Avenue performers in Minnie Mouse costumes go in entrance of an AMC movie show at night time within the Instances Sq. neighborhood of New York, Oct. 15, 2020.
Amir Hamja | Bloomberg | Getty Photographs
Take a look at the businesses making headlines in noon buying and selling.
IBM – Shares shed greater than 6% after IBM’s third-quarter results confirmed a 3rd straight quarter of declining income. The corporate earned an adjusted $2.58 per share for the quarter, which was in step with Avenue forecasts, whereas income was barely above consensus estimates. IBM didn’t problem current-quarter steerage resulting from ongoing uncertainty surrounding Covid-19.
AMC Entertainment — Shares of the movie show chain sank 12.7% after the company warned of a attainable chapter in a safety submitting associated to a secondary inventory providing. The corporate mentioned it may burn by its current money by the tip of 2020 or early 2021 with out extra liquidity.
Travelers — The insurance coverage inventory gained 5.6% after it reported better-than-expected outcomes for its third quarter. Vacationers reported $3.12 in adjusted earnings per share on $8.28 billion of income. Analysts surveyed by FactSet had been in search of $3.03 per share and $7.59 billion. The corporate reported progress in its underwriting enterprise and its funding earnings.
Logitech — Shares of the accent maker surged 15.8% after beating on the highest and backside traces of its third-quarter earnings. Logitech earned $1.87 per share on income of $1.26 billion. Wall Avenue anticipated 57 cents per share on income of $841 million, in accordance with Refinitiv.
Procter & Gamble – Shares rose 0.4% after the buyer large reported better-than-expected quarterly results. The corporate mentioned its earnings per share got here in at $1.63 in its fiscal first quarter, versus $1.42 anticipated per Refinitiv. Its income rose 9% because the pandemic fueled increased demand for its family merchandise. P&G additionally raised its gross sales outlook for fiscal 2021.
Regions Financial — The inventory popped 4.9% after reporting better-than-expected quarterly outcomes. Areas Monetary earned 52 cents per share on income of $1.64 billion, in comparison with the 33 cents per share on income of $1.49 billion forecast on Wall Avenue.
Synchrony Financial — Shares fell 5.1% after reporting disappointing gross sales for the third quarter. The corporate made $3.46 billion in income, lacking estimates of $3.49 billion, in accordance with Refinitiv. Earnings got here in in step with estimates at 72 cents per share.
Comerica — The financial institution’s inventory rallied 4.9% after reporting earnings that topped analyst expectations. Comerica earned $1.44 per share, above the 83 cents anticipated on Wall Avenue. Income got here in at $710 million, increased than the forecast $696 million.
UBS — Shares of the financial institution rose 5.3% after reporting its quarterly revenue doubled, pushed by robust funding banking and a lift in revenue from its wealth administration division. UBS additionally put aside $2.5 billion for potential dividends and inventory buybacks.
Revlon – The inventory worth dropped 3.6% after its warning to bondholders that they won’t receives a commission if the corporate’s distressed-bond trade fails. The embattled cosmetics retailer mentioned that with out 95% participation from bondholders, a lot of the firm’s debt will speed up and turn into payable subsequent month, through which case the bonds could possibly be price subsequent to nothing.
PPG Industries – Shares gained greater than 1% however closed across the flatline after the corporate reported third-quarter earnings. The paint and coatings maker earned $1.93 on an adjusted foundation, which topped estimates by one cent. Income additionally got here in above forecasts.
— with reporting from CNBC’s Yun Li, Jesse Pound and Pippa Stevens.
