Several companies made headlines before market opening. Shares of Cheesecake Factory increased by over 3% after JCP Investment Management, an activist investor, acquired a stake in the company and suggested separating three of its brands into a new entity. General Motors saw a slight decline in shares despite posting third-quarter results that exceeded analyst expectations, with adjusted earnings of $2.96 per share on revenue of $48.76 billion. Analysts surveyed by LSEG had anticipated $2.43 earnings per share on $44.59 billion in revenue. General Motors also raised its full-year outlook.
Shares of SAP, listed in the U.S., rose by more than 3% following the company’s third-quarter earnings and revenue that surpassed expectations. SAP also increased its full-year cloud and software revenue guidance. GE Aerospace experienced a near 5% decline after reporting lower-than-expected third-quarter revenue of $8.94 billion, against analyst estimates of $9.02 billion according to LSEG. However, adjusted earnings per share of $1.15 slightly exceeded consensus forecasts by 1 cent.
Deckers Outdoor witnessed a 2.9% decrease in stock value after BTIG downgraded it to neutral from buy, citing potential risks from signs of moderating growth. First Solar’s shares rose by 1.8% following an upgrade from Citi to buy from neutral, with Citi noting that the company could benefit regardless of the outcome of the upcoming U.S. presidential election.
AppLovin’s stock increased by 1% after Loop Capital initiated coverage with a buy rating, with analyst Rob Sanderson highlighting the company’s vital role in providing infrastructure for the mobile gaming industry and potential for investors interested in big data and artificial intelligence.
3M shares surged 5% after exceeding third-quarter expectations with earnings of $1.98 per share on revenue of $6.07 billion, contrary to analyst predictions of $1.90 per share on $6.06 billion in revenue according to LSEG. Zions Bancorporation saw its shares climb over 2% after a robust quarterly report, posting $1.37 earnings per share on $792 million of revenue, surpassing analyst expectations of $1.17 per share on $779 million of revenue, as noted by LSEG. The bank’s net interest margin improved year over year.
Nucor’s shares slipped nearly 3% after forecasting a decrease in GAAP earnings per share for the current period compared to the previous quarter, despite reporting a third-quarter earnings and revenue beat. Danaher’s shares rose 1.8% on better-than-expected third-quarter results, driven by positive momentum in its bioprocessing business.
Sherwin-Williams experienced a 6.5% decline in shares after disappointing third-quarter results, with adjusted earnings of $3.37 per share below a StreetAccount estimate of $3.55 per share, and revenue of $6.16 billion missing the Wall Street estimate of $6.20 billion.
