Check out the companies making headlines before the bell. Nvidia – Nvidia fell more than 1% after Morgan Stanley and Citi cut their price targets on the chipmaker, a day after the U.S. announced new restrictions that would restrict sales of advanced AI chips to China. Both companies maintained their buy ratings on the stock. Citizens Financial Group – The regional bank fell 3.7% after its third-quarter results missed both revenue and profit. Citizens Financial had adjusted earnings per share of 89 cents on revenue of $2.01 billion. Analysts polled by LSEG had forecast earnings per share of 91 cents on revenue of $2.04 billion. US Bancorp – The bank fell slightly in premarket trading after reporting third-quarter results that were roughly in line with expectations. Sales came in at $7.03 billion, while analysts surveyed by LSEG expected $7.02 billion. Earnings per share totaled $1.05 per share versus consensus forecast of $1.02. United Airlines – The airline’s shares fell more than 5% after the company issued weak guidance for fourth-quarter results. The company’s estimated earnings per share of $1.50 to $1.80 fell short of estimates of $2.06, according to LSEG. JB Hunt Transport Services – Shares fell 3% after the transportation company fell short of Wall Street expectations in the third quarter. JB Hunt earned $1.80 per share on revenue of $3.16 billion for the quarter. Analysts surveyed by LSEG had forecast earnings per share of 1.84 cents on revenue of $3.19 billion. Interactive Brokers – Shares of the trading platform fell 3.8% in premarket trading despite the company’s third-quarter earnings beating consensus. Earnings were $1.55 per share on revenue of $1.14 billion, above the $1.51 per share on revenue of $1.11 billion, which expected by analysts surveyed by LSEG. ASML – Shares fell 3.3% after the semiconductor equipment maker reported slightly weaker-than-expected third-quarter net sales and a net profit that was roughly in line with an LSEG consensus forecast. However, Bank of America reiterated its buy rating on ASML early Wednesday. Travelers – The insurance stock fell less than 1% after Travelers’ third-quarter earnings came in below estimates. According to LSEG, formerly known as Refinitiv, Travelers reported adjusted earnings per share of $1.95, below analysts’ forecast of $3.01. Travelers reported $10.49 billion in net premiums written, above the expected $10.33 billion. The insurer recorded pretax catastrophe losses of $850 million, compared to $512 million a year earlier. Bio-Rad Laboratories – Shares fell more than 5% following the resignation of CFO Ilan Daskal. Procter & Gamble – Shares rose 1.3% after the consumer products company reported fiscal first-quarter results that beat analysts’ expectations. Earnings came in at $1.83 per share, above the $1.72 that analysts surveyed by LSEG had expected. The company’s revenue of $21.87 also beat the consensus of $21.58 billion. Elevance Health – Shares rose 1.5% after the insurance company beat Wall Street expectations in the third quarter. Elevance Health earned $8.99 per share on revenue of $42.85 billion in the quarter, beating analysts’ estimates. LSEG consensus estimates were for earnings of $8.44 per share and revenue of $42.62 billion. —CNBC’s Hakyung Kim, Tanaya Macheel, Jesse Pound and Pia Singh contributed reporting.
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October 18, 2023
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