The S&P 500 saw a slight decline of 0.01% as markets concluded on 10-17-2023. The Dow Jones Industrial Average, however, experienced a minor increase, finishing 0.04% higher. On the other hand, the Nasdaq Composite fell by 0.25%. The 10-year Treasury yield rose 1.98% to 4.84%.
United Airlines (UAL, Financial) reported Q3 Non-GAAP EPS of $3.65, beating estimates by $0.24. The company's revenue of $14.48B, which is a 12.4% increase year-over-year, also surpassed expectations by $70M. Despite these positive results, the airline's shares fell by 4.84%.
U.S. Bancorp (USB, Financial) saw its stock jump 7.3% after the Federal Reserve informed the regional lender that it no longer needs to meet requirements for Category II financial institutions. This news relieved the company of stricter capital requirements and boosted its shares, which are still down 21.6% year-to-date.
SunPower (SPWR, Financial) shares managed to overcome a sharp early decline to turn positive, +1%, even after receiving two analyst downgrades. Meanwhile, Nvidia (NVDA, Financial) and other semiconductor stocks experienced losses due to new rules curbing the sale of artificial intelligence-linked chips to China.
Southwestern Energy (SWN, Financial) saw a 6.1% increase in its shares following a Reuters report that Chesapeake Energy (CHK) has approached the company about a potential acquisition. If the two companies combine, they would overtake EQT Corp. (EQT) as the largest U.S. natural gas-focused exploration and production company by market capitalization.
VMWare (VMW, Financial) dropped 7.7% amid a report about China's review of the firm's more than $60 billion sale to Broadcom (AVGO). Broadcom fell 2%. The deal spread widened to $17.24 from $6.09 on Monday.
Netlist (NLST, Financial) plummeted 28% amid a ruling in its patent fight with Samsung Electronics (SSNLF). The Ninth Circuit Court of Appeals reversed the district court's entry of declaratory judgement and remanded it for further proceedings.
Terex (TEX, Financial) announced that it expects full-year 2023 EPS to be ~$7.05, lower than analysts' estimate of $7.16. Shares of TEX slipped 2.2% in extended trading.
Devon Energy (DVN, Financial) and APA Corp. (APA) were among several energy exploration and production stocks downgraded to Market Perform from Outperform at Bernstein, citing the sector as being in "mid to late cycle."
Meta’s (META, Financial) Reels continues to gain adoption, a positive signal for engagement and monetization in 2024, according to Morgan Stanley. The engagement growth in Reels could result in "high-teens" revenue growth for the company in 2024, resulting in roughly $20 in earnings per share.
The founding partners of Sculptor Capital Management (SCU, Financial) filed a lawsuit against the company, its directors, and Rithm Capital (RITM) on Tuesday that seeks to stop the defendants from allegedly breaching their fiduciary duties to shareholders.
American Eagle Outfitters (AEO, Financial) announced the appointment of Sarah Clarke as executive vice president-chief supply chain officer, and Valerie van Ogtrop as executive vice president- brand operations.
Output from the Canadian cannabis sector has dropped to $10.8B in July after peaking at $11.6B in November 2022, according to new research from Statistics Canada.
J.B. Hunt Transport Services (JBHT, Financial) slipped in postmarket action on Tuesday after falling slightly short of estimates on both lines of its Q3 earnings report.
Re/Max Holdings (RMAX, Financial) reported that the number of homes on the market grew month over month for a sixth consecutive month in September as sales declined 13.8% from August and 17% from a year ago.
Ford Motor (F, Financial) declares $0.15/share quarterly dividend, in line with previous. Forward yield 4.97% Payable Dec. 1; for shareholders of record Nov. 1; ex-div Oct. 31.
LL Flooring (LL, Financial) dropped 8% amid a short report from Bleecker Street. The Bleecker Street report casts doubt on if Live Ventures (LIVE) can complete its recent $5.85 share bid for LL Flooring (LL).
V.F. Corp. (VFC, Financial) jumped 14% after activist Engaged Capital takes stake in the apparel and footwear company. Engaged believes V.F.Corp (VFC) can realize a mid-$40 share price within three years.
