Arista Networks, the cloud networking solutions company, exceeded expectations in the third quarter, causing its shares to rise by nearly 10%. The company reported earnings of $1.83 per share, surpassing the estimated $1.58, and generated $1.51 billion in revenue, higher than the projected $1.48 billion.
Pinterest also experienced a significant boost in its shares, surging by over 16% after reporting better-than-expected third-quarter results. The social media platform achieved adjusted earnings of 28 cents per share and $763.2 million in revenue, representing an 11% increase from the previous year. Additionally, there was an 8% growth in global active monthly users.
Morgan Stanley’s upgrade of Chewy, the pet food seller, from equal weight to overweight contributed to a 4% increase in premarket trading. Analyst Lauren Schenk highlighted the company’s strong revenue growth, ongoing margin expansion, and reasonable valuation as reasons for the upgrade.
Anheuser-Busch, the beer manufacturer, saw a 4% rise in its shares after surpassing analysts’ expectations with earnings of 86 cents per share, compared to the estimated 83 cents per share. However, the reported revenue of $15.57 billion fell short of the projected $15.73 billion.
Caterpillar, the equipment manufacturer, experienced a 4.3% decrease in its shares as investors expressed concerns about the fourth-quarter revenue potentially missing expectations. The company stated in its earnings presentation that fourth-quarter revenue would only slightly exceed the same quarter last year.
JetBlue’s stock fell by more than 7% after its third-quarter performance failed to meet analysts’ expectations. The company posted a loss of 39 cents per share, excluding items, on $2.35 billion in revenue. Analysts had anticipated a loss of 25 cents per share on $2.38 billion in revenue.
Wolfspeed, on the other hand, saw its stock soar by 12.5% following its fiscal first-quarter results. Although the company reported a loss of 53 cents per share, it was lower than analysts’ estimates of 67 cents per share. However, revenue came in at $197 million, slightly below the projected $208 million.
Chegg, the education technology company, experienced a decline of over 4% in its shares despite surpassing expectations. The company’s third-quarter earnings of 18 cents per share, excluding items, and revenue of $158 million exceeded analysts’ estimates of 17 cents per share and $152 million, respectively.
VF Corporation, an apparel and footwear company, witnessed a slide of more than 6% after withdrawing its previous full-year 2024 guidance for earnings and revenue. The company also expressed concerns about the challenging wholesale environment in the U.S. impacting the performance of its shoe brand, Vans, in the near future.
Tesla’s stock dipped by 1.4% in premarket trading due to concerns about a decline in demand for electric vehicles, particularly higher-priced models.
BP, the oil company, faced a 4% decrease in its shares after missing analysts’ estimates for its third-quarter earnings. The company reported underlying replacement cost profit of $3.293 billion, falling short of the expected $4.059 billion.
XPO, the freight transportation company, gained 1.7% following stronger-than-expected third-quarter earnings. Jefferies upgraded the stock to a buy rating from hold after the earnings beat.
AutoNation’s stock rose by more than 2% after JPMorgan upgraded it to neutral from underweight. Analyst Rajat Gupta cited significant productivity improvements and a better balance sheet leverage as reasons for the upgrade.
Globe Life, an insurance stock, climbed 1.1% after receiving an overweight rating from Wells Fargo, up from equal weight. The firm mentioned that the decline in GLP-1 drug prices could have a positive impact on the company’s shares in the long term.
Ferguson, the plumbing distributor, experienced a 3.8% decline in its shares following a downgrade from Bank of America. The reasons for the downgrade included weakening demand and downside risks to pricing.
Lyft, the ride-hailing company, saw its shares fall by over 5% after being downgraded to sell from neutral by MoffettNathanson. The investment firm noted that rising insurance costs may outpace Lyft’s growth, potentially hindering its profitability.
These developments were reported by CNBC’s Alex Harring, Jesse Pound, and Samantha Subin.
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