisse integration advances, with
phase one migrations completed in Luxembourg and Hong Kong. Shares
rose 0.8% pre-market following a 1.3% increase on Tuesday.
Chipotle Mexican Grill (NYSE:CMG) – Chipotle
reported Q3 net income of $387.4 million with an adjusted EPS of 27
cents, beating the 25-cent estimate. Revenue rose 13% to $2.79
billion, below the $2.82 billion forecast. Same-store sales
increased 6%, slightly below the 6.3% expectation. Shares dropped
6.6% pre-market following a 0.2% dip on Tuesday.
Visa (NYSE:V) – Visa exceeded fiscal Q4
expectations, with net income of $5.3 billion and EPS of $2.65,
surpassing the $2.57 forecast. Revenue totaled $9.6 billion, ahead
of the $9.49 billion estimate. Payment volume grew 8%, driven by a
“stable and resilient” consumer and strong value-added services,
notably in marketing. Visa also announced a 13% quarterly dividend
increase and plans to lay off 1,400 employees, including 1,000 in
tech roles, aiming to streamline international operations. Shares
rose 1.7% pre-market after a 0.8% Tuesday drop.
First Solar (NASDAQ:FSLR) – First Solar posted
an adjusted EPS of $2.91, missing the $3.11 expectation, with
revenue of $887.7 million, below the $1.08 billion forecast. The
company cut its annual earnings projection to $13.00-$13.50 per
share and revenue between $4.1 billion and $4.25 billion. First
Solar believes competitors may be infringing on its TOPCon solar
technology patents and has sent legal notices after investigating
potential violations since July. Shares fell 8.6% pre-market after
a 2.6% Tuesday decrease.
Chubb (NYSE:CB) – Chubb reported record net
income of $6.7 billion for the first nine months, up 16.9%
year-on-year, with operating profit at $6.75 billion (+13.8%). In
Q3, net income reached $2.32 billion (+13.8%) and operating profit
was $2.33 billion (+14.3%). Year-to-date EPS was $16.38 (+18.8%).
Shares rose 0.3% pre-market following a 1.0% drop on Tuesday.
Enovix (NASDAQ:ENVX) – Enovix reported Q3
revenue of $4.3 million, up from $3.8 million in the previous
quarter, with a net loss of $22.5 million, an improvement from the
$115.9 million loss in Q2. For Q4, Enovix expects revenue between
$8 million and $10 million, with operating expenses around $48.6
million. Shares rose 9.0% pre-market after a 6.8% drop on
Tuesday.
Mondelez International (NASDAQ:MDLZ) – Mondelez
reported Q3 net revenue of $9.2 billion, surpassing the analyst
forecast of $9.11 billion. Adjusted EPS came in at 99 cents, higher
than the projected 85 cents. Gross profit margin increased to
40.5%, driven by lower costs and higher prices. Demand grew in
Europe, North America, and China, offsetting declines in Latin
America. The company maintained its annual guidance.
Caesars Entertainment (NASDAQ:CZR) – Caesars
reported an unexpected Q3 loss of 4 cents per share, against an
expected profit of 12 cents. Sales declined 4% to $2.87 billion,
below the $2.92 billion estimate, impacted by competition and
construction disruptions in New Orleans. Shares fell 5.0%
pre-market after a 0.6% decrease on Tuesday.
GSK (NYSE:GSK) – The UK-based GSK maintained
its 2024 outlook despite an unexpected Q3 decline in vaccine
demand. Core EPS fell by 1% to 49.7 pence, while revenue dropped 2%
to £8.01 billion. Vaccine sales declined by 15%, though specialty
medicine sales rose by 19%. Shares fell 3.9% pre-market after a
0.8% Tuesday increase.
Other Corporate Highlights
Apple (NASDAQ:AAPL) – Apple is expected to
report its highest quarterly revenue growth in two years, driven by
strong iPhone demand, particularly in China. Investors are watching
for initial responses to the iPhone 16 as the company expands AI
investments. Analysts predict a 5.7% revenue increase, with iPhone
sales up 3.8% and services up 13.3%, despite regulatory challenges
and a one-time $10 billion tax rate. Shares fell 0.3% pre-market
following a 0.12% gain on Tuesday.
OpenAI, Broadcom (NASDAQ:AVGO),
TSMC (NYSE:TSM) – OpenAI is collaborating with
Broadcom and TSMC to develop proprietary AI-focused chips,
integrating new AMD chips alongside Nvidia to meet high
infrastructure demands. OpenAI, though considering building its own
factories, will prioritize partnerships and cost optimizations,
with plans for a custom chip by 2026. Broadcom shares fell 0.7%
pre-market, and TSMC shares also dropped 0.7%.
Getty Images (NYSE:GETY) – Former Stream Global
Services and 3Com CEO Scott Murray was sentenced to 10 months in
prison after pleading guilty to launching a false $4 billion bid to
acquire Getty Images, aiming to inflate stock prices. The scheme
allowed him to sell shares quickly, profiting approximately $1.49
million.
Sony Group (NYSE:SONY) – Sony will shut down
Firewalk Studios, developer of the shooter game Concord,
which was pulled shortly after its release this year. The mobile
game studio Neon Koi, which hadn’t launched any titles, will also
close, affecting around 210 employees. Shares rose 0.8% pre-market
after a 0.6% gain on Tuesday.
