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Gearing Up for Big Tech Earnings

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4:28 a.m. Today - By Tomi Kilgore
Ford November U.S. vehicle sales rise 5.9%, as EV sales jump more than 150%Shares of Ford Motor Co. rose 0.2% in preamarket trading Thursday, after the automaker reported November total U.S. vehicle sales of 158,793 vehicles, up 5.9% from a year ago. Of the total U.S. sales, Ford sold 11,116 electrified vehicles during the month, up 153.6% from a year ago and making up 7.0% of total vehicles sold. "Ford's electrified vehicle sales in November grew at a rate more than three times faster than the overall electrified vehicle segment, taking Ford's electrified vehicle share to 10% compared to 5.4% last year," the company said in a statement. Elsewhere, truck sales rose 4.6% to 82,231 vehicles and SUV sales increased 20.8% to 72,795 vehicles. Among Ford's best-selling models, F-Series sales rose 14.6% to 60,418 trucks and Explorer sales slipped 3.1% to 18,268 SUVs. The stock has run up 50.5% over the past three months through Wednesday, while shares of rival General Motors Co. have advanced 18.6% and the S&P 500 has slipped 0.5%.
4:40 a.m. Dec. 1, 2021 - By Tomi Kilgore
Union Pacific cuts full-year outlook for volume growth and productivity, says crew availability is 'stressed'Shares of Union Pacific Corp. slipped 0.1% in morning trading Wednesday, after the rail and freight transportation services company lowered its 2021 guidance for volume growth, productivity and operating ratio improvement. The company said it now expects full-year volume growth of 4% over last year, compared with previous guidance provided on Oct. 21 of "closer to 5%." Productivity guidance was lowered to "approximately $250 million" from $350 million, and operating ratio improvement guidance was cut to "around 150 basis points" from "the neighborhood of 175 basis points." The lowered outlook comes as Chief Financial Officer Jennifer Hamann highlighted at the Stephens Annual Investor Conference the challenges faced in 2021, including Winter Storm Uri, the Northern California wildfires and supply chain disruptions. "Our freight car velocity and freight car terminal dwell trail last year's metrics and have lowered our trip plan compliance measures, which we know directly impacts our customers," Hamann said, according to a FactSet transcript. "Our crew availability is stressed due to the impact of COVID and the vaccine mandate and the just general sluggishness in our service product," she added. The stock has gained 8.6% over the past three months, while the Dow Jones Transportation Average has climbed 8.5% and the Dow Jones Industrial Average has slipped 1.7%.
2:17 a.m. Dec. 1, 2021 - By Steve Gelsi
Freight company Wabash National backlog climbsWabash National Corp. said Wednesday its backlog ending Nov. 30 was greater than $2.3 billion, a record, and is up $400 million from the third quarter. The company expects fiscal 2022 revenue of about $2.25 billion, and an operating margin of about 6%, up 250 basis points. It's projecting $1.70 a share in 2022 earnings. Analysts currently expect the company to earn $1.68 a share on revenue of $2.28 billion. The stock is down 3.1% so far this year, compared to rise of 21.6% by the S&P 500.
2:27 a.m. Nov. 30, 2021 - By Tomi Kilgore
Lithia Motors boosts stock buyback program by $750 million, to more than 10% of market capLithia Motors Inc. , also known as Lithia & Driveway, said Tuesday it was increasing its stock repurchase program by $750 million. The lifts the total funds available for repurchases to $885 million, which represents about 10.3% of the auto retailer's market capitalization of $8.59 billion as of Monday's close. The stock was still inactive in the premarket. "As discussed in our last earnings call, strong earnings have generated greater than expected free cash flows, which allows us to return capital to our shareholders through share repurchases, while preserving the liquidity necessary to achieve our 2025 Plan," said Chief Executive Bryan DeBoer. "Our capital allocation remains focused on acquisitions and internal investments, such as Driveway and Driveway Finance, to generate the highest long-term return for shareholders." The stock has slumped 13.4% over the past three months while the S&P 500 has gained 2.8%.
1:14 a.m. Nov. 29, 2021 - By Tomi Kilgore
Li Auto stock surges toward a 5-month high after big revenue beat, deliveries nearly tripledShares of Li Auto Inc. shot up 7.8% toward a five-month high in premarket trading Monday, after the China-based electric vehicle maker reported third-quarter revenue that rose well above expectations as deliveries nearly tripled, as "strong order intake and users' rising acceptance of smart electric vehicles" helped offset headwinds from chip supply shortages. The net loss narrowed to RMB21.5 million ($3.3 million), or RMB0.02 per American depositary share, from a loss of RMB320.7 million, or RMB0.52 per ADS in the year-ago period. Excluding nonrecurring items, net income rose to RMB335.7 million from RMB16.0 million. Total revenue hiked up 209.7% to RMB7.78 billion ($1.21 billion), above the FactSet consensus of RMB7.26 billion, as cost of sales grew 196.1% to RMB5.96 billion. Deliveries jumped 190.0% to 25,116 vehicles, while vehicle sales increased 199.7% to RMB7.39 billion ($1.15 billion) and vehicle margin rose to 21.1% from 19.8%. For the fourth quarter, the company expects deliveries of between 30,000 and 32,000 vehicles and revenue of between RMB8.82 billion and RMB9.41 billion, compared with the FactSet consensus of RMB8.78 billion. The stock has rallied 10.4% over the past three months through Friday, while the S&P 500 has gained 1.9%.
