Expedia, Apple, Paramount Global, Bill Holdings, DraftKings, Trupanion, Block, Icahn Enterprises, Bank of America, Citi, JPMorgan Chase, Insulet, Gartner, and Lionsgate Entertainment are among the companies making headlines in midday trading.
Expedia experienced a surge of nearly 19% in its shares after delivering a better-than-expected earnings report for the third quarter. The vacation booking platform posted adjusted earnings of $5.41 per share on $3.93 billion in revenue, surpassing analysts’ forecasts.
On the other hand, Apple’s shares dipped just shy of 1% as the tech giant reported its fourth consecutive fall in quarterly sales. Although the company beat analysts’ expectations in the fiscal fourth quarter, it provided a muted outlook for revenue in the December quarter, which is historically its strongest quarter.
Paramount Global saw its stock climb 15.4% after reporting a third-quarter earnings beat on both the top and bottom lines. The media conglomerate reported adjusted earnings of 30 cents per share on $7.13 billion in revenue, exceeding analysts’ forecasts.
However, Bill Holdings witnessed a significant drop of 25% in its stock after issuing lower-than-expected revenue and earnings guidance for the full fiscal year. KeyBanc downgraded the stock, citing a lack of near-term catalysts and headwinds from macro factors.
In contrast, DraftKings experienced a positive surge of over 16.4% as its third-quarter revenue surpassed Wall Street expectations. The sports betting stock reported a 57% increase in revenue to $790 million and a 40% increase year over year in monthly unique payers.
Trupanion, the pet insurance stock, added 14.3% after surpassing Wall Street estimates in the third quarter. The company reported revenue of $285.9 million, which exceeded analysts’ expectations.
Block’s shares rose by approximately 11% after beating expectations on the top and bottom lines in the third quarter. The company’s revenue growth in both CashApp and Square segments played a significant role in this achievement.
Icahn Enterprises, the conglomerate helmed by Carl Icahn, saw its shares soar over 13%. The company reported adjusted earnings before interest, taxes, depreciation, and amortization of $272 million for the third quarter, compared to $70 million from the previous year. Its revenue for the period came in at $3.0 billion, compared to $3.4 billion in the year-ago quarter.
Bank of America, Citi, and JPMorgan Chase all witnessed an increase in their stock prices after a weaker-than-expected jobs report added to optimism that interest rates may have already peaked. Bank of America’s shares ticked up 2.9%, while Citi and JPMorgan saw increases of 3.5% and 1.1%, respectively.
Insulet, a medical device company, experienced a jump of nearly 16% in its shares. The company reported revenue of $432.7 million, surpassing consensus estimates. It also issued guidance for fourth-quarter revenue growth of 22% to 25% year over year, slightly higher than analysts’ estimates.
Gartner, the consulting company, witnessed a rally of 14.5% in its shares after beating analysts’ estimates in the third quarter. Gartner reported adjusted earnings of $2.56 per share on revenue of $1.41 billion, outperforming analysts’ expectations.
Meanwhile, Lionsgate Entertainment’s shares surged by 7.6% following news that Starz, which is part of the same company, will be laying off more than 10% of its employees. Lionsgate will be spun off as a separately traded company in the first quarter.
These market moves highlight the performance and expectations of various companies across different sectors.
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