The companies making headlines before the stock market opened include Procter & Gamble, whose stock decreased by 0.8% following lower-than-expected revenue. The household goods company reported $21.74 billion in revenue, while analysts had forecasted $21.91 billion. The shortfall was attributed to decreased demand in China. However, the company did surpass earnings per share expectations with $1.93 compared to $1.90.
Netflix’s shares rose by 6.3% after outperforming Wall Street’s third-quarter projections. The streaming giant reported earnings per share of $5.40 on $9.83 billion in revenue, exceeding analysts’ expectations of $5.12 per share and $9.77 billion in revenue. Additionally, Netflix saw a 34% increase in its ad-supported membership tier quarter-over-quarter.
CVS Health experienced an 11% drop in shares after announcing a leadership change, with David Joyner replacing Karen Lynch as CEO. CVS also provided guidance for third-quarter adjusted earnings between $1.05 and $1.10 per share, which is below the $1.69 expected by analysts.
WD-40’s shares decreased by 4% following a lackluster fiscal fourth-quarter earnings report. The company’s earnings came in at $1.23 per share, missing the forecasted $1.34 per share. Their full-year earnings guidance also fell short of expectations, projecting between $5.20 and $5.45 per share compared to $5.69 estimated by analysts.
Western Alliance Bancorp’s stock fell over 4% despite exceeding revenue expectations. The regional bank reported $823 million in revenue, surpassing the $808 million estimate, but net interest income declined by 3% in the third quarter.
American Express saw a 3.4% decline in shares following mixed earnings results. Revenue was reported at $16.64 billion, slightly below the expected $16.67 billion, but earnings per share of $3.49 exceeded the forecasted $3.28.
Apple’s stock increased by 2% after Bloomberg reported a 20% year-over-year increase in iPhone sales in China during the first three weeks of availability.
Coherent’s stock fell over 5% after being downgraded by B. Riley from buy to neutral, citing limited upside after a 142% surge in 2024.
SLB’s shares dipped 1.7% as the company reported third-quarter revenue of $9.16 billion, which was below the $9.25 billion forecast. Despite this, adjusted earnings of 89 cents per share surpassed the expected 88 cents.
Intuitive Surgical’s stock rose by more than 6% after exceeding expectations in both earnings and revenue in the third quarter. The company reported earnings of $1.84 per share on $2.04 billion in revenue, surpassing analysts’ predictions of $1.63 per share on $2 billion in revenue.
Ally Financial’s stock fell nearly 1% despite achieving better-than-expected earnings. The digital bank announced adjusted earnings per share of 95 cents on $2.1 billion in revenue, compared to analysts’ forecasts of 52 cents earnings per share and $2.03 billion in revenue.
Crown Holdings’ shares increased by more than 4% after the company raised its full-year guidance. The consumer goods packaging company projected adjusted earnings per share between $6.25 and $6.35, exceeding analyst expectations of $6.15. Third-quarter adjusted earnings surpassed estimates, with revenue aligning with forecasts.
Comerica’s shares rose nearly 1% following a strong third-quarter report. The mid-sized bank reported $1.33 in earnings per share on $534 million of revenue, surpassing the expected $1.17 per share and $527.9 million in revenue. Despite this, the bank’s net income decreased year over year.
The reporting for this update was contributed by CNBC’s Pia Singh, Sarah Min, Jesse Pound, and Michelle Fox.