1:15 a.m. Nov. 23, 2021 - By Tomi Kilgore
XPeng's stock jumps after big revenue beat, upbeat outlookShares of XPeng Inc. rallied 4.2% in premarket trading Tuesday, after the China-based electric vehicle maker reported a wider-than-expected third-quarter loss but revenue that rose well above forecasts and provided an upbeat fourth-quarter outlook. The net loss widened to RMB1.59 bln ($249.7 million), or RMB1.89 per American depositary share (ADS), from a loss of RMB1.15 billion a year ago. Excluding nonrecurring items, the adjusted loss per ADS came to RMB1.77, compared with the FactSet consensus of RMB1.30. Revenue jumps 187.4% to RMB5.72 billion ($895.5 million) to beat the FactSet consensus of RMB5.03 billion, as deliveries rose 199.2% to a record 25,666 vehicles, including 217.7% growth in P7 model deliveries. Gross margin improved to 14.4% from 4.6%. Looking ahead, the company expects fourth-quarter deliveries of between 34,500 and 36,500 vehicles, representing growth of 166.1% to 181.5%, and revenue between RMB7.1 billion and RMB7.5 billion, compared with the FactSet consensus of RMB6.09 billion. The stock has surged 19.4% over the past three months through Monday, while the iShares MSCI China ETF has edged up 0.6% and the S&P 500 tacked on 4.5%.
8:14 a.m. Nov. 17, 2021 - By Tomi Kilgore
Sono Group's stock soars on public debut, valuing solar electric vehicle company at more than $1.8 billionSono Group N.V. received an ovation on its Wall Street debut, as the Germany-based solar electric vehicle company's stock opened 33.7% above its initial public offering price and kept rising, more than doubling at one point. The company said overnight that its IPO priced at $15.00 per share, in the middle of the expected range of between $14 and $16 a share. The company raised $150.0 million as it sold 10.0 million shares in the IPO. With 69.08 million shares outstanding after the IPO, the pricing valued the company at $1.04 billion. The stock's first trade on the Nasdaq, under the ticker symbol "SEV," was at $20.06 at 10:26 a.m. Eastern for about 642,700 shares. The rallied as much as 115.6% to an intraday high of $32.34 before paring gains to trade up 78.7% at $26.80, which boosted Sono's market value to $1.85 billion. Berenberg and Craig-Hallum were the underwriters of the IPO. The company recorded a loss of EUR25.8 million ($29.2 million) on no revenue during the six months ended June 30, after a loss of EUR9.8 million on no revenue in the same period a year ago. The company's upbeat debut comes on a day that the Renaissance IPO ETF slid 1.4% while the S&P 500 eased 0.2%.
11:16 a.m. Nov. 11, 2021 - By Claudia Assis
Blink Charging stock soars 10% after jump in quarterly salesShares of Blink Charging Co. jumped nearly 10% in the extended session Thursday after the EV-charging company reported third-quarter sales well above Wall Street expectations. Blink said it lost $15.3 million, or 36 cents a share, in the quarter, compared with a loss of $3.9 million, or 12 cents a share, in the third quarter of 2020. Revenue rose more than 600% to $6.4 million, from $906,000 a year ago. FactSet consensus called for a loss of 28 cents a share on sales of $4.7 million. "We are focused on continuing to grow our owner-operator business model, which differentiates us in the industry, because we not only install and maintain the charging equipment, but we also benefit from its ongoing utilization," Chief Executive Michael D. Farkas said in a statement. "This is an exciting time for Blink as the transition to EV use gains traction, driven by environmental concerns and legislative directives." Blink and other EV-charging companies that sets aside some $7.5 billion for EV charging and related. Blink stock had ended the regular trading day up 8%.
6:28 a.m. Nov. 10, 2021 - By Tomi Kilgore
U.S. Postal Service 2021 loss cut nearly in half to $4.9 billion, as shipping and packages revenue jumps 12%The U.S. Postal Service reported Wednesday that its net loss for fiscal 2020 ending Sept. 30 narrowed 46.3%, to $4.93 billion from $9.18 billion a year ago. The adjusted loss, which excludes workers' compensation adjustments which are outside of management's control, narrowed to $6.86 billion from $7.57 billion. Total revenue rose 5.3% to $77.04 billion, while total operating expenses slipped 0.4% to $81.84 billion. Revenue for shipping and packages jumped 12.2% to $32.01 billion, while volume edged up 3.5% to 7.58 billion pieces, driven largely by a surge in e-commerce resulting from the COVID-19 pandemic and record holiday volume. "This surge has begun to abate as the economy continues to recover and market competition intensifies; however, Shipping and Packages volume remain higher than pre-pandemic levels," the USPS said in a statement. Elsewhere, revenue for first-class mail declined 2.1% to $23.28 billion and for marketing mail grew 4.9% to $14.59 billion.
3:15 a.m. Nov. 5, 2021 - By Tomi Kilgore
Goodyear stock soars after big profit, as record industry freight volume leads to 'robust' demand for tiresShares of Goodyear Tire & Rubber Co. soared 9.1% toward a three-year high in premarket trading Friday, after the tire maker reported a big third-quarter profit beat, citing improved pricing and as the transportation industry moved record freight volume. The company swung to net income of $132 million, or 46 cents a share, from a loss of $2 million, or a penny a share, in the year-ago period. Excluding nonrecurring items, including amortization related to Cooper Tire inventory step-up adjustments, adjusted EPS rose to 72 cents from 10 cents, well above the FactSet consensus of 28 cents. Sales grew 42.4% to $4.93 billion, above the FactSet consensus of $4.78 billion, amid "robust demand" from the company's largest commercial customers. Gross margin improved to 21.1% from 19.9%. "We continued to capitalize on favorable industry trends in our key replacement markets," said Chief Executive Richard Kramer. "Overall consumer replacement demand remains robust, and our business continues to have momentum." The stock has rocketed 96.6% year to date through Thursday, while the S&P 500 has advanced 24.6%.
