Schlumberger, American Express, Merck, and Solar stocks are among the companies making headlines in midday trading. Schlumberger’s stock dropped 2% after reporting third-quarter revenue that missed Wall Street expectations. Although the company reported earnings per share of 78 cents, beating the analyst forecast by 1 cent, its revenue of $8.31 billion fell short of the consensus estimate of $8.33 billion.
Shares of American Express also slid 3% despite the company reporting an earnings and revenue beat before the bell. The third-quarter earnings per share was $3.30, exceeding the anticipated $2.94 per share. However, the company increased its provisions for credit losses to $1.23 billion, a 58% increase from last year.
On the positive side, Merck shares gained 2.7% after UBS upgraded the biopharmaceutical stock to a buy rating from neutral. UBS believes that investors are underestimating the strength of Merck’s treatment pipeline.
In the solar sector, there was a broad decline, with the Invesco Solar ETF (TAN) falling by 6%. SolarEdge, a leading solar company, slashed its guidance for third-quarter revenue, gross margin, and operating income. As a result, SolarEdge’s stock tumbled by nearly 30%, while peers Sunnova and Enphase Energy lost 8% and roughly 15%, respectively. Sunrun also saw a 5% decrease.
Regions Financial, a regional bank, saw its shares tumble by 11% after reporting earnings per share of 49 cents for the third quarter, falling short of the expected 58 cents per share. Net interest also fell below expectations at $1.29 billion, compared to the anticipated $1.32 billion. Other regional banks like Zions, Fifth Third, KeyCorp, and Comerica also experienced declines ranging from 4.6% to more than 5%, despite some posting better-than-expected quarterly results.
Knight-Swift Transportation, a transportation company, saw its shares soar by 10% after surpassing estimates on both the top and bottom lines in its third-quarter report. CEO David Jackson noted that the less-than-truckload market is showing relative strength and projected full-year earnings of $2.10 to $2.20 per share, compared to estimates of $2.07 per share.
On the other hand, Intuitive Surgical, a surgical systems operator, posted a revenue miss late Thursday. Its revenue came in at $1.74 billion, falling short of the expected $1.77 billion. However, adjusted earnings per share exceeded expectations at $1.46, compared to the anticipated $1.41 per share.
Overall, these companies’ performances in midday trading have had varying impacts on their stock prices, reflecting the dynamic nature of the market.
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