Netflix (NASDAQ:NFLX) – Netflix announced that
Global Public Policy VP Dean Garfield and Communications Chief
Rachel Whetstone are departing. Shares increased 0.3% pre-market
following a 1.4% Tuesday rise.
Paramount Global (NASDAQ:PARA) – Independent
filmmaker David Ellison will gain control of his family’s interests
in Paramount Global following a merger between Skydance Media and
Paramount. The Ellison family and RedBird Capital Partners are
acquiring Paramount shares and purchasing National Amusements Inc.
from the Redstone family, with finalization expected next year.
Shares declined 0.1% pre-market after a 0.4% increase on
Tuesday.
Tupperware Brands (USOTC:TUPBQ) – A U.S.
bankruptcy judge approved Tupperware’s asset sale to creditors,
allowing the company to emerge from bankruptcy while retaining most
operations. Creditors, including Stonehill Capital and Alden
Global, will provide $23.5 million in cash and debt relief.
Tupperware plans a digital and asset-light model in core
markets.
Lovesac (NASDAQ:LOVE) – Lovesac agreed to pay
$1.5 million to settle SEC charges that two former executives
concealed $2.2 million in shipping expenses, manipulating
accounting to meet Wall Street targets. The settlement avoided
financial restatements but resulted in “materially misleading
financial statements,” according to the SEC.
Bank of America (NYSE:BAC) – Bank of America is
weighing potential legal action following a CFPB investigation into
its use of Zelle for fund transfers. This investigation reflects
concerns about rising Zelle fraud, now the leading U.S.
peer-to-peer payment network, and involves regulatory discussions
to resolve or litigate the case. Shares dropped 0.6% pre-market
after a 0.2% Tuesday decline.
Goldman Sachs (NYSE:GS), Morgan
Stanley (NYSE:MS), Apollo Global
Management (NYSE:APO) – At the Future Investment
Initiative, Goldman Sachs and Morgan Stanley CEOs projected a surge
in corporate deals in 2025, with major firms going public globally.
Apollo Global CEO Marc Rowan noted that a Trump presidency could
further boost mergers and acquisitions, as well as investment
liberalization.
Charles Schwab (NYSE:SCHW) – Charles Schwab
will extend 24-hour trading within two weeks, allowing clients to
access top U.S. stocks and hundreds of ETFs. Supported by Blue
Ocean Technologies, full rollout is set for early 2025, starting
with active traders. Shares rose 0.4% pre-market following a 0.2%
decline on Tuesday.
BlackRock (NYSE:BLK) – BlackRock is now the
sole contender in talks to acquire HPS Investment Partners, with a
deal possible by year-end, according to Bloomberg. If an agreement
falls through, HPS may pursue an IPO, targeting an $11 billion
valuation or partial sale.
L3Harris Technologies (NYSE:LHX) – L3Harris
subsidiary Aerojet Rocketdyne has doubled its production of GMLRS
rocket engines, heavily used in Ukraine, to meet global demand.
This boost responds to U.S. stock depletion and ongoing missile
usage in the Ukraine and Middle East conflicts, driving an
increased need for armaments.
Boeing (NYSE:BA) – Governors from Utah,
Missouri, and Montana urged Boeing and the IAM union to resolve a
nearly seven-week strike involving 33,000 machinists, citing
economic impacts on states and suppliers. Boeing has paused
supplier purchases, leading to layoffs and production cuts, with no
new talks planned. The union met in person with Boeing for the
first time since rejecting a contract offer, with Acting Labor
Secretary Julie Su mediating. Shares remained steady pre-market
after a 1.5% rise on Tuesday.
Toyota Motor (NYSE:TM) – Toyota reported an 8%
decline in global production for September, with drops in the U.S.
(14%) and China (19%) due to disruptions, including a temporary
suspension of Grand Highlander and Lexus TX SUVs in the U.S. over
airbag issues. Global sales fell 7%, pressured by EV competition in
China. Shares rose 1.1% pre-market following a 0.3% Tuesday
decline.
BHP Group (NYSE:BHP) – After a failed $49
billion bid for Anglo American in May, BHP shifted focus to other
growth opportunities. Chairman Ken MacKenzie highlighted a $3.25
billion deal with Lundin Mining to expand copper operations in
South America. Targeting a 30% reduction in operational emissions
by 2030, BHP seeks further partnerships and plans to continue coal
operations for several decades. Shares rose 0.3% pre-market.
McDonald’s (NYSE:MCD) – McDonald’s faces a
consumer class-action lawsuit following an E. coli outbreak linked
to onions in Quarter Pounders. Plaintiffs Amanda McCray and William
Kraft, who experienced symptoms, claim they wouldn’t have purchased
the product if they’d known of the risk. The lawsuit, filed in
federal court in Chicago, seeks over $5 million in damages.
Chewy (NYSE:CHWY) – Keith Gill, also known as
“Roaring Kitty,” has exited his stake in Chewy. In July, he
disclosed a 6.6% position in the pet supply retailer, surprising
the market since he is better known for his investment in GameStop,
now led by former Chewy founder Ryan Cohen. Shares dropped 1.5%
pre-market after a 0.4% Tuesday decline.
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