GPC, GM, VZ, PM and more
Check out the companies making headlines in midday trading: Genuine Parts — Shares fell about 20% on the back of the company’s weaker-than-expected earnings for the third quarter. During the period, Genuine Parts earned $1.88 per share, excluding items, below the $2.42 per share that analysts polled by FactSet were expecting. It also slashed its full-year forecast. The stock was headed for its worst day on record. General Motors — The stock jumped more than 9% after the automaker posted better-than-expected third-quarter results and raised its full-year forecast. For the period, GM earned an adjusted $2.96 per share on $48.76 billion in revenue. Analysts had expected $2.43 in earnings per share on $44.59 billion in revenue, per LSEG. Shares were headed for their biggest one-day gain in nearly a year. Verizon Communications — The telecommunications giant dipped 4% after posting third-quarter revenue of $33.33 billion, which came in below the $33.43 billion analysts polled by LSEG had expected. However, Verizon’s earnings per share of $1.19 came in 1 cent above estimates of $1.18. The company also reaffirmed its full-year outlook. GE Aerospace — The defense company tumbled more than 9% after posting mixed third-quarter results. GE Aerospace reported adjusted revenue of $8.94 billion, while analysts polled by LSEG estimated $9.02 billion. Meanwhile, adjusted earnings per share of $1.15 beat consensus forecasts by just 1 cent. Philip Morris International — The tobacco company popped nearly 9% after reporting third-quarter results that beat expectations. Philip Morris also lifted its 2024 guidance and showed strength in its smoke-free business. Lockheed Martin — Shares slid more than 5% after the company’s third-quarter revenue missed expectations. Lockheed Martin posted $17.1 billion for the quarter, below the $17.35 billion that analysts surveyed by LSEG were expecting. However, earnings came in above expectations in the period, and the company also lifted its outlook for the full year. Deckers Outdoor — Shares fell nearly 3% following BTIG’s downgrade of the footwear and apparel maker to neutral from buy. The firm believes signs of moderating growth are putting shares “at risk.” First Solar — Shares popped 3.4% on the heels of Citi’s upgrade to buy from neutral. Citi said First Solar should be able to benefit regardless of who wins the U.S. presidential election in November. Zions Bancorporation — Shares rose more than 7% after the regional bank posted better-than-expected quarterly results. Zions earned $1.37 per share on revenue of $792 million, while analysts had expected $1.17 in earnings per share on revenue of $779 million, according to LSEG. The bank’s net interest margin also saw a year-over-year increase. Nucor — The stock plunged about 8% after the steel producer said it sees GAAP earnings per share for the current period declining compared to the prior quarter. That said, the company reported an adjusted earnings and revenue beat for the third quarter. Sherwin-Williams — Shares dropped nearly 4% after the paint manufacturer’s third-quarter results missed estimates. Sherwin-Williams posted adjusted earnings of $3.37 per share, excluding items, on revenue of $6.16 billion. That is lower than the $3.55 in earnings per share on revenue of $6.20 billion that analysts were looking for, per FactSet. Paccar — Shares lost more than 5% after the company reported a drop in deliveries. Global new truck deliveries in the third quarter came in at 44,900 units , below the 50,100 units the company saw in the year-ago period. Quest Diagnostics — The stock rallied nearly 7% on the back of third-quarter results that beat analysts’ expectations. Quest earned an adjusted $2.30 per share on revenue of $2.49 billion. Analysts polled by FactSet anticipated a profit of $2.26 per share on revenue of $2.43 billion. Norfolk Southern — Shares popped 4% after the freight train operator reported earnings and revenue that beat analysts’ expectations. The move put Norfolk Southern on pace for its best day since July 26, when it jumped 10.9%. — CNBC’s Alex Harring, Samantha Subin, Lisa Kailai Han and Hakyung Kim contributed reporting.
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