Amazon (NASDAQ:AMZN) – Amazon exceeded
expectations for the third quarter with earnings per share of
$1.43, compared to the anticipated $1.14, and revenue of $158.88
billion, surpassing estimates of $157.2 billion. AWS performed
slightly below expectations with revenue of $27.4 billion, while
advertising rose 19% to $14.3 billion. Next quarter’s revenue
projection between $181.5 billion and $188.5 billion suggests
moderate growth of 7% to 11%, though investors had expected an
average projection of $186.2 billion. Shares rose 6.1%
pre-market.
Intel (NASDAQ:INTC) – Intel beat third-quarter
expectations with adjusted earnings per share of 17 cents, better
than analysts’ predicted loss of 2 cents. Revenue reached $13.28
billion, exceeding the expected $13.02 billion. Data center and AI
segment revenue grew 9%, totaling $3.35 billion. CEO Pat Gelsinger
highlighted progress in cost-cutting and portfolio simplification.
The company still faces restructuring expenses but expects gross
margin recovery to 39.5% next quarter. Intel also forecasts
fourth-quarter adjusted earnings of 12 cents per share and revenue
between $13.3 billion and $14.3 billion, exceeding Wall Street
expectations. Shares rose 5.7% pre-market.
Atlassian (NASDAQ:TEAM) – Atlassian posted a
first-quarter fiscal loss of $123.8 million, or 48 cents per share.
Adjusted earnings were 77 cents per share, surpassing analysts’
expectations of 63 cents. Revenue came in at $1.19 billion, beating
the expected $1.15 billion. For the next quarter, Atlassian
projects revenue between $1.23 billion and $1.24 billion. Shares
rose 20.4% pre-market.
Apple (NASDAQ:AAPL) – Apple exceeded estimates
with adjusted earnings per share of $1.64 (vs. $1.60 expected) and
revenue of $94.93 billion (vs. $94.58 billion). iPhone revenue
reached $46.22 billion, boosted by the iPhone 16 launch. However,
net income fell to $14.73 billion after a one-time tax charge of
$10.2 billion. For the next quarter, Apple projects moderate sales
growth. Shares dropped 1.2% pre-market.
ICF International (NASDAQ:ICFI) – ICF
International will release third-quarter 2024 earnings on October
31, with consensus estimates pointing to revenue of $528.02 million
and earnings of $1.43 per share. For 2024, ICF expects revenue of
$2.06 billion and earnings of $5.75 per share. Last quarter,
revenue was $512.03 million, surpassing expectations of $505.79
million, with earnings of $1.36 per share.
Eldorado Gold (NYSE:EGO) – Eldorado Gold
exceeded third-quarter earnings expectations with an adjusted
profit of $2.13 per share, beating the projected $1.81, totaling
$32.7 million. Revenue came in at $517 million, below the expected
$532.5 million. The company projects annual earnings between $7.40
and $7.50 per share.
Ardelyx (NASDAQ:ARDX) – Ardelyx reported
third-quarter sales of $98.24 million, surpassing the expected
$86.64 million. IBSRELA revenue reached $40.6 million, with 2024
projections ranging from $145 million to $150 million. XPHOZAH
contributed $51.5 million, and the company ended the quarter with
around $190 million in cash and investments. Shares rose 0.5%
pre-market.
AES Corporation (NYSE:AES) – AES Corporation
posted third-quarter net income of $502 million, or $0.71 per
share, exceeding estimates and surpassing last year’s $231 million
($0.32 per share). Adjusted earnings also hit $0.71 per share.
Revenue decreased by 4.2% to $3.29 billion, down from $3.43 billion
last year. Shares increased 0.1% pre-market.
Nine Energy Service (NYSE:NINE) – Nine Energy
Service reported revenue of $138.2 million, above Wall Street’s
$134 million estimate and within its forecasted range. The net loss
was $10.1 million ($0.26 per share), while adjusted EBITDA reached
$14.3 million. With total liquidity at $43.3 million, capital
expenditures were $3.6 million as expected. Shares rose 7.3%
pre-market.
United States Steel (NYSE:X) – US Steel
surpassed third-quarter expectations with EBITDA of $319 million on
sales of $3.9 billion, exceeding Wall Street’s projections of $305
million and $3.7 billion. For the fourth quarter, US Steel
forecasts EBITDA between $225 million and $275 million, compared to
the market’s $266 million projection. The company is navigating a
proposed merger with Nippon Steel amid political and union
opposition. Shares rose 0.3% pre-market.
