Business

Ford, eBay, Tesla, Merck, etc.

CEO of Ford Motor Co. Jim Farley walks to speak at a press conference at the Rouge Complex in Dearborn, Michigan on September 17, 2020.

Rebecca Cook | Reuters

Pay attention to the companies making headlines at noon.

Ford Motor – The automaker’s shares soared more than 9% after an outstanding income statement. Ford Motor, which released earnings and losses on Wednesday, nearly doubled Wall Street’s expectations and slightly beat third-quarter earnings forecasts. The automaker also raised its annual forecast for the second time this year.

eBay – Shares in the e-commerce company fell about 6.3% after a weak fourth-quarter revenue forecast. However, according to Refinitiv, eBay beat expectations for earnings by 1 cent per share and beat earnings estimates.

Tesla – Tesla stock continued to rally as Piper Sandler raised its target price for electric vehicle stock to a new high in Street. The shares were up 3.2%. Piper Sandler raised its stock price forecast to $ 1,300 from $ 1,200, which implies 25% upside compared to Wednesday’s close.

Apple, Amazon – Major tech companies Apple and Amazon were trading higher ahead of their quarterly earnings reports after Thursday’s call. Apple added 2.3% and Amazon 2.1%.

Caterpillar – Caterpillar surged 3.3% after the company announced a better-than-expected third-quarter net income despite a slight decline in revenue. The heavy equipment maker recorded earnings of $ 2.66 a share, beating analysts’ estimates of $ 2.20.

Naked Wines – Naked Wines jumped roughly 50% after hedge fund manager Glen Kutcher named the company as CNBC’s top pick on Thursday. Kacher acquired a 9.9% stake in a wine distributor.

Merck – Shares in the drug maker jumped more than 5% after reporting quarterly earnings. Merck brought in $ 1.75 a share, beating estimates by 20 cents and beating earnings estimates thanks to stronger sales of vaccines and cancer drugs.

Anheuser-Busch – The brewery rose 8.5% after unexpected gains in third-quarter earnings. The company also raised its profit forecast for the year.

Northrop Grumman – Shares in the defense contractor fell more than 6% after the company posted third-quarter revenues of $ 8.72 billion, down from an expected $ 8.95 billion, according to Refinitiv. Compared to last year, the company’s sales fell in the aeronautics and defense segments. Northrop beat earnings per share expectations.

Twilio – Twilio shares fell more than 15% despite better-than-expected quarterly results. According to Refinitiv, Twilio earned 1 cent per share, higher than the expected 15 percent loss per share. Revenue was also included in the above estimates. However, Twilio is forecasting a larger-than-expected loss in the fourth quarter. COO George Hu also announced his retirement.

Teradyne – Teradyne is up 11% after a better-than-expected earnings report. The equipment manufacturer reported adjusted earnings of $ 1.59 per share on revenue of $ 950.5 million. Analysts polled by StreetAccount expected earnings of $ 1.43 per share on revenue of $ 932.9 million. Teradyne also received a boost from Cowen and UBS following the income statement.

Tempur Sealy – Shares in the mattress company fell 3.7% despite reporting strong quarterly results. Tempur Sealy posted earnings for the quarter of 88 cents per share, up 3 cents from the forecast. He also reported declining revenues and strong sales growth in international markets.

Teladoc Health – Shares in the telemedicine company jumped more than 8% in daytime trading after reporting a smaller-than-expected loss in the third quarter. According to Refinitiv, Teladoc lost 53 cents a share, while analysts had expected a loss of 65 cents a share. The company’s revenues were $ 522 million, which exceeds the estimate of $ 517 million.

ServiceNow – Shares of the software company gained 3.6% in daily trading after surpassing the top and bottom lines of its quarterly results. ServiceNow reported profit of $ 1.55 on revenues of $ 1.51 billion. Wall Street expected earnings per share of $ 1.38 on revenues of $ 1.48 billion, according to Refinitiv.

American Express – Shares of American Express fell more than 2% following the company announced a new all-digital business checking account and the first ever business debit card.

– CNBC’s Tanaya Mashil, Maggie Fitzgerald, Yoon Lee, and Jesse Pound provided reporting.


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