After-Market : Microsoft rises post earnings, as Google falls. Oct-24

After-Market:

After-Market

After-Market active stocks

Gainers

• Stride Inc (NYSE:LRN) is up 11% after reporting Q1 earnings per share of $0.11, $0.53 higher than the market expectation of ($0.42). Revenue for the quarter was $480.2 million, compared to the consensus estimate of $457.7 million.
• Microsoft (NASDAQ:MSFT) is up 4% after reporting Q1 earnings per share of $2.99, $0.34 higher than the average expectation of $2.65. Revenue for the quarter was $56.5 billion, compared to the consensus expectation of $54.53 billion. Azure increased 29% in the quarter, compared to Wall Street expectations of 26%.

Losers

• CoStar Group Inc (NASDAQ:CSGP) is down 7%; it announced $0.30 EPS in the third quarter, which was in line with the $0.30 analyst estimate. Revenue for the quarter was $625 million, compared to the consensus estimate of $625.95 million. Costar Group forecasts Q4 2023 earnings per share of $0.31-$0.32, compared to the average of $0.35. Costar Group forecasts Q4 2023 revenue of $630-635 million, compared to the average of $644.5 million. Costar Group forecasts FY2023 earnings per share of $1.21-$1.22, compared to the consensus of $1.24. Costar Group anticipates FY2023 revenue of $2.445-2.45M, compared to the consensus of $2.461M.
• Alphabet Inc. (NASDAQ:GOOGL) is down 6%; it posted Q3 earnings per share of $1.55, $0.10 higher than the average expectation of $1.45. Revenue for the quarter was $76.69 billion, compared to the consensus forecast of $75.98 billion. Cloud sales increased 22% to $8.4 billion, falling short of estimates of $8.6 billion.
• Texas Instruments (NASDAQ:TXN) is down 5% after reporting Q3 earnings per share of $1.80, ex-gain, $0.02 less than the analyst forecast of $1.82. Revenue for the quarter was $4.53 billion, compared to the consensus forecast of $4.57 billion. Texas Instruments expects Q4 2023 earnings per share of $1.35-$1.57, compared to the average of $1.75. Texas Instruments expects revenue of $3.93-4.27 billion in Q4 2023, compared to the consensus of $4.49 billion.

MARKET MOVERS 

Pre-market Movers

• Coinbase (NASDAQ:COIN) stock increased 8.2% on expectations that the US Securities and Exchange Commission will soon approve a Bitcoin ETF. 
• The aerospace supplier’s stock surged 8.1% after it announced a $10 billion share repurchase program, despite reporting a near-billion-dollar quarterly loss due to a serious quality crisis at its subsidiary Pratt & Whitney. 
• The shares of General Electric (NYSE:GE) (GE) increased 5.1% after the conglomerate upped its full-year earnings prediction due to strong demand for jet engine spare parts and services and improved performance in its renewable division.  
• The shares of 3M Company (NYSE:MMM) increased 4% after the conglomerate upgraded its full-year adjusted profit projection, citing cost-cutting measures and price increases.  
• Verizon (NYSE:VZ) stock jumped 3.7% after the telecommunications behemoth upped its yearly free cash flow prediction due to promotions and its high-speed 5G network attracting more subscribers than expected in the third quarter. 
• Dow (DOW) stock jumped 2.5% as the chemicals business beat third-quarter earnings expectations, benefiting from higher prices for its products used in the manufacture of commodities ranging from plastics and paints to building materials. 
• General Motors (NYSE:GM) stock increased 1.6% after the automaker announced a 5.4% increase in third-quarter revenue to $44.1 billion. However, it retracted its previous projection for 2023 earnings and near-term electric car production after expenses associated with the United Auto Workers strikes soared to $200 million per week in October. 
• Coca-Cola (NYSE:KO) shares jumped 2.3% after the soft drinks conglomerate lifted its annual sales and profit expectations, owing to increased demand for its products at higher pricing. 
• Nvidia (NASDAQ:NVDA) shares jumped 1.8% after Reuters reported that the chipmaker has begun creating central processing units that will run Microsoft’s (NASDAQ:MSFT) Windows operating system, utilizing technology from Arm Holdings (NASDAQ:ARM), which rose 2.4%.  

Losers

• Barclays (BCS) ADRs plummeted 5.6% after the U.K.-based bank announced another restructuring round in the coming months to offset margin pressure from competition in the savings market and another poor performance from its investment bank. 
• Spotify (NYSE:SPOT) stock slumped 2.6% despite the streaming behemoth reporting quarterly monthly active users and subscribers that exceeded forecasts, as well as a quarterly profit. The stock is up more than 95% year to date. 

Midday-Market movers

GAINERS

• Spotify (NYSE:SPOT) stock increased 9.9% after the streaming behemoth revealed quarterly monthly active users and subscribers that exceeded forecasts, as well as a quarterly profit. The stock is up more than 95% year to date.
• Verizon (NYSE:VZ) stock jumped 8.3% after the telecommunications behemoth upped its yearly free cash flow prediction due to promotions and its high-speed 5G network attracting more users than projected in the third quarter.
• The shares of RTX climbed 7.1% after the aerospace supplier launched a $10 billion share repurchase program, despite reporting a near-billion-dollar quarterly loss owing to a serious quality problem at its subsidiary Pratt and Whitney.
• Coinbase (NASDAQ:COIN) stock increased 5.6% on expectations that the US Securities and Exchange Commission will soon approve a Bitcoin ETF.
• The shares of 3M Company (NYSE:MMM) increased 4.5% after the conglomerate upgraded its full-year adjusted profit projection, citing cost-cutting measures and price increases.
• Coca-Cola (NYSE:KO) shares jumped 2.8% after the soft drinks conglomerate lifted its annual sales and profit expectations, owing to increased demand for its products at higher pricing.
• Nvidia (NASDAQ:NVDA) shares increased 0.3% after Reuters reported that the chipmaker has begun designing central processing units that will run Microsoft’s (NASDAQ:MSFT) Windows operating system, utilizing technology from Arm Holdings (NASDAQ:ARM), which rose 4%.

LOSERS

• General Motors (NYSE:GM) shares slid 1.8% after the automaker announced a 5.4% increase in third-quarter revenue to $44.1 billion. However, it retracted its previous projection for 2023 earnings and near-term electric car production after expenses associated with the United Auto Workers strikes soared to $200 million per week in October.
• The stock of General Electric (NYSE:GE) (GE) declined 1.7% after the company upgraded its full-year earnings prediction due to strong demand for jet engine spare parts and services and improved performance in its renewable sector.
• The stock of Meta Platforms Inc (NASDAQ:META) declined 0.7% after 41 state attorneys general filed federal and state lawsuits alleging that the company’s Facebook and Instagram social networking platforms are damaging to underage users.

Earnings Calendar

Tuesday, Oct. 24

• Johnson & Johnson (JNJ) 
•  Bank of America (BAC)  
• Lockheed Martin (LMT) 
•  Goldman Sachs (GS) 
•  Prologis (PLD)  
• Bank of New York Mellon (BK) 
•  J.B. Hunt Transport Services (JBHT)  
• Ericsson (ERIC)  
• United Airlines (UAL)  
•  Albertsons Cos. (ACI)

Wednesday Oct. 25

•  Meta Platforms, Inc. (FB)
• Thermo Fisher Scientific Inc. (TMO)
• T-Mobile US, Inc. (TMUS)
• International Business Machines Corporation (IBM)
• ServiceNow, Inc. (NOW)
• The Boeing Company (BA)
• Automatic Data Processing Inc. (ADP)
• CME Group Inc. (CME)

• 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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