5:07 a.m. Nov. 4, 2021 - By Tomi Kilgore
Nikola stock jumps after narrower-than-expected loss, disclosure of estimated $125 million civil penaltyShares of Nikola Corp. surged 10.7% toward a more than three-month high in morning trading Thursday, after the electric vehicle maker reported a third-quarter loss than widened from a year ago, but was narrower than analysts were expecting. That helped offset the disclosure that it has reserved a $125 million loss as its "best estimate" of a civil penalty related to a Securities and Exchange Commission investigation into securities fraud by Founder and . The net loss was $267.6 million, or 68 cents a share, after a loss of $79.7 million, or 31 cents a share, in the year-ago period. Excluding nonrecurring items, the adjusted per-share loss of 22 cents beat the FactSet loss consensus of 25 cents. The company recorded no revenue in the latest quarter, or in the year-ago quarter. The company said for the fourth quarter, it expects to deliver "pre-series" Nikola Tre battery electric vehicles for use on public roads hauling customer freight. The stock, on track for the highest close since July 28, has climbed 32.8% over the past three months but lost 7.8% year to date, while the S&P 500 has advanced 24.5% this year.
4:35 a.m. Nov. 3, 2021 - By Tomi Kilgore
Ford stock slips as total monthly U.S. vehicle sales drop 4%, while EV sales nearly triple to a monthly recordShares of Ford Motor Co. slipped 0.3% in morning trading Wednesday, after the automaker said total October U.S. sales fell 4.0% from a year ago, led as a drop in truck sales offset a jump in sport utility vehicle sales, while sales of electric vehicles nearly tripled to a new monthly record. Total sales fell 4.0% to 175,918 vehicles, with trucks down 7.0% to 94,449, SUVs up 12.8% to 78,327 and cars down 74.3% to 3,142. EV sales rose 195% to 14,062, with E-Transits sold out and electric F-150 Lightning trucks having more than 160,000 reservations. By brand, Ford sales fell 3.3% to 167,572 vehicles and Lincoln sales tumbled 17.0% to 8,346 vehicles. Ford's best-selling vehicles were the F-Series trucks, with sales down 4.7% to 68,259 vehicles, and the next best-selling vehicle was the Explorer SUV, with sales down 1.7% to 20,714 vehicles. "Continuous improvement in inventories and new products made Ford the best-selling automaker in America for the second month in a row, which was last accomplished 23 years ago," said Andrew Frick, vice president of Ford Sales U.S. and Canada. The stock has soared 104.4% year to date, while shares of rival General Motors Co. have rallied 33.1% and the S&P 500 has gained 23.2%.
7:38 a.m. Nov. 2, 2021 - By Tomi Kilgore
Dow transports really is up 1,000 points, because of Avis' skyrocketing stockNo, it's not a glitch, the Dow Jones Transportation Average really is up more than 1,000 points. The Dow transports, which like the Dow Jones Industrial Average , is a price-weighted index, is up a record 1,028 points, or 6.5%, even as only 6 of 20 components are trading higher. That's because Avis Budget Group Inc.'s stock is skyrocketing $167.99, or 98.0%, to add roughly 1,024 points to the Dow transports' price. The Dow transports was up as much as 2,303 points, or 14.4%, as Avis stock was up $373.65, or 217.9%, at its intraday high of $545.11, which would have added about 2,278 points to the index. Avis's stock is soaring after the car rental company reported , which came after as the stock soared ahead of the report. In contrast, the biggest drag on the Dow transports Tuesday is the stock of Expeditors International of Washington Inc. , which fell $4.50, or 3.6%, to shave about 27 points off the index after the after the air and ocean freight company reported third-quarter results.
5:43 a.m. Nov. 2, 2021 - By Tomi Kilgore
Avis Budget stock more than doubles as blow-out earnings follows a sharp jump in short interestShares of Avis Budget Group Inc. more than doubled in very volatile morning trading Tuesday, after the rental car company reported in the wake of in the past few months. The stock rocketed 108.1% in morning trading, putting it on course for the biggest one-day gain since the company went public in November 1984. The stock has already been halted for volatility six times since the open. Leading up to results, which were reported late Monday, the stock had soared 131% since the company reported second-quarter results. Over the same time, the latest exchange data showed that short interest had increased by about two-thirds to 13.42 million shares, boosting the short interest as a percent of the public float to 20.5%, or more than the 18.0% of high-profile meme-stock AMC Entertainment Holdings Inc. Avis stock has run up 856.5% year to date, while AMC shares have climbed 1,664.2% and the S&P 500 has gained 23.2%.
3:48 a.m. Nov. 2, 2021 - By Tomi Kilgore
Expeditors stock jumps after big profit and revenue beats, as demand continues to outstrip capacityShares of Expeditors International of Washington Inc. jumped 2.5% in premarket trading Tuesday, after the air and ocean freight company reported third-quarter profit and revenue that nearly doubled and beat expectations, as demand continued to outstrip available capacity. Net income rose to $359.1 million, or $2.09 a share, from $191.7 million, or $1.12 a share, in the year-ago period. The FactSet consensus for earnings per share was $1.79. Revenue grew 83.9% to $4.32 billion, above the FactSet consensus of $3.69 billion. Airfreight services revenue rose 65.6% to $1.63 billion, above the FactSet consensus of $1.47 billion, ocean freight and ocean services revenue soared 162.1% to $1.60 billion to beat expectations of $1.16 billion and customs brokerage and other revenue increased 44.6% to $1.09 billion to top forecasts of $1.01 billion. "Despite increased utilization of air charters, there is insufficient capacity to meet the current high demand," said Chief Executive Jeffrey Musser. "At the same time, unprecedented congestion at the ocean ports due to labor and equipment shortages is disrupting sailing schedules and causing significant delays." The stock has slipped 0.6% over the past three months through Monday while the Dow Jones Transportation Average has climbed 10.9% and the Dow Jones Industrial Average has gained 3.1%.
