Tesla’s third-quarter earnings missed analysts’ estimates.
Luke Sharrett/Bloomberg
Stocks fell Thursday after Federal Reserve Chairman Jerome Powell paved the way for the central bank to keep interest rates unchanged at its next meeting in November.
These stocks made moves Thursday:
Tesla
(TSLA) reported third-quarter adjusted earnings of 66 cents a share that missed analysts’ forecasts and revenue that rose 9% from a year earlier to $23.25 billion but still came in under estimates. Shares of the electric-vehicle maker fell 9.3% after CEO Elon Musk tempered expectations about the Cybertruck,
Tesla
‘s electric pickup truck. Some deliveries are expected this year, Musk said, but Cybertruck will take 12 to 18 months before it is a significant profit contributor.
Netflix
(NFLX) surged 16% after the streaming company reported third-quarter earnings that handily topped Wall Street estimates, revenue that was in line, and paid subscription net additions of about 8.8 million versus forecasts of 6.1 million, a result of the company’s crackdown on password sharing.
Netflix
announced it was raising monthly prices of its U.S. premium plan to $22.99 from $19.99, and its basic plan to $11.99 from $9.99.
AT&T
(T) reported third-quarter earnings and revenue that beat analysts’ estimates and the telecommunications giant raised its target for free cash flow for the year. During the quarter,
AT&T
posted growth in subscribers following four straight quarters of declines. Shares rose 6.6%.
American Airlines
(AAL) reported better-than-expected third-quarter earnings and the carrier said it expects earnings in the fourth quarter to break even on a per-share basis, below profit of 20 cents expected by analysts. The stock was up 0.8%.
Union Pacific
(UNP) rose 2.1% after the railroad company’s third-quarter earnings of $2.51 a share topped analysts’ estimates. But profit and sales fell from earlier because pricing and volumes have declined.
Philip Morris International
(PM) earned $1.67 a share on an adjusted basis in the third quarter, beating estimates by 5 cents. The tobacco company said it expects adjusted profit in 2023 of $6.58 to $6.61 a share, excluding currency. Shares fell 2.7%.
American depositary receipts of Taiwan Semiconductor Manufacturing (TSM) rose 3.7% after the world’s largest contract chip maker said it expects fourth-quarter revenue of between $18.8 billion and $19.6 billion, higher than $17.3 billion in the previous quarter.
Discover Financial
(DFS) reported third-quarter earnings of $2.59 a share, well below Wall Street estimates of $3.17. The credit-card company’s provision of credit losses was $1.7 billion during the quarter, a $929 million increase driven by a reserve build that rose $297 million. Discover shares fell 7.9%.
Genuine Parts
(GPC) declined 13% and was the worst performer Thursday in the
S&P 500.
The distributor of automotive and industrial replacement parts reported third-quarter sales that missed analysts’ estimates.
U.S.-listed shares of
SAP
(SAP) surged 4.5% after the German business-software company’s third-quarter operating profit and revenue topped analysts’ estimates, led by growth at its core cloud business.
Lam Research
(LRCX) declined 6.3% after its outlook disappointed. The memory chip equipment maker said it expects fiscal second-quarter earnings of $6.03 to $7.53 a share on revenue of $3.4 billion to $4 billion. Analysts had been looking for earnings of $6.77 a share on revenue of $3.65 billion.
Las Vegas Sands
(LVS) posted third-quarter earnings of 50 cents a share, below consensus forecasts of 55 cents but revenue jumped to $2.8 billion from $1.01 billion a year earlier. The casino operator also announced its board approved a buyback program of $2 billion through 2025. The stock rose 2.9%.
Nokia
(NOK) shares fell 5.3% in the U.S. after the Finnish telecommunications company set out plans to cut its workforce by up to 14,000 after profit tumbled 69% in the third quarter.
Write to Joe Woelfel at [email protected]
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