On October 25, 2023, the S&P 500 saw a decline of 1.45%, while the Dow Jones Industrial Average fell by 0.32%. The Nasdaq Composite also experienced a downturn, falling by 2.49%. The 10-year Treasury yield rose 2.42% to 4.955%.
Shares of IBM (IBM, Financial) rose approximately 2% in extended-hours trading after the company reported third-quarter results that exceeded expectations and raised its full-year expectations for free cash flow. The company's software revenue rose by 8% to $6.27B, and consulting revenue increased by 6% year-over-year to $5B.
Meta Platforms (META, Financial) reported a Q3 GAAP EPS of $4.39, beating expectations by $0.76. The company's revenue of $34.15B, a 23.2% increase year-over-year, also exceeded expectations. Shares rose by 4% following the announcement.
ServiceNow (NOW, Financial) reported a Q3 Non-GAAP EPS of $2.92, beating expectations by $0.37. However, the company's revenue of $2.24B fell short of expectations by $30M. Despite this, shares rose by 5.8%.
Apple (AAPL, Financial) is reportedly planning to overhaul its AirPods lineup starting next year. The changes will include a revamped version of the entry-level AirPods and a new Pro model in 2025.
Whirlpool (WHR, Financial) reported a Q3 Non-GAAP EPS of $5.45, beating expectations by $1.18. The company's revenue of $4.93B, a 3.1% increase year-over-year, also exceeded expectations.
Annaly Capital Management (NLY, Financial) reported a Q3 Non-GAAP EPS of $0.66, missing expectations by $0.02. The company's GAAP net income (loss) was ($1.21) per average common share for the quarter.
TC Energy (TRP, Financial) saw a 0.9% increase in Wednesday's trading as Wells Fargo upgraded the stock to Overweight from Equal Weight with a C$54 price target, raised from C$47.
KLA (KLAC, Financial) reported a Q1 Non-GAAP EPS of $5.74, beating expectations by $0.37. The company's revenue of $2.4B, an 11.8% decrease year-over-year, also exceeded expectations.
Align Technology (ALGN, Financial) reported a Q3 Non-GAAP EPS of $2.14, missing expectations by $0.12. The company's revenue of $960.2M, a 7.9% increase year-over-year, also fell short of expectations.
QuantumScape (QS, Financial) reported a Q3 GAAP EPS of -$0.23, beating expectations by $0.16. The company's capital expenditures for the third quarter were $18M.
EPR Properties (EPR, Financial) reported a Q3 FFO of $1.47, beating expectations by $0.08. The company's revenue of $189.38M, a 17.3% increase year-over-year, also exceeded expectations.
Cassava Sciences (SAVA, Financial) traded higher on Wednesday after announcing Phase 3 data to indicate that its Alzheimer’s candidate, simufilam, is not linked to a common group of side effects associated with FDA-approved Alzheimer’s medications.
Ford Motor Co. (F, Financial) is reportedly close to reaching a tentative agreement with the United Auto Workers, potentially bringing an end to a strike that began in September.
Canadian Pacific Kansas City (CP, Financial) reported a Q3 Non-GAAP EPS of C$0.92, beating expectations by C$0.26. The company's revenue of C$3.34B, a 44.6% increase year-over-year, also exceeded expectations.
General Motors (GM, Financial) has had its driving permits suspended by California’s DMV following an incident involving its robotic taxi service Cruise.
Enphase Energy (ENPH, Financial) is set to report its third-quarter earnings on Thursday, with investors jittery after rival SolarEdge Technologies posted a much weaker than expected Q3 forecast.
Mattel (MAT, Financial) reported a Q3 Non-GAAP EPS of $1.08, beating expectations by $0.22. The company's revenue of $1.92B, a 9.1% increase year-over-year, also exceeded expectations.
LendingClub (LC, Financial) reported a Q3 Non-GAAP EPS of $0.05, beating expectations by $0.01. The company's revenue of $200.85M, a 34.1% decrease year-over-year, also exceeded expectations.
Antero Midstream (AM, Financial) reported a Q3 GAAP EPS of $0.23, beating expectations by $0.04. The company's revenue of $263.84M, a 14.2% increase year-over-year, also exceeded expectations.
