Check out the firms that are making news before the bell: AMD, WeWork, Wayfair, Humana And More
WeWork
WeWork Shares fell 35.5% after the Wall Street Journal reported that the shared workspace startup plans to file for Chapter 11 bankruptcy protection as soon as next week.
Advanced Micro Devices (AMDs)
The chipmaker fell more than 1% after releasing revenue estimate for the fourth quarter that was lower than expected. It did, however, provide optimistic 2024 guidance for its data center GPU division.
Ford and General Motors
Barclays upgraded each automaker to overweight from equal weight, citing attractive prices following October’s stock falls. “We believe the different pressures on the business have created ‘peak pain,’ yielding trading multiples at historical lows,” Barclays said in a statement.
Also Read: L&T Q2 Results: Net Profit Increases By 45% To Rs 3,223 Crore
CVS
Despite announcing a profits and revenue beat for the third quarter, shares of the pharmacy chain and owner of Aetna insurance dipped 1.5%. Medical benefit expenditures, on the other hand, came in at 85.7% of premiums, 1% more than expected, owing to increased outpatient care and Medicare Advantage utilization, according to CVS.
Match Group
The owner of dating services fell 8.3% on lower-than-expected sales projections for the fourth quarter. According to LSEG, formerly known as Refinitiv, Match anticipated revenue of $855 million to $865 million, while analysts expected $895 million.
Wayfair
The online furniture retailer fell 12% after its third-quarter revenue fell short of analyst projections. According to LSEG consensus figures, Wayfair’s revenue was $2.94 billion, which was lower than the $2.98 billion projection. An adjusted loss of 13 cents per share was less than the expected loss of 48 cents.
ZoomInfo Technologies
The sales and marketing technology platform fell 2.4% after Goldman Sachs downgraded it to neutral from buy following the announcement of third-quarter earnings on Monday. ZoomInfo exceeded FactSet’s sales and earnings projections, but provided cautious outlook for current quarter earnings and operating income.
Humana
Humana shares slumped 2.8% after the insurance company reduced its full-year outlook for non-adjusted profits per share. According to StreetAccount, Humana’s third-quarter adjusted earnings per share of $7.78 over the Wall Street consensus forecast of $7.16, yet the company simply reiterated full-year adjusted earnings per share guidance despite the third-quarter beat.
Estee Lauder
The beauty goods company fell more than 14% as its earnings guidance for the current quarter and fiscal year fell significantly short of analyst expectations. Estee Lauder also forecasted revenue growth of 9% to 11% in the current quarter, while FactSet polled analysts expecting a 2.2% gain.
Kraft Heinz Company
The ketchup maker’s stock rose 1.5% after raising its full-year earnings per share guidance, excluding one-time factors. According to FactSet, Kraft Heinz also announced higher-than-expected earnings per share of 72 cents in the third quarter, compared to analysts’ expectations of 66 cents. In addition, Kraft Heinz implemented significant organizational and leadership changes.
Paycom Software
Shares fell more than 36% after the company’s third-quarter sales fell short of expectations. According to FactSet, Paycom’s revenue for the quarter was $406.3 million, compared to analysts’ expectations of $411.2 million. Meanwhile, Paycom’s earnings per share surpassed expectations, coming in at $1.77, excluding adjustments, vs $1.61 expected by analysts.
Yum China Holdings
Shares of the Chinese restaurant giant fell more than 12% after third-quarter revenue fell short of expectations. Yum reported $2.91 billion in revenue, but analysts projected $3.06 billion, according to LSEG projections.
Caesars Entertainment Corporation
Before the bell, the gaming stock jumped 5% after exceeding Wall Street’s third-quarter profit projections. Caesars earned 34 cents per share on revenue of $2.99 billion. This surpassed analysts polled by LSEG’s expectation of 29 cents per share and $2.93 billion in revenue.
Frequently asked questions
Does we works still exist?
In March 2021, the company agreed to merge with BowX Acquisition Corp. and become a public corporation through a special-purpose acquisition company with a $9 billion valuation.
Who is the CEO of Wayfair?
Wayfair’s CEO and Co-Chairman is Niraj Shah.
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