1:20 a.m. Nov. 1, 2021 - By Tomi Kilgore
XPeng's stock rallies after October deliveries update, Li Auto's slipShares of XPeng Inc. rallied 2.7% in premarket trading Monday, after the China-based electric vehicle maker reported a more than tripling in October deliveries as it surpassed the 10,000 mark despite the challenges faced by the semiconductor shortage. The company delivered 10,138 EVs, up 233% from a year ago, including 6,044 P7 sports sedans, 3,657 G3 and G31 SUVs and 437 P5 family sedans. Year to date, the company said it has delivered 66,542 EVs, up 289% form a year ago. Separately, Li Auto Inc. said October deliveries rose 107.2% to 7,649, bringing the year-to-date deliveries to 62,919. Li's stock slipped 2.6% ahead of the open. The deliveries increases for XPeng and Li was in contrast with fellow China-based EV maker Nio Inc. , which saw %. XPeng's stock has rallied 15.1% over the past three months through Friday and Li Auto shares have declined 2.3%, while the S&P 500 has gained 4.8%.
1:07 a.m. Nov. 1, 2021 - By Tomi Kilgore
Nio stock sinks after October deliveries fallShares of Nio Inc. sank 4.1% in premarket trading Monday, after the China-based electric vehicle company reported October deliveries that fell 27.5% from a year ago, as restructuring, upgrading of manufacturing lines and preparation of new products acted as drag. The company delivered 3,667 vehicles in October, consisting of 218 ES8 six- or seven-seater SUVs and 2,528 ES6 five-seater SUVs. Nio said given the restructuring and upgrade scheduled, ES8 production resumed toward the end of the month. The company said despite the production and supply chain challenges, the company said new orders reached a record during the month. The stock has tumbled 11.8% over the past three months through Friday, while the iShares MSCI China ETF has lost 2.9% and the S&P 500 has gained 4.8%.
2:30 a.m. Oct. 28, 2021 - By Ciara Linnane
Hertz swings back to profit in Q3 as leisure travel recoversHertz Global Holdings Inc. , which emerged from bankruptcy in July, said Thursday it had net income of $571 million, or $1.13 a share, in the third quarter, after a loss of $222 million, or $1.42 a share, in the year-earlier period. Revenue doubled to $2.226 billion from $1.268 billion. The FactSet consensus was for EPS of 85 cents and revenue of $2.225 billion. The revenue number reflects "the continued rebound in leisure travel and tight fleet inventory as Hertz executes against its strategic roadmap," the rental car company said in a statement. "While volume continued to be lower compared to 2019 levels, these headwinds were partially mitigated by improvements in pricing power." The company earlier this week announced plans for an "initial" order of a total of 100,000 Teslas by the end of 2022. The company also said it would invest in new EV charging infrastructure across its global operations in a bid to offer the largest EV rental fleet in North America. It ended the third quarter with $1.5 billion in outstanding non-vehicle debt, a $1.3 billion first lien revolving credit facility and $366 million of letters of credit outstanding. It had $3.8 billion in liquidity as of Sept. 30. Shares were not yet active premarket.
9:25 a.m. Oct. 27, 2021 - By Tomi Kilgore
Dow transports fall for first time in 10 trading daysThe Dow Jones Transportation Average slumped 116 points, or 0.7%, with 16 of 20 components losing ground, to put the index on track for the first decline in 10 trading sessions. The that is set to snap was the longest since the 11-day stretch of gains that ended on Aug. 12, 2020. The Dow transports' biggest decliner was Ryder System Inc.'s stock , which slumped 5.1%, the biggest one-day drop in eight months, even after the truck rental company beat third-quarter profit and revenue expectations and . The biggest gainer was Norfolk Southern Corp.'s stock , which rose 1.1% after the railroad operator reported . The other three Dow transport gainers were shares of other railroad components, those of CSX Corp. , Kansas City Southern and Union Pacific Corp. . While the Dow transports dropped, the Dow Jones Industrial Average fell 72 points, or 0.2%, while the S&P 500 gained 0.2%.
3:29 a.m. Oct. 27, 2021 - By Ciara Linnane
UPDATE: GM shares down premarket as revenue miss weighs against profit beat and chip shortage takes its tollGeneral Motors shares reversed early gains to trade down 1.6% in premarket trade Wednesday, after the company blew past profit estimates for the third quarter and offered above-consensus guidance for the full year, but suffered a revenue miss. GM said it had net income of $2.420 billion, or $1.62 a share, in the quarter, down from $4.045 billion, or $2.78 a share, in the year-earlier period. Adjusted per-share earnings came to $1.52, well ahead of the 98 cents FactSet consensus. Revenue fell to $26.779 billion from $35.480 billion a year ago, missing the $30.722 billion FactSet consensus. The quarter "was challenging due to continuing semiconductor pressures," CEO Mary Barra said in a letter to shareholders. However, it also included "strong price and mix performance in North America, the benefit of the company's recall cost recovery agreement with LG Electronics and the continued strong financial results at GM Financial. As a result, the company is on track to deliver full-year 2021 EBIT-adjusted earnings approaching the high end of its guidance range," GM said in a statement. The auto maker is now expecting full-year EPS to range from $5.52 to $6.52. It expects adjusted EPS to range from $5.70 to $6.70, compared with a FactSet consensus of $6.41. Shares have gained 38% in the year to date, while the S&P 500 has gained 22%.
