Amazon (NASDAQ:AMZN) – Amazon exceeded expectations for the third quarter with earnings per share of $1.43, compared to the anticipated $1.14, and revenue of $158.88 billion, surpassing estimates of $157.2 billion. AWS performed slightly below expectations with revenue of $27.4 billion, while advertising rose 19% to $14.3 billion. Next quarter’s revenue projection between $181.5 billion and $188.5 billion suggests moderate growth of 7% to 11%, though investors had expected an average projection of $186.2 billion. Shares rose 6.1% pre-market.
Intel (NASDAQ:INTC) – Intel beat third-quarter expectations with adjusted earnings per share of 17 cents, better than analysts’ predicted loss of 2 cents. Revenue reached $13.28 billion, exceeding the expected $13.02 billion. Data center and AI segment revenue grew 9%, totaling $3.35 billion. CEO Pat Gelsinger highlighted progress in cost-cutting and portfolio simplification. The company still faces restructuring expenses but expects gross margin recovery to 39.5% next quarter. Intel also forecasts fourth-quarter adjusted earnings of 12 cents per share and revenue between $13.3 billion and $14.3 billion, exceeding Wall Street expectations. Shares rose 5.7% pre-market.
Atlassian (NASDAQ:TEAM) – Atlassian posted a first-quarter fiscal loss of $123.8 million, or 48 cents per share. Adjusted earnings were 77 cents per share, surpassing analysts’ expectations of 63 cents. Revenue came in at $1.19 billion, beating the expected $1.15 billion. For the next quarter, Atlassian projects revenue between $1.23 billion and $1.24 billion. Shares rose 20.4% pre-market.
Apple (NASDAQ:AAPL) – Apple exceeded estimates with adjusted earnings per share of $1.64 (vs. $1.60 expected) and revenue of $94.93 billion (vs. $94.58 billion). iPhone revenue reached $46.22 billion, boosted by the iPhone 16 launch. However, net income fell to $14.73 billion after a one-time tax charge of $10.2 billion. For the next quarter, Apple projects moderate sales growth. Shares dropped 1.2% pre-market.
ICF International (NASDAQ:ICFI) – ICF International will release third-quarter 2024 earnings on October 31, with consensus estimates pointing to revenue of $528.02 million and earnings of $1.43 per share. For 2024, ICF expects revenue of $2.06 billion and earnings of $5.75 per share. Last quarter, revenue was $512.03 million, surpassing expectations of $505.79 million, with earnings of $1.36 per share.
Eldorado Gold (NYSE:EGO) – Eldorado Gold exceeded third-quarter earnings expectations with an adjusted profit of $2.13 per share, beating the projected $1.81, totaling $32.7 million. Revenue came in at $517 million, below the expected $532.5 million. The company projects annual earnings between $7.40 and $7.50 per share.
Ardelyx (NASDAQ:ARDX) – Ardelyx reported third-quarter sales of $98.24 million, surpassing the expected $86.64 million. IBSRELA revenue reached $40.6 million, with 2024 projections ranging from $145 million to $150 million. XPHOZAH contributed $51.5 million, and the company ended the quarter with around $190 million in cash and investments. Shares rose 0.5% pre-market.
AES Corporation (NYSE:AES) – AES Corporation posted third-quarter net income of $502 million, or $0.71 per share, exceeding estimates and surpassing last year’s $231 million ($0.32 per share). Adjusted earnings also hit $0.71 per share. Revenue decreased by 4.2% to $3.29 billion, down from $3.43 billion last year. Shares increased 0.1% pre-market.
Nine Energy Service (NYSE:NINE) – Nine Energy Service reported revenue of $138.2 million, above Wall Street’s $134 million estimate and within its forecasted range. The net loss was $10.1 million ($0.26 per share), while adjusted EBITDA reached $14.3 million. With total liquidity at $43.3 million, capital expenditures were $3.6 million as expected. Shares rose 7.3% pre-market.
United States Steel (NYSE:X) – US Steel surpassed third-quarter expectations with EBITDA of $319 million on sales of $3.9 billion, exceeding Wall Street’s projections of $305 million and $3.7 billion. For the fourth quarter, US Steel forecasts EBITDA between $225 million and $275 million, compared to the market’s $266 million projection. The company is navigating a proposed merger with Nippon Steel amid political and union opposition. Shares rose 0.3% pre-market.
