During Market hours Yesterday — (Thursday – 14.10.2021):
- The Dow (Symbol: DIA) went up 1.5%. The S&P 500 (Symbol: SPY) also jumped 1.7% and the Nasdaq (Symbol: QQQ) rose 1.8%.
- UnitedHealth (Symbol: UNH) – Shares of the health insurer popped more than 4% following a blowout earnings report. UnitedHealth posted an EPS of $4.52 in the third quarter, 11 cents above analysts’ estimate, according to Refinitiv. Its revenue also came in above expectations, while the company raised its full-year earnings forecast.
- Bank of America (Symbol: BAC) – Shares of the second-biggest U.S. bank by assets jumped 4.5% after its third-quarter earnings and revenue exceeded analysts’ expectations. Bank of America benefited from record advisory and asset management fees.
- Caterpillar (Symbol: CAT) – Shares of the manufacturing giant popped 2.9% after Cowen initiated coverage of Caterpillar with an outperform rating. The Wall Street firm said it sees a “megacycle underway” for the equipment-maker.
- UPS (Symbol: UPS) – Shares of the shipping company rallied 4% following an upgrade to buy from hold at Stifel. The Wall Street firm said in its upgrade of the stock that it sees “strong fundamentals & healthy operating backdrop.”
- Morgan Stanley (Symbol: MS) – Shares of the investment bank rose 2.5% after Morgan Stanley reported a stronger-than-expected third quarter. The company earned $1.98 per share on $14.75 billion in revenue, fueled by strong quarters for investment banking and asset management divisions. Analysts surveyed by Refinitiv were expecting $1.68 in earnings per share on $14 billion in revenue.
- Walgreens Boots Alliance (Symbol: WBA) – Walgreens shares gained more than 7% after the drugstore chain’s quarterly earnings beat expectations. The company reported adjusted earnings of $1.17 per share, 15 cents above estimates, boosted by more Covid-19 vaccinations than projected. Walgreens also announced it would become majority owner of VillageMD with a $5.2 billion investment.
- Avis Budget Group (Symbol: CAR) – Shares of the car rental company dropped 1.8% after Morgan Stanley downgraded the stock to underweight from equal weight. The firm said Avis was at peak cyclical earnings and presented a negative risk/reward tradeoff.
- U.S. Bancorp (Symbol: USB) – The bank stock slid more than 2% despite U.S. Bancorp’s third-quarter earnings beating expectations on the top and bottom lines. The company reported $1.30 in earnings per share on $5.89 billion in revenue. Analysts surveyed by Refinitiv were expecting $1.16 in earnings per share on $5.77 billion in revenue.
- Taiwan Semiconductor Manufacturing (Symbol: TSM) – The U.S.-traded shares for the key semiconductor company rose more than 2% after the Taiwan Semi’s third-quarter results beat expectations. The company’s fourth-quarter guidance also topped estimates, according to StreetAccount.
During Premarket hours today – (Friday – 15.10.2021):
- Truist Financial (Symbol: TFC) – The bank beat estimates by 21 cents with adjusted quarterly earnings of $1.42 per share and revenue also above estimates. Truist’s results were helped by stronger fee income as well as loan and deposit growth.
- PNC Financial (Symbol: PNC) – PNC reported adjusted quarterly earnings of $3.75 per share, compared with a consensus estimate of $3.20 and revenue also topping Wall Street forecasts. PNC benefited from the recapture of credit loss provisions as well as the integration of BBVA USA, a deal that closed last October.
- Alcoa (Symbol: AA) – Alcoa reported an adjusted quarterly profit of $2.05 per share, beating the consensus estimate of $1.80. The aluminum producer’s revenue topped estimates as well on higher aluminum prices. Alcoa jumped 6.7% in premarket action.
- Del Taco (Symbol: TACO) – The restaurant chain reported adjusted quarterly earnings of 11 cents per share, a penny above estimates, with revenue essentially in line with Wall Street forecasts. However, comparable sales rose 1.8%, short of the 2.1% estimate from analysts surveyed by FactSet.
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