Juniper Networks (NYSE:JNPR) – Juniper Networks
exceeded third-quarter revenue and earnings expectations, achieving
$1.33 billion, above the $1.26 billion forecast. Adjusted earnings
were 48 cents per share, surpassing the expected 44 cents. Strong
cloud enterprise demand drives these results, while the acquisition
by Hewlett Packard Enterprise, valued at $14 billion, is expected
to close in 2024 or 2025. Shares fell 0.3% pre-market.
Nomura Holdings (NYSE:NMR) – Nomura Holdings
doubled its quarterly profit to ¥98.4 billion ($645 million),
driven by wholesale and wealth management performance despite a
recent securities manipulation scandal. The firm paid a $143,000
fine (¥21.8 million) and announced enhanced internal controls and
voluntary executive pay cuts. Shares rose 1.5% pre-market.
Coterra Energy (NYSE:CTRA) – Coterra Energy
reported adjusted earnings of 32 cents per share, below Wall
Street’s 34-cent forecast, due to declining commodity prices.
Natural gas revenue dropped, with the average price falling to
$1.30 per mcf from $1.80 last year. Total production reached
669,100 boepd, slightly lower than the prior period. For 2024,
Coterra projects 660,000 to 675,000 boepd, with 5% annual growth in
oil production.
Avis Budget (NASDAQ:CAR) – Avis Budget’s
third-quarter profits fell short of expectations, with net income
dropping to $238 million ($6.65 per share) from $627 million last
year, and revenue falling to $3.48 billion. The company is
preparing for high holiday demand and maintains strong liquidity,
with over $1.2 billion available.
Li Auto (NASDAQ:LI) – Li Auto issued a weak
fourth-quarter forecast, projecting revenue between $6.2 billion
and $6.5 billion, below Wall Street’s $6.7 billion expectation. In
the third quarter, the company achieved a 21.5% gross margin, a 24%
increase in sales, and a net profit of ¥2.81 billion with a 20.9%
profit margin. Analysts remain concerned about growth clarity and
upcoming EV models. Shares rose 0.1% pre-market, following a 13.6%
drop on Thursday.
Chevron (NYSE:CVX) – Chevron is expected to
report third-quarter earnings above estimates, with analysts
forecasting $2.43 per share, down from last year’s $3.05, due to
lower oil and gas prices. Challenges include a dispute with Exxon
over Hess’s acquisition. Chevron focuses on growth in key areas
like the Permian Basin and Gulf of Mexico, targeting daily
production of one million barrels in the Permian by 2024. Analysts
see Chevron as an attractive option against rival Exxon. Shares
rose 0.8% pre-market.
More Corporate Highlights
Abbott Laboratories (NYSE:ABT) – A jury cleared
Abbott and Reckitt of accusations that their formulas caused severe
intestinal illness in premature babies, boosting the companies’
stock. This verdict marks the first victory amid over 1,000
lawsuits. Analysts believe this could reduce the projected
financial liabilities for both companies by hundreds of millions of
dollars. Shares rose 5.0% pre-market.
AbbVie (NYSE:ABBV) – AbbVie announced a $1.4
billion acquisition of the startup Aliada to explore an innovative
Alzheimer’s treatment that crosses the blood-brain barrier more
effectively than current drugs. Meanwhile, Roche is also advancing
Alzheimer’s treatments with its trontinomab antibody, with Phase 2
results expected soon.
Microsoft (NASDAQ:MSFT) – Microsoft hired
former Facebook senior engineer Jay Parikh to aid in the rapid
expansion of its data centers to meet increasing AI product demand.
Parikh, known for large-scale infrastructure expertise, will report
to CEO Satya Nadella. Microsoft aims to bolster its Azure cloud and
AI project capacity, driven by its partnership with OpenAI. Shares
rose 1.0% pre-market.
Alphabet (NASDAQ:GOOGL) – Indonesia has now
banned sales of Google’s Pixel smartphones, following Apple’s
iPhone 16 ban, for not meeting the 40% local component requirement.
This policy aims to ensure equality for investors, though it has
raised concerns about foreign investor confidence in Indonesia, a
major market dominated by OPPO and Samsung. Additionally, Google
updated Maps and Waze with Gemini AI features, including natural
language queries and voice-activated traffic reports. Developers
can also use Google’s AI to verify information with its extensive
data. The company won a legal battle to retain the YouTube Shorts
name, avoiding global changes that might affect its competition
with TikTok and Instagram Reels. Shares fell 0.4% pre-market.