3:17 a.m. Oct. 27, 2021 - By Tomi Kilgore
Norfolk Southern stock rallies toward 5-month high after profit, revenue beatsShares of Norfolk Southern Corp. rose 0.8% toward a five-month high in premarket trading Wednesday, after the railroad operator reported third-quarter profit and revenue that rose above expectations, with all of its business segments beating expectations, in the face of "significant supply chain disruptions." Net income was $753 million, or $3.06 a share, after income of $569 million, or $2.22 a share, in the year-ago period. The FactSet consensus for earnings per share was $2.91. Revenue grew 13.8% to $2.85 billion, above the FactSet consensus of $2.75 billion. Total operating expenses increased 3.0% to $1.72 billion, including a 5.4% rise in compensation and benefits to $609 million. Among business segment revenue, Merchandise rose 9.9%, Intermodal grew 16% and Coal climbed 32%. Railway operating ratio improved 630 basis points to 60.2%, but was below the FactSet consensus of 60.6%. The stock, on track to open at the highest level since mid-July, has rallied 9.1% over the past three months through Tuesday, while the Dow Jones Transportation Average has advanced 10.3% and the Dow Jones Industrial Average has gained 2.0%.
2:08 a.m. Oct. 27, 2021 - By Ciara Linnane
Harley-Davidson shares jump 5.3% premarket after earning blow past estimates Harley-Davidson Inc. shares jumped 5.3% in premarket trade Wednesday, after the maker of iconic motorcycles blew past estimates for the third quarter. Milwaukee-based Harley said it had net income of $163 million, or $1.05 a share, in the quarter, up from $120 million, or 78 cents a share, in the year-earlier period. Adjusted per-share earnings came to $1.18, well ahead of the 77 cents FactSet consensus. Revenue rose 17% to $1.365 billion from $1.166 billion, also ahead of the $1.143 billion FactSet consensus. Motorcycle shipments rose to 47.9 million from $43.0 million a year ago. "Our teams continue to work to mitigate the impact of the ongoing supply chain challenges that our sector faces, however our performance underlines that we are on course to deliver our long-term Hardwire strategy," CEO Jochen Zeitz said in a statement. The company is still expecting full-year motorcycle revenue to grow 30% to 35%. Shares are down 3.4% in the year through Tuesday's close, while the S&P 500 has gained 22%.
3:20 a.m. Oct. 26, 2021 - By Tomi Kilgore
Paccar stock falls after surprise profit decline, but revenue rose above forecastsShares of Paccar Inc. shed 0.8% in premarket trading Tuesday, after the truck maker reported a surprise decline in third-quarter profit but revenue that rose above forecasts, as the semiconductor shortage reduced deliveries by more than 17%. Net income fell to $377.7 million, or $1.08 a share, from $385.5 million, or $1.11 a share, in the year-ago period. The FactSet consensus for earnings per share was $1.20. Sales and revenue grew 4.4% to $4.74 billion, above the FactSet consensus of $4.73 billion, while total revenue grew 4.3% to $5.15 billion to top expectations of $5.11 billion. Cost of sales and revenue rose 5.6% to $4.18 billion. The company's Kenworth, Peterbilt and DAF brands delivered 32,800 trucks during the quarter, while the undersupply of chips reduced truck deliveries by about 7,000 vehicles. "PACCAR expects global truck production to improve as supply chain deliveries are resolved," said Chief Executive Preston Feight. The company expects 2021 capital investments of $525 million to $550 million and research and development expenses to be $320 million to $330 million. The stock has gained 1.1% year to date through Monday, while the S&P 500 has advanced 21.6%.
2:15 a.m. Oct. 26, 2021 - By Tomi Kilgore
JetBlue stock gains after a narrower-than-expected loss, revenue that rose 4-fold to beat forecastsShares of JetBlue Airways Corp. rose 0.5% in premarket trading Tuesday, after the air carrier reported a narrower-than-expected third-quarter loss, revenue that rose four-fold to top forecasts and provided an upbeat outlook. The company swung to net income of $130 million, or 40 cents a share, from a loss of $393 million, or $1.44 a share, in the year-ago period. Excluding nonrecurring items, which would include government payroll assistance, the adjusted per-share loss was 12 cents, compared with the FactSet loss consensus of 18 cents. Revenue rose 300.8% to $1.97 billion, topping the FactSet consensus of $1.93 billion, as revenue passengers rose 321.8% to 9.08 million. Load factor increased to 79.9% from 42.6% but came up short of expectations of 82.3%, as capacity rose 134.1% to 16.17 million available seat miles. Departures increased 139.4% to 76,918. "September took the brunt of the bookings softness associated with rising case counts tied to the Delta variant," said Chief Operating Officer Joanna Geraghty. "That said, trends have stabilized and are improving. We expect robust revenue acceleration throughout the quarter as the holidays approach and demand continues to meaningfully improve." The stock has lost 8.3% over the past three months through Monday, while the U.S. Global Jets ETF has slipped 4.3% and the S&P 500 has gained 3.3%.
1:14 a.m. Oct. 26, 2021 - By Tomi Kilgore
UPS stock rallies after profit and revenue beats, as all business segments top forecastsShares of United Parcel Service Inc. rallied 1.7% toward a three-month high in premarket trading Tuesday, after the package delivery giant reported third-quarter profit and revenue that beat expectations, with all business segments topping forecasts. Net income was $2.33 billion, and earnings per share of $2.65 rose 18.3% from a year ago. Excluding nonrecurring items, adjusted EPS came to $2.71 to beat the FactSet consensus of $2.55. Revenue grew 9.2% to $23.2 billion, topping the FactSet consensus of $22.6 billion. U.S. domestic segment revenue grew 7.4% to $14.21 billion, helped by a 12.0% increase in revenue per piece, above the FactSet consensus of $14.19 billion; international segment revenue increased 15.5% to 4.72 billion, above expectations of $4.66 billion; and supply chain solution revenue rose 8.4% to $4.26 billion to beat expectations of $3.67 billion. The company raised its 2021 outlook for capital expenditures to $4.2 billion from $4.0 billion. The stock has rallied 21.1% year to date through Tuesday, while the Dow Jones Transportation Average has advanced 26.9% and the Dow Jones Industrial Average has gained 16.8%.
