Genuine Parts experienced a significant decline in its stock price, dropping approximately 20% following its third-quarter earnings report that fell short of expectations. The company reported earnings of $1.88 per share, excluding certain items, while analysts surveyed by FactSet had anticipated $2.42 per share. Additionally, Genuine Parts reduced its full-year forecast, resulting in the stock’s worst trading day on record.
General Motors’ stock surged by over 9% after the company announced third-quarter results that exceeded expectations and increased its full-year guidance. The automaker reported adjusted earnings of $2.96 per share on $48.76 billion in revenue, surpassing analysts’ predictions from LSEG of $2.43 earnings per share on $44.59 billion in revenue. This performance marked General Motors’ largest one-day gain in almost a year.
Verizon Communications saw a 4% decrease in its stock after releasing third-quarter revenue figures of $33.33 billion, which fell short of LSEG analysts’ expectation of $33.43 billion. However, Verizon’s earnings per share came in at $1.19, slightly above the forecasted $1.18, and the company reaffirmed its outlook for the full year.
GE Aerospace saw its stock decline by more than 9% following mixed third-quarter results. The company reported adjusted revenue of $8.94 billion, underperforming LSEG analysts’ estimate of $9.02 billion. Nonetheless, its adjusted earnings per share of $1.15 exceeded consensus forecasts by 1 cent.
Philip Morris International’s stock climbed nearly 9% after posting third-quarter results that surpassed expectations and updating its 2024 guidance. The company demonstrated strength in its smoke-free business.
Lockheed Martin experienced a drop of over 5% as its third-quarter revenue missed estimates, reporting $17.1 billion compared to the anticipated $17.35 billion by LSEG analysts. Despite this, the company surpassed earnings expectations for the period and increased its full-year outlook.
Deckers Outdoor saw a decline of nearly 3% following a downgrade by BTIG to neutral from buy. BTIG cited concerns about moderating growth impacting the shares.
First Solar’s stock increased by 3.4% after Citi upgraded it to buy from neutral, indicating that the company should benefit irrespective of the outcome of the upcoming U.S. presidential election in November.
Zions Bancorporation’s shares rose more than 7% after the regional bank reported better-than-expected quarterly results. The bank earned $1.37 per share on revenue of $792 million, surpassing LSEG analysts’ expectations of $1.17 earnings per share on $779 million in revenue. Additionally, Zions’ net interest margin improved year-over-year.
Nucor’s stock dropped about 8% after the steel producer indicated a predicted decline in GAAP earnings per share for the current period compared to the previous quarter. However, the company did report adjusted earnings and revenue that beat expectations for the third quarter.
Sherwin-Williams fell nearly 4% following third-quarter results that fell short of estimates, with adjusted earnings of $3.37 per share on revenue of $6.16 billion, compared to the anticipated $3.55 per share on $6.20 billion in revenue according to FactSet.
Paccar’s shares decreased by more than 5% following a decline in global new truck deliveries during the third quarter, totaling 44,900 units compared to 50,100 units in the same period last year.
Quest Diagnostics’ stock surged nearly 7% following third-quarter results that exceeded analysts’ expectations, reporting an adjusted earnings of $2.30 per share on revenue of $2.49 billion, while FactSet analysts had predicted $2.26 per share on $2.43 billion in revenue.
Norfolk Southern’s shares increased by 4% after the freight train operator announced earnings and revenue that surpassed analysts’ estimates. The positive performance set Norfolk Southern on track for its best day since July 26, when it experienced a 10.9% jump.