Sony Group (NYSE:SONY) – Sony filed a lawsuit
against CBS for contract violations in distributing “Wheel of
Fortune” and “Jeopardy!” Sony seeks compensation for performance
shortfalls in international contracts, claiming CBS has profited
over $1 billion from these rights. Shares rose 0.1% pre-market.
Trump Media (NASDAQ:DJT) – Trump Media stock,
owned by former President Donald Trump, dropped 11.7% on Thursday
to $35.34, following a steep 22% decline the day prior. These
swings attract speculative investors, especially with the upcoming
presidential election. The stock reflects sentiment on Trump’s
election chances, though the company’s $8 billion market cap seems
disproportionate to its actual revenue. Shares rose 2.7%
pre-market.
Mercado Libre (NASDAQ:MELI) – Mercado Libre
received its first investment-grade rating, with Fitch Ratings
upgrading it to BBB-, reflecting the company’s financial stability
and growth potential. Its market capitalization now exceeds $100
billion, surpassing Petrobras.
Boeing (NYSE:BA) – Boeing workers will vote on
a new contract proposal on Monday, offering a 38% wage increase
over four years and a larger signing bonus, endorsed by the union.
The offer is considered crucial for Boeing, which seeks to raise
$24.3 billion to address financial challenges. The strike has
already impacted production and affected suppliers and airlines.
Approval isn’t guaranteed, however. Additionally, Boeing dismantled
its DEI department, merging it with the HR talent team. Former DEI
VP Sara Liang Bowen announced her departure on LinkedIn. Shares
rose 2.3% pre-market.
Tesla (NASDAQ:TSLA) – A Delaware judge will
rule by year-end on restoring Elon Musk’s $56 billion Tesla
compensation package after shareholder votes. The judge will also
decide if Tesla should pay up to $1 billion in attorney fees to
shareholders who sued Musk. Shares rose 0.6% pre-market.
Ford Motor (NYSE:F) – Ford will halt production
of its F-150 Lightning electric pickups for six weeks, from
November 18 to January 6, to adjust its sales strategy and improve
profitability. The automaker, focusing more on hybrids, reported a
45% increase in EV sales but faces challenges in cutting production
costs.
JPMorgan Chase (NYSE:JPM) – JPMorgan agreed to
pay $151 million to settle SEC claims of misleading disclosures to
clients. The settlement includes $61 million in fines and $90
million in restitution. The SEC alleges the bank exposed clients to
risk while recommending more profitable products for itself.
BlackRock (NYSE:BX) – BlackRock sought SEC
approval to offer ETF classes for its mutual funds, joining over 30
managers requesting similar clearance after Vanguard’s patent
expired in 2023. While SEC authorization remains exclusive to
Vanguard, the CBOE is pressing for a decision by the end of
2024.
Berkshire Hathaway (NYSE:BRK.B) – Berkshire
Hathaway increased its stake in Sirius XM to 33.2%, purchasing
$60.7 million in shares over three days, becoming the largest
investor after Liberty Media. Shares rose 0.4% pre-market.
Goldman Sachs (NYSE:GS) – Goldman Sachs
suggests higher US tariffs on Chinese goods could impact China’s
growth but boost domestic consumption. In case of new tariffs,
Beijing may enhance fiscal support to maintain demand. If Trump
implements a 20% tariff, China’s GDP could drop 0.7%, potentially
leading to a weaker yuan and expanded consumption incentives.
Citigroup (NYSE:C) – Citigroup’s head of
banking for China, Luke Lu, is stepping down for personal reasons
after less than a year. Howard Yang will temporarily lead as
Citibank (China) president, while Aveline San becomes interim
director. Shares rose 1.0% pre-market.
Exxon Mobil (NYSE:XOM) – Exxon Mobil agreed to
sell most of its shale assets in Argentina’s Vaca Muerta to
Pluspetrol, pending provincial approval. The decision reflects
Exxon’s focus on other projects like those in Guyana. Under
President Javier Milei, Vaca Muerta’s output has grown with
pro-business policies and new pipelines. Shares rose 1.0%
pre-market.
Ioneer (NASDAQ:IONR) – Environmental and
Indigenous groups sued the US Interior Department, challenging the
approval of Ioneer’s Rhyolite Ridge lithium mine in Nevada. They
argue the mine threatens the Tiehm’s buckwheat flower and local
ecosystems. Ioneer, which recently received a permit after six
years of review, remains confident in the project, backed by a $700
million loan and additional investments to supply lithium for EV
manufacturers.
Chevron (NYSE:CVX)
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