1:18 a.m. Oct. 22, 2021 - By Tomi Kilgore
Autoliv stock falls after profit falls more than 50% to miss expectations as supply shortages weighed on LVPThe U.S.-listed shares of Autoliv Inc. fell 0.6% in premarket trading Friday, after the Sweden-based auto safety systems maker reported third-quarter adjusted profit that was half of last year's and missed expectations, as shortages of semiconductor supplies and other components led to a 20% drop in light vehicle production (LVP). Net income fell to $60 million, or 68 cents a share, from $99 million, or $1.12 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share dropped 50.7%, to 73 cents from $1.48, to miss the FactSet consensus of 81 cents. Sales declined 9.3% to $1.85 billion, just below the FactSet consensus of $1.87 billion. For 2021, the company expects sales growth of "around 11%," while the current FactSet consensus of $8.41 billion implies 13% growth. "The decline in LVP, unpredictable changes in customer call-offs and higher raw material costs resulted in reduced profitability despite significant cost control measures, including headcount reductions," said Chief Executive Mikael Bratt. The stock has gained 3.4% year to date through Thursday, while the S&P 500 has climbed 21.3%.
2:17 a.m. Oct. 21, 2021 - By Ciara Linnane
AutoNation shares jump 2.6% premarket as earnings blow past estimates amid strong demand for carsAutoNation Inc. shares jumped 2.6% in premarket trade Thursday, after the car retailer blew past estimates for the third quarter as net income roughly doubled from a year ago. Fort Lauderdale, Fla.-based AutoNation posted net income of $361.7 million, or $5.12 a share, for the quarter, up from $182.6 million, or $2.05 a share, in the year-earlier period. Revenue rose to $6.379 billion from $5.405 billion. The FactSet consensus was for EPS of $4.20 and revenue of $6.291 billion. "During the quarter, consumer demand continued to outpace supply, driven by consumer desire for personal transportation and ongoing manufacturing supply chain disruptions," the company said in a statement. "New vehicle inventory remains at historically low levels, which combined with strong execution, has supported record profitability." CEO Mike Jackson said they expect the pent-up demand to support sales for the foreseeable future. New vehicle revenue was flat compared to the prior year and down 3% compared to the third quarter of 2019, before the outbreak of the pandemic. Used vehicle revenue rose 53% from a year ago and was up 67% compared to the third quarter of 2019. Shares have gained 67.6% in the year to date, while the S&P 500 has gained 21%.
2:17 a.m. Oct. 21, 2021 - By Tomi Kilgore
American Airlines stock rises after a narrower-than-expected loss, as revenue nearly tripledShares of American Airlines Group Inc. rose 0.8% in premarket trading Thursday, after the air carrier reported a narrower-than-expected third-quarter loss on revenue that nearly tripled, while load factor came up short. The air carrier swung to net income of $169 million, or 25 cents a share, from a loss of $2.40 billion, or $4.71 a share, in the year-ago period. Excluding nonrecurring items, which would include benefits from government payroll support programs, the adjusted per-share loss came to 99 cents, beating the FactSet loss consensus of $1.04. Total revenue grew 182.7% to $8.97 billion, above the FactSet consensus of $8.92 billion, as passenger revenue jumped 213.3% to $7.96 billion. Load factor improved to 78.7% from 58.9% but missed the FactSet consensus of 80.9%. The company said it ended the quarter with about $18 billion of available liquidity. The company said it expects fourth-quarter revenue to be down about 20% from the same period in 2019, while the current FactSet revenue consensus of $9.30 billion implies a 17.8% decline. The stock has dropped 8.8% over the past three months through Wednesday, while the U.S. Global Jets ETF has slipped 1.8% and the S&P 500 has gained 4.1%.
1:57 a.m. Oct. 21, 2021 - By Tomi Kilgore
Southwest results beat expectations, sees 'operational challenges' in October costing $75 million in revenueSouthwest Airlines Co. reported Thursday a narrower-than-expected third-quarter loss as passenger revenue nearly tripled, as overall demand remained "quite strong" despite a deceleration in traffic in August and September as a result of surging COVID-19 cases. The air carrier's stock was little changed in premarket trading. The company swung to net income of $446 million, or 73 cents a share, from a loss of $1.16 billion, or $1.96 a share, in the year-ago period. Excluding non-recurring items, such as $763 million in benefits related to the Payroll Support Program, adjusted per-share losses came to 23 cents, compared with the FactSet loss consensus of 27 cents. Total revenue rose 161.0% to $4.68 billion, above the FactSet consensus of $4.58 billion, as passenger revenue grew 190.7% to $4.23 billion. Load factor improved to 80.7% from 44.9% but came up shy of expectations of 82.1%. For October, revenue and booking trends continue to improve, but the company sees negative impacts of $40 million from the delta variant and of $75 million as a result of flight cancellations from operational challenges. The stock has lost 6.9% over the past three months, while the U.S. Global Jets ETF has slipped 1.8% and the S&P 500 has gained 4.1%.
1:41 a.m. Oct. 20, 2021 - By Tomi Kilgore
Lithia Motors stock set to rally after profit and revenue rise well above forecastsShares of Lithia Motors Inc. were indicated up about 1% in premarket trading Wednesday, after the auto retailer reported third-quarter profit and revenue that rose sharply and were well above expectations. Net income nearly doubled, to $307.9 mullion, or $10.11 a share, from $158.8 million, or $6.86 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose 63% to $11.21, beating the FactSet consensus of $9.30. Revenue grew 70.4% to $6.17 billion, above the FactSet consensus of $5.78 billion, while cost of sales increased 67.8% to $4.98 billion. New vehicle retail revenue rose 53.9% to $2.90 billion and used vehicle retail revenue rose 90.2% to $2.08 billion. "The pipeline is robust and we continue to identify accretive deals that strategically expand our network while meeting our disciplined return thresholds," said Chief Executive Bryan DeBoer. The company said it is pacing ahead of schedule toward its goal of $50 billion in revenue and $50 of EPS by 2025. The stock has gained 15.7% year to date while the S&P 500 has advanced 20.3%.
