In midday trading, several companies are making headlines. Union Pacific, the freight operator, saw its shares rise by 2.6% after reporting earnings per share of $2.51, surpassing analysts’ forecast of $2.44. However, the company’s third-quarter revenue of $5.94 billion fell short of the estimated $5.99 billion.
Meanwhile, Las Vegas Sands, the casino operator, experienced a 3.8% increase in its stock value. The company exceeded revenue expectations for the third quarter and indicated a recovery in Macao and Singapore. Las Vegas Sands posted revenue of $2.8 billion, surpassing the estimated $2.73 billion.
Despite weaker-than-expected earnings and revenue for the third quarter, American Airlines saw its shares rise by 2% midday. The air carrier’s better-than-expected operating income and margins, along with revenue increase in its Atlantic and Pacific regions, contributed to the stock’s boost.
Telecommunications giant AT&T experienced a significant increase of 7.5% in its stock value after beating third-quarter earnings estimates. The company reported an adjusted 64 cents per share on $30.4 billion in revenue, outperforming analysts’ forecast of 62 cents per share and $30.19 billion.
Streaming giant Netflix witnessed a staggering 15% surge in its shares after beating third-quarter earnings expectations. The company showcased stronger-than-expected subscriber growth, adding 8.76 million subscribers in the quarter compared to the estimated 5.49 million.
Unfortunately, semiconductor stock Lam Research faced a setback, with its shares slipping by more than 5%. The company’s forward guidance for the fiscal second quarter fell short of Wall Street expectations, overshadowing previous quarter earnings and revenue that exceeded estimates.
Electric vehicle maker Tesla also struggled, with its shares tumbling more than 8% after failing to meet earnings and revenue expectations for the third quarter. As a result, several Wall Street analysts have reduced their price targets for the company, citing future margin pressures.
Zions Bancorporation shares pulled back by 4.6% as the company’s third-quarter earnings fell short of Wall Street estimates. Analysts had anticipated earnings per share of $1.15, but the company reported $1.13.
On a more positive note, stock in cloud security firm Zscaler increased by 1% following an upgrade to a “buy” rating from Jefferies. The upgrade was based on projected upside to 2024 earnings estimates.
Lastly, investment firm Blackstone saw its shares drop by more than 5% following a weaker-than-expected report. The company reported earnings per share of 94 cents and revenue of $2.32 billion, below analysts’ expectations of $1.01 in earnings per share and $2.51 billion in revenue.
The aforementioned information represents the latest updates in the midday trading session.
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