Check out the companies making headlines in midday trading. United Airlines – The airline’s stock fell more than 8%. On Tuesday, the company warned that more expensive jet fuel and a halt to the airline’s Tel Aviv flights during the Israel-Hamas war would hurt its profits in the final three months of the year. United Airlines and other U.S. and international airlines suspended flights to Israel earlier this month. Nvidia – The chipmaker fell more than 3% a day after the U.S. announced plans to tighten restrictions on sales of artificial intelligence chips to China. Citi also lowered its price target on the stock, citing increased risks from export restrictions. Advanced Micro Devices and Marvell Technology fell 1.9% and 2.9%, respectively. Morgan Stanley – The bank’s shares fell more than 7% after the company’s wealth management division reported disappointing results. The division generated revenue of $6.4 billion, more than $200 million below estimates, as compensation costs rose and net interest income fell. Morgan Stanley beat its profit estimates for the quarter on better-than-expected trading revenue. JB Hunt Transport Services – The transportation stock fell 6%. Late Tuesday, the company reported third-quarter results that fell short of Wall Street expectations in terms of revenue and profit. JB Hunt reported earnings of $1.80 per share on revenue of $3.16 billion. Analysts polled by LSEG, formerly known as Refinitiv, had expected earnings per share of $1.84 on revenue of $3.19 billion. Interactive Brokers – Shares of Interactive Brokers fell about 5% even as the electronic broker posted better-than-expected quarterly results. The company posted third-quarter adjusted earnings of $1.55 per share on adjusted revenue of $1.14 billion. That beat the $1.51 per share in earnings and $1.11 billion in revenue that analysts surveyed by LSEG had expected. Procter & Gamble – Shares of Procter & Gamble rose about 2% after the home goods maker reported quarterly earnings that beat analysts’ expectations for sales and profit despite declining volumes. The company reported earnings of $1.83 per share on revenue of $21.87 billion. Analysts polled by LSEG expected earnings of $1.72 per share and revenue of $21.58 billion. Abbott Laboratories – Shares rose nearly 3% after the medical device company reported a strong third-quarter report. According to FactSet, Abbott reported profit of $1.14 per share, excluding items, beating analysts’ estimates by 4 cents per share. The company posted revenue of $10.14 billion, versus expectations of $9.82 billion. It also raised the low end of its full-year profit forecast. Citizens Financial Group – Shares fell nearly 6% on Wednesday after the regional bank’s third-quarter results came in below analysts’ estimates. Citizens Financial had adjusted earnings per share of 89 cents on revenue of $2.01 billion. Meanwhile, analysts had forecast earnings per share of 91 cents on revenue of $2.04 billion, according to LSEG. State Street – Shares rose 2% after State Street reported third-quarter earnings that beat expectations. State Street reported adjusted earnings of $1.93 per share, higher than analysts polled by FactSet expected $1.79 per share. Revenue came in at $2.69 billion, which wasn’t immediately comparable to consensus estimates. Net interest income was $624 million, above expectations of $594.7 million. Winnebago Industries – Shares fell more than 2% after Winnebago Industries reported fiscal fourth-quarter revenue that fell short of expectations. The company posted revenue of $771.0 million, below the consensus estimate of $784.3 million, according to FactSet. CEO Michael Happe said he expects continued pressure from retail challenges into fiscal 2024, although inventory levels are expected to stabilize in the second half of the fiscal year. US Bancorp – The bank stock fell more than 3% despite third-quarter results slightly above Wall Street expectations. US Bancorp reported revenue of $7.03 billion, slightly above analysts polled by LSEG expected $7.02 billion. Adjusted earnings per share were $1.05, versus estimates of $1.02 per share. Albemarle – Albemarle shares fell 9.5%. Bank of America downgraded the lithium producer to an underperform rating, citing the challenging outlook for the lithium market and concerns about weaker market prices in 2025. – CNBC’s Yun Li, Sarah Min, Tanaya Macheel, Hakyung Kim and Pia Singh contributed reporting.
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3 weeks ago
October 31, 2023