5:48 a.m. Oct. 19, 2021 - By Claudia Assis
Tesla price target upped to $900 at B. of A. Securities Analysts at B. of A. Securities on Tuesday tweaked their price target on Tesla Inc. stock to $900, from $800, ahead of That implies an upside around 3.5% over Tuesday's share price. Tesla got a "slight premium" over B. of A.'s expectations to factor in "(Tesla's) track record of growth, consistent capital raises, and overall investor hype," the analysts said in a note. Tesla has gained 23% so far this year, compared with gains around 20% for the S&P 500 index in the same period.
3:15 a.m. Oct. 19, 2021 - By Tomi Kilgore
Kansas City Southern's stock slumps after profit misses expectations as volumes declinedShares of Kansas City Southern slumped 1.1% in premarket trading Tuesday, after the railroad operator reported third-quarter profit that fell short of expectations, as auto plant shutdowns resulting semiconductor shortages, service interruptions from right-of-way blockages and increased regulation of shipments into Mexico led to a 3% decline in carload volumes. Net income fell to $156.1 million, or $1.71 a share, from $189.7 million, or $1.01 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to $2.02, below the FactSet consensus of $2.04. Revenue rose 12.8% to $744.0 million, above the FactSet consensus of $722.4 million. Operating expenses increased 26.8% to $492.1 million, including a 13.5% rise in compensation and benefits costs to $133.3 million and a 53.5% jump in fuel costs to $78.0 million. "We are encouraged that despite several commercial headwinds, our network is performing extremely well and we are delivering near record velocity and dwell," said Chief Executive Patrick Ottensmeyer. The stock has rallied 13.1% over the past three months through Monday, while the Dow Jones Transportation Average has advanced 7.1% and the Dow Jones Industrial Average has tacked on 3.8%.
2:01 a.m. Oct. 19, 2021 - By Tomi Kilgore
Tesla stock rises toward a 7th straight gain a day ahead of earnings reportShares of Tesla Inc. rose 0.9% in premarket trading Tuesday, putting them on track to seek a seventh straight gain, a day before the electric vehicle maker is slated to report third-quarter results. The stock has run up 10.8% over the past six sessions to close Monday at the highest price since Feb. 2, and just 1.5% below the Jan. 26 record close of $883.09. Tesla is now the sixth largest S&P 500 component with a market capitalization of $861.4 billion through Monday's close, putting it above Warren Buffett's Berkshire Hathaway Inc. at $640.25 billion, according to FactSet, and behind Facebook Inc. at $945.47 billion. Tesla is set to report earnings after Wednesday's closing bell, with the FactSet consensus for earnings per share of $1.61 and revenue of $14.01 billion. Wedbush analyst Dan Ives said he expects Tesla to report another "beat across the board." He said the expected beats, despite the overhang of semiconductor shortages and logistics issues, "speaks to an EV demand trajectory that looks quite robust for Tesla heading into 4Q and 2022." The stock has soared 34.7% over the past three months through Monday while the S&P 500 has gained 5.4%.
4:29 a.m. Oct. 15, 2021 - By Tomi Kilgore
Ford stock gains after China sales report, with Q3 down but year-to-date sales upShares of Ford Motor Co. edged up 0.4% in premarket trading Friday, after the automaker reported overnight third-quarter China vehicle sales that fell from a year ago, amid continued challenges resulting from the semiconductor shortage, but outperformed its U.S. vehicle sales performance by a wide margin. The company said it sold 150,100 vehicles in Greater China during the quarter, down 8.7% from a year ago, while Lincoln brand passenger vehicle sales increased 24%. The year-to-date total has reached 457,000 vehicles, up 11% from the year-ago period. That compares with a 25.8% decline in third-quarter U.S. vehicles sales, with Lincoln-brands sales down 35.8%, according to a MarketWatch analysis of monthly data, and a 7.0% drop in year-to-date sales through September. Ford's stock has soared 75.8% year to date through Thursday, while shares of rival General Motors Co. have rallied 38.5% and the S&P 500 has advanced 16.8%.
3:25 a.m. Oct. 15, 2021 - By Tomi Kilgore
Prologis stock jumps after earnings beat expectations, amid record increases in market rentsShares of Prologis Inc. rallied 1.7% toward a fifth straight gain Friday, after the real estate investment trust focused leasing logistics facilities reported third-quarter earnings that rose above expectations, and boosted its full-year outlook, amid record increases in market rents and valuations. Net income more than doubled to $722.0 million, or 97 cents a share, from $298.7 million, or 40 cents a share, in the year-ago period. Core funds from operations per share increased to $1.04 from 90 cents, beating the FactSet consensus of $1.03. Total revenue rose 9.3% to $1.18 billion, above the FactSet consensus of $1.04 billion. Average occupancy was 96.6%, up from 96.0% in the second quarter, and with 98.0% of property leased as of Sept. 30. Cash rent change was up 12.9%, with cash same-store net operating income grew 6.7%. For 2021, the company raised its core FFO guidance range to $4.11 to $4.13 from $4.04 to $4.08, compared with the FactSet consensus of $4.07. "Our third quarter results were underpinned by record increases in market rents and valuations," said Chief Executive Hamid Moghadam. "With vacancies at unprecedented lows, space in our markets is effectively sold out." The stock has rallied 36.2% year to date through Thursday, while the SPDR Real Estate Select Sector ETF has advanced 26.3% and the S&P 500 has gained 16.8%.
