Before the bell, several companies were making headlines. Procter & Gamble’s stock declined by 0.8% following the announcement of weaker-than-anticipated revenue. The company reported revenue of $21.74 billion, falling short of the $21.91 billion predicted by analysts polled by LSEG, primarily due to reduced demand in China. However, adjusted earnings per share stood at $1.93, surpassing the $1.90 expected.
Netflix saw a 6.3% increase in shares after it exceeded Wall Street’s expectations for the third quarter. The streaming service reported earnings per share of $5.40 on revenue of $9.83 billion, outperforming the anticipated $5.12 per share on $9.77 billion in revenue by LSEG. Additionally, its ad-supported membership tier rose by 34% quarter-over-quarter.
CVS Health shares fell by 11% following the announcement that longtime executive David Joyner would replace Karen Lynch as CEO. The company also provided guidance for third-quarter adjusted earnings between $1.05 and $1.10 per share, below the $1.69 anticipated by analysts polled by FactSet.
WD-40’s shares decreased by 4% after the company released a fiscal fourth-quarter earnings report that did not meet expectations. Earnings per share were $1.23, against FactSet’s forecast of $1.34 per share. The full-year earnings guidance also fell short, projected at $5.20 to $5.45 per share versus the $5.69 expected.
Western Alliance Bancorp shares dropped more than 4% despite revenue of $823 million exceeding LSEG’s forecast of $808 million. However, the net interest income saw a 3% decline in the third quarter.
American Express shares decreased by 3.4% after reporting mixed earnings. Revenue of $16.64 billion did not meet LSEG’s forecast of $16.67 billion, although earnings per share of $3.49 surpassed the expected $3.28.
Apple saw a 2% increase in stock value after a report by Bloomberg indicated a 20% year-over-year rise in iPhone sales in China during the first three weeks of sales.
Coherent’s stock fell over 5% after B. Riley downgraded the shares from buy to neutral, due to limited upside potential following a 142% surge in 2024.
SLB shares dipped by 1.7% after Schlumberger announced third-quarter revenue below expectations. Revenue of $9.16 billion was less than the $9.25 billion estimated by LSEG, though adjusted earnings per share of 89 cents surpassed the 88 cents forecasted.
Intuitive Surgical’s stock rose over 6% after reporting third-quarter results that surpassed expectations on both the top and bottom lines. The company reported earnings of $1.84 per share on revenue of $2.04 billion, exceeding the expectations of $1.63 per share on $2 billion in revenue.
Ally Financial shares fell nearly 1% in spite of third-quarter earnings beating analyst estimates. The company reported adjusted earnings per share of 95 cents on $2.1 billion in revenue, compared to the 52 cents per share and $2.03 billion in revenue expected by FactSet.
Crown Holdings saw an over 4% increase in shares after raising its full-year guidance. The company is now forecasting adjusted earnings per share between $6.25 and $6.35, above the $6.15 expected by analysts according to FactSet. Third-quarter adjusted earnings topped estimates, and revenue aligned with forecasts.
Comerica shares increased nearly 1% following a stronger-than-expected third-quarter report. The bank reported earnings of $1.33 per share on revenue of $534 million, surpassing the anticipated $1.17 per share and $527.9 million in revenue according to FactSet, though net income decreased compared to the previous year.
Reported by CNBC contributors Pia Singh, Sarah Min, Jesse Pound, and Michelle Fox.