Juniper Networks (NYSE:JNPR) – Juniper Networks exceeded third-quarter revenue and earnings expectations, achieving $1.33 billion, above the $1.26 billion forecast. Adjusted earnings were 48 cents per share, surpassing the expected 44 cents. Strong cloud enterprise demand drives these results, while the acquisition by Hewlett Packard Enterprise, valued at $14 billion, is expected to close in 2024 or 2025. Shares fell 0.3% pre-market.
Nomura Holdings (NYSE:NMR) – Nomura Holdings doubled its quarterly profit to ¥98.4 billion ($645 million), driven by wholesale and wealth management performance despite a recent securities manipulation scandal. The firm paid a $143,000 fine (¥21.8 million) and announced enhanced internal controls and voluntary executive pay cuts. Shares rose 1.5% pre-market.
Coterra Energy (NYSE:CTRA) – Coterra Energy reported adjusted earnings of 32 cents per share, below Wall Street’s 34-cent forecast, due to declining commodity prices. Natural gas revenue dropped, with the average price falling to $1.30 per mcf from $1.80 last year. Total production reached 669,100 boepd, slightly lower than the prior period. For 2024, Coterra projects 660,000 to 675,000 boepd, with 5% annual growth in oil production.
Avis Budget (NASDAQ:CAR) – Avis Budget’s third-quarter profits fell short of expectations, with net income dropping to $238 million ($6.65 per share) from $627 million last year, and revenue falling to $3.48 billion. The company is preparing for high holiday demand and maintains strong liquidity, with over $1.2 billion available.
Li Auto (NASDAQ:LI) – Li Auto issued a weak fourth-quarter forecast, projecting revenue between $6.2 billion and $6.5 billion, below Wall Street’s $6.7 billion expectation. In the third quarter, the company achieved a 21.5% gross margin, a 24% increase in sales, and a net profit of ¥2.81 billion with a 20.9% profit margin. Analysts remain concerned about growth clarity and upcoming EV models. Shares rose 0.1% pre-market, following a 13.6% drop on Thursday.
Chevron (NYSE:CVX) – Chevron is expected to report third-quarter earnings above estimates, with analysts forecasting $2.43 per share, down from last year’s $3.05, due to lower oil and gas prices. Challenges include a dispute with Exxon over Hess’s acquisition. Chevron focuses on growth in key areas like the Permian Basin and Gulf of Mexico, targeting daily production of one million barrels in the Permian by 2024. Analysts see Chevron as an attractive option against rival Exxon. Shares rose 0.8% pre-market.
More Corporate Highlights
Abbott Laboratories (NYSE:ABT) – A jury cleared Abbott and Reckitt of accusations that their formulas caused severe intestinal illness in premature babies, boosting the companies’ stock. This verdict marks the first victory amid over 1,000 lawsuits. Analysts believe this could reduce the projected financial liabilities for both companies by hundreds of millions of dollars. Shares rose 5.0% pre-market.
AbbVie (NYSE:ABBV) – AbbVie announced a $1.4 billion acquisition of the startup Aliada to explore an innovative Alzheimer’s treatment that crosses the blood-brain barrier more effectively than current drugs. Meanwhile, Roche is also advancing Alzheimer’s treatments with its trontinomab antibody, with Phase 2 results expected soon.
Microsoft (NASDAQ:MSFT) – Microsoft hired former Facebook senior engineer Jay Parikh to aid in the rapid expansion of its data centers to meet increasing AI product demand. Parikh, known for large-scale infrastructure expertise, will report to CEO Satya Nadella. Microsoft aims to bolster its Azure cloud and AI project capacity, driven by its partnership with OpenAI. Shares rose 1.0% pre-market.
Alphabet (NASDAQ:GOOGL) – Indonesia has now banned sales of Google’s Pixel smartphones, following Apple’s iPhone 16 ban, for not meeting the 40% local component requirement. This policy aims to ensure equality for investors, though it has raised concerns about foreign investor confidence in Indonesia, a major market dominated by OPPO and Samsung. Additionally, Google updated Maps and Waze with Gemini AI features, including natural language queries and voice-activated traffic reports. Developers can also use Google’s AI to verify information with its extensive data. The company won a legal battle to retain the YouTube Shorts name, avoiding global changes that might affect its competition with TikTok and Instagram Reels. Shares fell 0.4% pre-market.