2:14 a.m. Oct. 15, 2021 - By Tomi Kilgore
J.B. Hunt's stock set to rally after profit, revenue rise above expectationsShares of J.B. Hunt Transport Services Inc. were indicated up about 1% in premarket trading Friday, after the trucking company reported third-quarter profit and revenue that rose above expectations, as growth in all business segments helped offset rising wage and truck purchase transportation costs and lack of network fluidity. Net income rose to $199.8 million, or $1.88 a share, from $125.5 million, or $1.18 a share, in the year-ago period. The FactSet consensus for earning per share was $1.78. Revenue grew 27.2% to $3.14 billion, above the FactSet consensus of $3.02 billion. Operating expenses increased 25.0% to $2.87 billion, with wages and benefits costs growing 19.8% and rents and purchased transportation rising 28.5%. The stock has climbed 28.2% year to date, while the Dow Jones Transportation Average has advanced 19.5% and the Dow Jones Industrial Average has gained 14.1%.
3:52 a.m. Oct. 13, 2021 - By Tomi Kilgore
Delta reports first adjusted profit since before the pandemic, but fuel price rise could pressure profitability; stock fallsShares of Delta Air Lines Inc. dropped 1.5% in premarket trading Wednesday, after the air carrier reported its first adjusted profit since the COVID-19 pandemic, and which was double what was expected, but said the recent rise in fuel prices will pressure its ability to remain profitable in the fourth quarter. Net income was $1.21 billion, or $1.89 a share, compared with $1.50 billion, or $2.31 a share, in the same period in pre-pandemic 2019. Excluding nonrecurring items, such as a $1.3 billion benefit related to government payroll support, adjusted earnings per share came in at 30 cents, beating the FactSet consensus of 15 cents. Total revenue was $9.15 billion, down 27% from the same period in 2019, but beat the FactSet consensus of $8.38 billion. Load factor fell to 80% from 88%, but beat the FactSet consensus of 78%. Capacity for the quarter was 71% of what it was in the same 2019 quarter. Adjusted fuel price was $1.94 per gallon, down 8% from the second quarter, but that is expected to rise to $2.25 to $2.40 per gallon i the fourth quarter. The company also expects fourth-quarter capacity to be 80% of 2019 levels. "Generating a profit for the quarter even with a majority of our corporate and international customers still to return is a great achievement," said President Glen Hauenstein. He expects holiday travel demand to be "robust," and expects improvement in corporate and international demand. Delta's stock has gained 8.3% year to date through Tuesday, while the U.S. Global Jets ETF has tacked on 7.2% and the S&P 500 has advanced 15.8%.
2:46 a.m. Oct. 13, 2021 - By Ciara Linnane
Stoneridge issues profit and sales warning for Q3 as supply chain snags and higher costs weigh on its OEM customersStoneridge Inc. , a Novi, Michigan-based maker of electrical and electronic vehicle systems, lowered its third-quarter guidance on Wednesday, and said the continued supply chain-related challenges and higher costs had reduced production schedules for its original equipment manufacturers, or OEM, customers. The company noted an IHS Markit forecast from Sept. 16 for third-quarter worldwide automotive production suggested its weighted average end-markets declined by about 13% f relative to assumptions made on its second-quarter earnings call. "The overall transportation industry continues to be challenged by the global pandemic and its aftermath," CEO Jon DeGaynor said in a statement. "Recent production shutdowns and altered production forecasts at our automotive and commercial vehicle OEM customers, often on short notice, have created volatility and had a negative impact on our financial results for the third quarter." The company is now expecting a third-quarter loss per share of 40 cents to 34 cents, and adjusted loss per share of 29 cents to 23 cents. Sales ae expected to come in at about $180 million. The FactSet consensus is for a loss per share of 10 cents and sales of $185 million. The company has raised prices to mitigate the higher costs, where possible. Shares were down 1.5% premarket and have lost 31% in the year to date, while the S&P 500 has gained 16%.
9:35 a.m. Oct. 12, 2021 - By Claudia Assis
GM's deal with LG over Bolt recall costs removes headwinds, RBC saysGeneral Motors Co.'s agreement with LG Electronics to cover expenses with the Chevrolet Bolt recall removes a headwind for the stock, analysts at RBC Capital said in a note Tuesday. GM earlier Tuesday said it reached a deal with LG for the costs with the recall, which was due to manufacturing defects in battery modules supplied by LG. As a result, GM will recognize an estimated recovery in its third-quarter earnings that will offset $1.9 billion of $2 billion in charges associated with the recalls, the company said. "We had (about $1 billion) headwind in our 3Q21 estimate, but now update that to (an about $700 million) tailwind," the RBC analysts said. "From a cash perspective, our understanding is cash out will be incurred as replacements begin and reimbursements from LG will also follow costs incurred (i.e. don't expect a one-time $1.9bn check)," they said. RBC remains "very constructive" on GM, as the company "is on the cusp of a massive transformation and walked away from their recent analyst day more constructive." At an investor event last week, GM promised to double its revenue in Shares of GM have gained about 42% this year, compared with gains of around 16% for the S&P 500 index.
3:27 a.m. Oct. 12, 2021 - By Ciara Linnane
GM and LG Electronics reach agreement on Bolt EV recall costsGeneral Motors Co. said Tuesday it has reached an agreement with Korea's LG Electronics Inc. over the costs of recalling Chevrolet Bolt electric vehicles and electric utility vehicles because of manufacturing defects in battery modules that LG supplied to GM. As a result of the deal, GM said it would recognize an estimated recovery in its third-quarter earnings that will offset $1.9 billion of $2.0 billion of charges stemming from the recalls. GM said in September that it was recalling the remaining 2019 and 2020 to 2022 model year vehicles, including the Bolt EUV because of the battery issue. GM shares are up 1.1% premarket and have gained 39.5% in the year to date, while the S&P 500 has gained 16%.
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