After-Market : Intel jumps on beat, Enphase sinks. Oct-26

After-Market:

After-Market

After-Market active stocks

Gainers

• DexCom Inc (NASDAQ:DXCM) is up 15% after reporting Q3 earnings per share of $0.50, $0.16 higher than the average expectation of $0.34. Revenue for the quarter was $975 million, compared to the consensus expectation of $939.19 million. DexCom anticipates FY2023 revenue of $3.575-3.6M, compared to the consensus of $3.539M.
• Deckers Outdoor Corporation (NYSE:DECK) is up 10% after reporting Q2 earnings per share of $6.82, $2.42 higher than the market expectation of $4.40. Revenue for the quarter was $1.09M, compared to the consensus expectation of $960.62M. Deckers Brands expects FY2024 earnings per share of $22.90-$23.25, compared to the average of $22.62. Deckers Brands expects FY2024 revenue of $4.025 billion, compared to the consensus of $4.01 billion.
• Intel (NASDAQ:INTC) is up 8% after reporting Q3 earnings per share of $0.41, $0.19 higher than the average expectation of $0.22. Revenue for the quarter was $14.2 billion, compared to the consensus forecast of $13.53 billion. Intel expects Q4 2023 earnings per share of $0.44, compared to the consensus of $0.31. Intel forecasts Q4 2023 revenue of $14.6-15.6 billion, compared to the average of $14.35 billion.
• Capital One Financial (NYSE:COF) is up 4% after reporting Q3 earnings per share of $4.45, $1.21 higher than the average expectation of $3.24. Revenue for the quarter was $9.37 billion, compared to the consensus estimate of $9.21 billion.
• Chipotle Mexican Grill (NYSE:CMG) is up 3% after reporting Q3 earnings per share of $11.36, $0.81 more than the market expectation of $10.55. Revenue for the quarter was $2.5 billion, compared to the consensus forecast of $2.47 billion.
• Rivian Automotive (NASDAQ:RIVN) 1% HIGHER Cantor Fitzgerald upgraded Rivian Automotive (NASDAQ:RIVN) from Neutral to Overweight with a price objective of $29.00.
• Amazon (NASDAQ:AMZN) is up 0.1% after reporting Q3 earnings per share of $0.94, $0.36 higher than the market expectation of $0.58. Revenue for the quarter was $143.1 billion, compared to the consensus forecast of $141.53 billion. Amazon forecasts Q4 2023 revenue of $160-167 billion, compared to the consensus of $157.2 billion.

Losers

• Enphase Energy (NASDAQ:ENPH) 17% LOWER; Enphase Energy (NASDAQ:ENPH) reported Q3 earnings per share of $1.02, $0.01 less than the market estimate of $1.03. Revenue for the quarter was $551.1 million, compared to the consensus estimate of $574.86 million. Enphase Energy expects revenue of $300-350 million in Q4 2023, compared to the consensus of $601.24 million.
• Ford Motor (NYSE:F) is down 4% after reporting Q3 earnings per share of $0.39, $0.08 less than the market forecast of $0.47. Revenue for the quarter was $44 billion, compared to the consensus forecast of $44.05 billion. Full-Year Guidance for 2023 Has Been Withdrawn Pending Ratification of Tentative US Labor Agreement.

MARKET MOVERS 

Midday-Market movers

GAINERS

• IBM (NYSE:IBM) (IBM) stock surged 3.8% after the tech major topped third-quarter profit projections and reiterated its outlook.
• Merck (MRK) climbed 2.9% after the drugmaker announced higher-than-expected third-quarter sales and profit due to surprisingly strong demand for its COVID-19 therapy, particularly in Japan.
• Northrop Grumman (NYSE:NOC) (NOC) shares increased 0.4% after the defense business upped its annual sales estimate for the second time this year following a jump in third-quarter revenue and profit, aided by robust weapon demand.

LOSERS

• The stock of Align (NASDAQ:ALGN) fell 25% after the dental business cut its full-year revenue outlook.
• Hasbro (NASDAQ:HAS) stock dropped 9.8% after the toymaker trimmed its annual revenue projection for the second time in a row, warning of bumpy toy sales heading into the important holiday quarter.
• United Parcel Service (NYSE:UPS) stock slumped 5.4% after the transportation company decreased its revenue prediction for 2023 owing to lower e-commerce delivery demand as it battles to reclaim clients lost amid harsh labor negotiations.
• The stock of Kenvue (NYSE:KVUE) slumped 5% after the Johnson & Johnson (NYSE:JNJ) spinoff cut its annual earnings prediction due to lower demand for its cough, cold, and flu treatments.
• The shares of Meta Platforms (NASDAQ:META) plummeted 4.7% after the Facebook-parent beat third-quarter estimates, but management stated on the earnings call that brand advertising demand softened at the start of the fourth quarter.
• The stock of Ford (NYSE:F) fell 1.5% after the automaker negotiated a tentative labor agreement with the United Auto Workers union to end a strike.
• Southwest Airlines (NYSE:LUV) stock dipped 0.8% after the airline reported a 30% drop in third-quarter profit due to rising labor and fuel costs.

Earnings Calendar

Friday, Oct. 27  

• Exxon Mobil Corporation (XOM)
• Chevron Corporation (CVX)
• AbbVie Inc. (ABBV)

Citigroup (NYSE:C) declined 0.8% after agreeing to sell its retail wealth management portfolio in mainland China to HSBC (NYSE:HSBC), which lost 2.3%.

• Bristol-Myers Squibb (NYSE:BMY) stock dipped 0.8% after the pharmaceutical company announced a $5.8 billion acquisition of cancer medicine Mirati Therapeutics (NASDAQ:MRTX), down 4.6%, to diversify its oncology business.
• United Airlines (NASDAQ:UAL) stock fell 5%, American Airlines (NASDAQ:AAL) stock fell 4.7%, and Delta Air Lines (NYSE:DAL) stock fell 4.5%, as several airlines canceled or reduced flights to Israel in response to the escalation of violence between the country’s forces and the Palestinian group Hamas.
• The stock of Spotify (NYSE:SPOT) slumped 2.5% after Redburn-Atlantic cut its rating on the audio streaming service to ‘neutral’ from ‘buy,’ expecting that the company’s new audiobook offer will be gross margin dilutive.

• Workhorse Group Inc. (Nasdaq: WKHS) 32% HIGHER; Workhorse Group Inc. (Nasdaq: WKHS) announced that it has achieved IRS clearance as a qualified manufacturer for the Commercial Clean Vehicle Credit, as specified in Internal Revenue Code Section 30D(d)(3). With this approval, Workhorse clients can receive up to a $40,000 credit for all Workhorse vehicle deliveries in 2023 and beyond.
• Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) 29% HIGHER; Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) reported that it has reached an agreement with the Food and Drug Administration (FDA) on the global Phase 2 pivotal study of RP-A501 for Danon Disease. Danon Disease is a deadly hereditary cardiomyopathy that kills the majority of male patients at the age of 20 and the majority of female patients at the age of 40, and for which there are no authorized curative or disease-modifying medications. In the United States and Europe, the condition affects an estimated 15,000 to 30,000 people.

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