Several companies made headlines recently with their stock movements and financial reports. Cheesecake Factory experienced a more than 3% increase in shares following activist investor JCP Investment Management acquiring a stake and proposing a spinoff of three brands into a separate company.
General Motors observed a slight decline in its share price despite surpassing analysts’ expectations in its third-quarter results. The automaker reported an adjusted profit of $2.96 per share on revenue of $48.76 billion, against analysts’ estimates of $2.43 per share on $44.59 billion. General Motors also raised its full-year outlook.
U.S.-listed shares of SAP rose by over 3% after the enterprise software provider announced third-quarter earnings and revenue that exceeded estimates, alongside an upward revision in its full-year cloud and software revenue guidance.
GE Aerospace’s stock decreased by nearly 5% due to missing revenue expectations in the third quarter. The company reported adjusted revenue of $8.94 billion, just below analysts’ expectations of $9.02 billion, while adjusted earnings per share of $1.15 narrowly surpassed consensus forecasts.
Deckers Outdoor saw a 2.9% drop in share price following BTIG’s downgrade from buy to neutral, citing potential risks from signs of moderating growth.
First Solar’s shares increased by 1.8% after Citi upgraded the stock from neutral to buy, noting potential benefits regardless of the outcome of the upcoming U.S. presidential election.
AppLovin’s stock rose by 1% as Loop Capital initiated coverage with a buy rating, highlighting its essential infrastructure for the mobile gaming industry and potential as a significant investment in big data and artificial intelligence.
3M’s stock rallied 5% following its third-quarter earnings report, which showed earnings of $1.98 per share on revenue of $6.07 billion, slightly exceeding analyst projections.
Zions Bancorporation’s shares climbed more than 2% after announcing a stronger-than-expected quarterly performance. The Utah-based regional bank reported earnings of $1.37 per share on revenue of $792 million, outperforming analysts’ expectations.
Nucor’s shares slipped nearly 3% as the company projected a decline in GAAP earnings per share for the current period, despite beating third-quarter adjusted earnings and revenue forecasts.
Danaher saw a 1.8% increase in shares after reporting third-quarter figures that exceeded expectations, attributing the success to positive developments in its bioprocessing sector.
Sherwin-Williams experienced a 6.5% drop in stock price following disappointing third-quarter results, with adjusted earnings per share of $3.37 falling below the StreetAccount estimate of $3.55 and revenue of $6.16 billion missing Wall Street’s forecast of $6.20 billion.
The information was compiled through contributions from CNBC’s Sean Conlon, Michelle Fox, Alex Harring, Fred Imbert, Hakyung Kim, Sarah Min, and Jesse Pound.
