Chevron, Tesla, Seagate Technology, United Rentals and others

Check out the companies that make headlines in the afternoon trade.

Seagate Technology — Shares of the data storage company rose more than 10% on the day after Seagate reported record revenue and net income for its fiscal second quarter. Seagate reported earnings of 16 cents per share on $1.89 billion in revenue. Analysts had forecast earnings of 10 cents per share on revenue of $1.83 billion, according to Refinitiv.

Chevron — Shares of the energy giant jumped 4% on the day after the company announced a $75 billion buyout and said it would increase its dividend payout.

Tesla — Shares of the electric vehicle company rose more than 8% on the day after Tesla released better-than-expected quarterly results. According to Refinitiv, the company beat analysts’ expectations in terms of revenue and net income.

Albemarle — Shares rose 2.6% after Piper Sandler initiated coverage of overweight stocks, calling the stock a “pure lithium game going forward.”

United Rentals — Equipment rental company shares jumped 7% on the day after the release of the latest quarterly results. While United Rentals fell short of analysts’ earnings-per-share expectations, it was in line with Wall Street’s revenue guidance, according to FactSet. The company is forecasting 2023 revenue in the range of $13.7 billion to $14.2 billion, according to FactSet, which will beat analysts’ estimates.

EVgo — Shares in the electric charger maker fell 2.6% after JPMorgan downgraded to neutral from overweight. The firm cited slower growth and higher capital intensity than previously expected.

Steel dynamics — The steelmaker’s shares rose 9.5% after the company announced fourth-quarter earnings. The company posted adjusted earnings of $4.37 per diluted share, compared to analysts’ forecast of $3.76, according to FactSet. Steel Dynamics also outperformed revenue expectations.

via satellite The satellite company fell 8% after William Blair downgraded it from Outperform to Outperform. William Blair said the company sees a more balanced risk-reward ratio for the stock after it outperformed in 2023.

Mobile — Shares of the self-driving technology company jumped 2.5% after reporting earnings and earnings that beat analysts’ expectations. Mobileye posted adjusted earnings of 27 cents per share on revenue of $565 million for the fourth quarter. Analysts had forecast earnings of 17 cents per share on revenue of $530.2 million, according to FactSet.

peloton — The digital workout company gained 1% after Bank of America confirmed the stock could be bought ahead of next week’s earnings report. The firm said it expects modest growth in subscribers and churn and is hopeful that the company says it is approaching positive cash flow by 2024.

Las Vegas Sands — Shares of the hotel and casino company jumped more than 6% despite a weaker-than-expected fourth quarter. Las Vegas Sands posted an adjusted loss of 19 cents per share on revenue of $1.12 billion. Analysts polled by Refinitiv had expected a loss of 9 cents per share on revenue of $1.18 billion. However, management has been positive about the outlook for Asia, especially Macau, in 2023 as China eases travel restrictions.

AT&T — Telecommunications stocks fell more than 2% on Thursday, reclaiming some of their gains after earnings. Shares rose about 6.6% on Wednesday after reporting more wireless subscribers than expected in the fourth quarter.

Sherwin-Williams — Shares in the paint maker fell more than 8% after reporting lower-than-expected fourth-quarter sales. Sherwin-Williams earned an adjusted $1.89 a share last quarter, up 2 cents from estimates, according to Refinitiv data. But revenue of $5.23 billion came in below expectations of $5.26 billion. The sales and earnings outlook also came in smaller than expected as the company warned of limited visibility in the second half of 2023.

IBM — IBM shares fell 4.9% after the company reported quarterly earnings on Wednesday. The computing company also said it would cut 3,900 jobs, signaling potential weakness in the future. It also said it expects revenue growth at the bottom of its mid-single-digit model in 2023.

southwestern airlines Southwest Airlines shares fell 4.7% after the company reported a $220 million net loss in the fourth quarter, partly due to a holiday fiasco when it canceled 16,700 flights. It cost the company millions of dollars in revenue.

pfizer — Pfizer shares fell 1.7% after UBS downgraded the pharmaceutical company’s stock to neutral from a buy recommendation. The firm said valuations remain too high for the company’s Covid segment.

Levi Strauss — Levi Strauss shares rose 5.9% after the jeans maker beat Wall Street estimates and shared an upbeat sales outlook for the new fiscal year.

Supply of tractors — Shares rose more than 5% after the company reported earnings and fourth-quarter earnings ahead of the call, which beat expectations. Tractor Supply reported EPS of $2.43, compared with analyst estimates of $2.35 per share, according to Refinitiv data.

– CNBC’s Michelle Fox, Alex Harring, Jesse Pound, Carmen Reinicke, Samantha Subin and Darla Mercado contributed reporting.

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