Nvidia, the chipmaker, saw its stock fall over 1% after Morgan Stanley and Citi lowered their price targets. This comes after the U.S. announced new restrictions on the sale of AI chips to China. Despite the downgrade, both firms maintained their buy-equivalent ratings on the stock.
Citizens Financial Group, a regional bank, experienced a 3.7% drop in its stock price after its third-quarter results fell short of expectations. The bank reported underlying earnings per share of 89 cents and $2.01 billion in revenue, missing analysts’ forecasts of 91 cents earnings per share on $2.04 billion in revenue.
U.S. Bancorp, another bank, saw its stock edge slightly lower following the release of its third-quarter results, which were in line with expectations. The bank reported revenue of $7.03 billion, just above analysts’ forecast of $7.02 billion. Earnings per share for the quarter totaled $1.05, surpassing the consensus forecast of $1.02.
United Airlines faced a significant decline of more than 5% in its stock price after issuing soft guidance for its fourth-quarter earnings. The estimated earnings per share of $1.50 to $1.80 fell short of the $2.06 expected by estimates.
J.B. Hunt Transport Services, a transportation company, experienced a 3% decline in its stock price as it failed to meet Wall Street expectations in the third quarter. The company reported earnings per share of $1.80 on $3.16 billion in revenue, below analysts’ forecast of $1.84 earnings per share on $3.19 billion in revenue.
Shares of Interactive Brokers, a trading platform, fell 3.8% despite the company’s third-quarter earnings exceeding consensus. Earnings per share came in at $1.55 on $1.14 billion in revenue, higher than analysts’ expectations of $1.51 per share on $1.11 billion in revenue.
Semiconductor equipment maker ASML saw its shares decline by 3.3% after reporting slightly weaker-than-expected net sales for the third quarter. However, Bank of America reiterated its buy rating on ASML.
The insurance company, Travelers, reported third-quarter earnings below estimates, causing its stock to drop by less than 1%. The company reported adjusted earnings per share of $1.95, below analysts’ projection of $3.01. However, it did surpass expectations in net written premiums, reporting $10.49 billion compared to the expected $10.33 billion. Travelers also faced increased pre-tax catastrophe losses of $850 million, up from $512 million in the previous year.
Bio-Rad Laboratories experienced a stock decline of over 5% following the resignation of CFO Ilan Daskal.
However, Procter & Gamble, the consumer goods company, saw its shares rise by 1.3% after reporting fiscal first-quarter results that exceeded analyst expectations. The company reported earnings per share of $1.83, higher than the projected $1.72. Revenue also surpassed expectations at $21.87 billion, compared to the consensus of $21.58 billion.
Elevance Health, an insurance company, beat Wall Street expectations in the third quarter, causing its stock to increase by 1.5%. The company reported earnings per share of $8.99 on $42.85 billion in revenue, exceeding analysts’ estimates of $8.44 earned per share and $42.62 billion in revenue.
It is important to note that CNBC contributors Hakyung Kim, Tanaya Macheel, Jesse Pound, and Pia Singh have contributed to this report.
Source: CNBC
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