In extended trading, several companies have made headlines. Discover Financial saw shares decrease slightly by 1% following its third-quarter results. The financial services company reported earnings of $3.69 per share on $4.45 billion in revenue, exceeding the expectations of analysts surveyed by LSEG, who anticipated earnings of $3.42 per share and revenue of $4.35 billion.
CSX, a rail transportation company, experienced a 4% drop in shares after reporting third-quarter results that fell short of Wall Street expectations. The company reported earnings of 46 cents per share on revenue of $3.62 billion, while analysts had projected earnings of 48 cents per share and revenue of $3.67 billion. Overall volumes increased by 3% compared to the previous year, but revenue per unit decreased by roughly 1%.
Alcoa, an aluminum producer, saw its shares rise nearly 9%. The company announced third-quarter adjusted earnings of 57 cents per share, surpassing analysts’ estimate of 28 cents per share according to LSEG. However, revenue fell short, reaching $2.90 billion against the anticipated $2.97 billion.
Lucid Group, an electric vehicle manufacturer, saw a 10% decline in shares after announcing a public offering of over 262 million shares. The company also mentioned that Ayar Third Investment Company, affiliated with the Public Investment Fund, signaled its intent to purchase over 374 million shares.
Kinder Morgan’s shares fell by 2.7% after releasing disappointing third-quarter results. The energy infrastructure company reported adjusted earnings of 25 cents per share and revenue of $3.70 billion. Analysts had estimated earnings of 27 cents per share and $3.98 billion in revenue. Additionally, management announced an expected miss on its budget for adjusted earnings before interest, taxes, depreciation, and amortization, as well as adjusted earnings per share, by 2% and 4%, respectively.
PPG Industries’ shares decreased by less than 1% after the paints manufacturer missed both top and bottom line estimates in the third quarter. The company posted adjusted earnings of $2.13 per share on $4.58 billion in revenue, whereas analysts had anticipated $2.15 earnings per share and $4.65 billion in revenue. A challenging global industrial production environment affected the company’s results.
SL Green, a company focused on office buildings, saw its shares tumble around 3% after reporting a revenue miss for the third quarter. The company reported $139.6 million in quarterly revenue based on rental income, compared to the $142.5 million expected by analysts. Moreover, losses were 21 cents per share, better than the anticipated 50-cent per share loss.
Equifax shares dropped nearly 5% following weak guidance. The consumer credit reporting company forecasted adjusted earnings of $2.08 to $2.18 per share for the fourth quarter, whereas analysts had expected $2.20 per share. The revenue outlook for the quarter also did not meet expectations.
Steel Dynamics experienced a 3% increase in shares. The steel producer reported third-quarter earnings of $2.05 per share, surpassing the $1.97 per share expected by analysts. Revenue also exceeded expectations, with the company reporting $4.34 billion compared to the anticipated $4.18 billion.
