Check out the companies making headlines in cloud trading: Original Share – Shares fell about 20% on the back of weaker-than-expected company earnings for the third quarter. During the period, Genuine Parts earned $1.88 per share, excluding items, below the $2.42 per share expected by analysts polled by FactSet. It also lowered the full-year forecast. The stock is headed for its worst day on record. General Motors – The stock rose more than 9% after the automaker posted better-than-expected third-quarter results and raised its full-year forecast. For the period, GM earned $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, according to LSEG. Shares were headed for their biggest one-day gain in nearly a year. Verizon Communications – The telecommunications giant fell 4% after posting third-quarter revenue of $33.33 billion, which was 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 fell 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 the consensus forecast by just 1 cent. Philip Morris International – The tobacco company rose nearly 9% after reporting third-quarter results that beat expectations. Philip Morris also raised 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 expected by analysts surveyed by LSEG. However, earnings exceeded expectations in the period, and the company also raised its outlook for the full year. Deckers Outdoor – Shares fell nearly 3% after BTIG downgraded the footwear and apparel maker to neutral from buy. The firm believes signs of moderate growth make the stock “at risk.” First Solar – Shares rose 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 US 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 has also seen a year-on-year increase. Nucor – The stock fell about 8% after the steelmaker said GAAP earnings per share for the current period fell compared with the previous quarter. That said, the company reported an earnings and adjusted 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 was 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, lower than the 50,100 units the company saw in the year-ago period. Quest Diagnostics – Shares rallied nearly 7% on the back of third-quarter results that beat analysts’ expectations. Quest earned $2.30 per adjusted share on revenue of $2.49 billion. Analysts polled by FactSet had expected earnings of $2.26 per share on revenue of $2.43 billion. Norfolk Southern – Shares rose 4% after the freight train operator reported earnings and revenue that beat analysts’ expectations. The move gave Norfolk Southern its best day since July 26, when it rose 10.9%. — CNBC’s Alex Harring, Samantha Subin, Lisa Kailai Han and Hakyung Kim contributed reporting.
GPC, GM, VZ, PM and others
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