After-Market : Paycom falls on disappointing guidance, but First Solar rises. Oct-31

After-Market:

After-Market

After-Market active stocks

Gainers

• First Solar (NASDAQ:FSLR) is up 4%; it reported Q3 earnings per share of $2.50, $0.45 higher than the average expectation of $2.05. Revenue for the quarter was $801 million, compared to the consensus estimate of $904.11 million. First Solar expects FY2023 earnings per share of $7.20-$8.00, compared to the consensus of $7.65. First Solar expects sales of $3.4-3.6 billion in FY2023, compared to the consensus of $3.52 billion.

Losers

• Paycom Software (NYSE:PAYC) 27% LOWER; Paycom Software (NYSE:PAYC) reported Q3 earnings per share of $1.77, $0.16 higher than the market estimate of $1.61. Revenue for the quarter was $406 million, compared to the consensus estimate of $411.15 million. The company anticipates fourth-quarter revenue of $420-$425 million, compared to the consensus of $452.27 million. Revenue in FY23 is expected to be between $1.679 and $1.684 billion, compared to the consensus of $1.72 billion.
• Yum China (YUMC) is down 10% after reporting Q3 earnings per share of $0.59, $0.07 less than the analyst forecast of $0.66. Revenue for the quarter was $2.91 billion, compared to the consensus forecast of $3.12 billion.
• Match Group (NASDAQ:MTCH) is down 8% after reporting Q3 earnings per share of $0.57, $0.04 higher than the average expectation of $0.53. Revenue for the quarter was $882 million, compared to the consensus forecast of $879.9 million. Match Group expects revenue of $855-865 million in Q4 2023, compared to the average of $896 million.
• Advanced Micro Devices, Inc. (NASDAQ:AMD) is down 4% after reporting Q3 earnings per share of $0.70, $0.02 higher than the average forecast of $0.68. Revenue for the quarter was $5.8 billion, compared to the consensus forecast of $5.7 billion. Advanced Micro Devices, Inc. expects revenue of $5.8-6.4 billion in Q4 2023, compared to the consensus of $6 billion.

MARKET MOVERS 

Pre-Market movers

Gainers

• Pinterest (NYSE:PINS) stock rose 16% after the image-sharing platform revealed third-quarter results that above expectations, supported by initiatives to improve monetization of its international users on its site. 
•  Arista Networks (NYSE:ANET) stock increased 10% after the cloud networking solutions provider posted better-than-expected quarterly results, indicating that demand for cloud and artificial-intelligence capabilities remains robust.  
•  Anheuser Busch Inbev (NYSE:BUD) (EBR:ABI) ADRs jumped 4% as the world’s largest brewer announced a $1 billion share buyback after exceeding third-quarter projections, despite the fact that the Bud Light boycott reduced revenue in the United States. 
• Marathon Petroleum (NYSE:MPC) climbed 0.5% as the refiner beat third-quarter profit expectations, owing to strong demand for fuel and refined products despite limited inventories. 

Losers

• JetBlue (NASDAQ:JBLU) stock slumped 7.1% after the low-cost carrier reported a larger-than-expected third-quarter loss and provided poor full-year forecasts. 
• VF Corp (NYSE:VFC) stock fell 6% after the garment manufacturer lowered its full-year revenue and profit estimates, citing softening demand for higher-priced clothes and footwear. 
•  Caterpillar (NYSE:CAT) stock dropped 4.3% after the heavy equipment maker announced a decrease in its order backlog, implying that customer demand may be dwindling. This has eclipsed a profit increase in the third quarter. 
• BP (NYSE:BP) ADRs slumped 3.1% as the energy giant underperformed third-quarter profit expectations, as robust oil trading and refining margins were offset by negative gas results. 
• Tesla (NASDAQ:TSLA) stock fell 1.5% on Tuesday, adding to Monday’s heavy losses, as the EV manufacturer’s key supplier Panasonic (OTC:PCRFY) announced a reduction in car battery production in the September quarter, fueling fears of a global slowdown in electric-vehicle sales. 
• Pfizer (NYSE:PFE) stock declined 0.2% as the drugmaker revealed its first quarterly loss since 2019, owing to expenses mostly connected to its COVID drugs, which were developed in collaboration with BioNTech (NASDAQ:BNTX). 

Midday-Market movers

GAINERS

• Pinterest (NYSE:PINS) stock rose 17.1% after the image sharing platform revealed third-quarter results that above expectations, bolstered by initiatives to improve monetization of its international users on its site.
• Marathon Petroleum (NYSE:MPC) gained 0.8% as the refiner beat third-quarter profit estimates, owing to strong demand for fuel and refined products despite tight inventories.
• Tesla (NASDAQ:TSLA) shares rose 0.1% after the EV maker’s key supplier Panasonic (OTC:PCRFY) announced a reduction in car battery manufacturing in the third quarter, adding to fears about a global slowdown in electric-vehicle sales.

LOSERS

• JetBlue (NASDAQ:JBLU) stock plunged 13.6% after the low-cost carrier reported a larger-than-expected third-quarter loss and provided poor full-year forecasts.
• VF Corp (NYSE:VFC) stock fell 12.7% after the garment firm lowered its full-year revenue and profit estimates, citing softening demand for higher-priced clothes and footwear.
• Caterpillar (NYSE:CAT) stock dropped 5.8% after the heavy equipment company announced a decrease in its order backlog, implying that customer demand may be dwindling. This has eclipsed a profit increase in the third quarter.
• Pfizer (NYSE:PFE) stock dipped 1.4% as the drugmaker revealed its first quarterly loss since 2019, primarily due to charges associated with its COVID drugs, which it co-developed with BioNTech (NASDAQ:BNTX).

Earnings Calendar

Tuesday, OCT 31

Advanced Micro Devices (AMD),Anheuser-Busch (BUD), Amgen (AMGN), Caesars Entertainment (CZR), Caterpillar (CAT), First Solar (FSLR), Pfizer (PFE).

Wednesday, NOV 01

Airbnb (ABNB), BP (BP), CVS Health (CVS), Dupont (DD), Estee Lauder (EL), Humana (HUM), Modelez (MDLZ), Norwegian Cruise (NCLH), Qualcomm (QCOM), Yum Brands (YUM).

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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