Sony Group (NYSE:SONY) – Sony filed a lawsuit against CBS for contract violations in distributing “Wheel of Fortune” and “Jeopardy!” Sony seeks compensation for performance shortfalls in international contracts, claiming CBS has profited over $1 billion from these rights. Shares rose 0.1% pre-market.
Trump Media (NASDAQ:DJT) – Trump Media stock, owned by former President Donald Trump, dropped 11.7% on Thursday to $35.34, following a steep 22% decline the day prior. These swings attract speculative investors, especially with the upcoming presidential election. The stock reflects sentiment on Trump’s election chances, though the company’s $8 billion market cap seems disproportionate to its actual revenue. Shares rose 2.7% pre-market.
Mercado Libre (NASDAQ:MELI) – Mercado Libre received its first investment-grade rating, with Fitch Ratings upgrading it to BBB-, reflecting the company’s financial stability and growth potential. Its market capitalization now exceeds $100 billion, surpassing Petrobras.
Boeing (NYSE:BA) – Boeing workers will vote on a new contract proposal on Monday, offering a 38% wage increase over four years and a larger signing bonus, endorsed by the union. The offer is considered crucial for Boeing, which seeks to raise $24.3 billion to address financial challenges. The strike has already impacted production and affected suppliers and airlines. Approval isn’t guaranteed, however. Additionally, Boeing dismantled its DEI department, merging it with the HR talent team. Former DEI VP Sara Liang Bowen announced her departure on LinkedIn. Shares rose 2.3% pre-market.
Tesla (NASDAQ:TSLA) – A Delaware judge will rule by year-end on restoring Elon Musk’s $56 billion Tesla compensation package after shareholder votes. The judge will also decide if Tesla should pay up to $1 billion in attorney fees to shareholders who sued Musk. Shares rose 0.6% pre-market.
Ford Motor (NYSE:F) – Ford will halt production of its F-150 Lightning electric pickups for six weeks, from November 18 to January 6, to adjust its sales strategy and improve profitability. The automaker, focusing more on hybrids, reported a 45% increase in EV sales but faces challenges in cutting production costs.
JPMorgan Chase (NYSE:JPM) – JPMorgan agreed to pay $151 million to settle SEC claims of misleading disclosures to clients. The settlement includes $61 million in fines and $90 million in restitution. The SEC alleges the bank exposed clients to risk while recommending more profitable products for itself.
BlackRock (NYSE:BX) – BlackRock sought SEC approval to offer ETF classes for its mutual funds, joining over 30 managers requesting similar clearance after Vanguard’s patent expired in 2023. While SEC authorization remains exclusive to Vanguard, the CBOE is pressing for a decision by the end of 2024.
Berkshire Hathaway (NYSE:BRK.B) – Berkshire Hathaway increased its stake in Sirius XM to 33.2%, purchasing $60.7 million in shares over three days, becoming the largest investor after Liberty Media. Shares rose 0.4% pre-market.
Goldman Sachs (NYSE:GS) – Goldman Sachs suggests higher US tariffs on Chinese goods could impact China’s growth but boost domestic consumption. In case of new tariffs, Beijing may enhance fiscal support to maintain demand. If Trump implements a 20% tariff, China’s GDP could drop 0.7%, potentially leading to a weaker yuan and expanded consumption incentives.
Citigroup (NYSE:C) – Citigroup’s head of banking for China, Luke Lu, is stepping down for personal reasons after less than a year. Howard Yang will temporarily lead as Citibank (China) president, while Aveline San becomes interim director. Shares rose 1.0% pre-market.
Exxon Mobil (NYSE:XOM) – Exxon Mobil agreed to sell most of its shale assets in Argentina’s Vaca Muerta to Pluspetrol, pending provincial approval. The decision reflects Exxon’s focus on other projects like those in Guyana. Under President Javier Milei, Vaca Muerta’s output has grown with pro-business policies and new pipelines. Shares rose 1.0% pre-market.
Ioneer (NASDAQ:IONR) – Environmental and Indigenous groups sued the US Interior Department, challenging the approval of Ioneer’s Rhyolite Ridge lithium mine in Nevada. They argue the mine threatens the Tiehm’s buckwheat flower and local ecosystems. Ioneer, which recently received a permit after six years of review, remains confident in the project, backed by a $700 million loan and additional investments to supply lithium for EV manufacturers.