Before the bell, take a look at the businesses that are in the news.
The Arista Networks After exceeding third-quarter projections, the company’s shares for cloud networking solutions increased by almost 10%. Arista recorded $1.83 in earnings per share on $1.51 billion in revenue, excluding adjustments. This was more than what FactSet’s survey of analysts predicted, which was $1.58 earnings per share on $1.48 billion in revenue.
Chewy: The pet food retailer saw a 4% increase in premarket trading following Morgan Stanley’s upgrade of the shares to overweight from equal weight. “An intriguing combination of stronger than projected sales growth and ongoing margin expansion paired with a reasonable price,” according to analyst Lauren Schenk, was mentioned.
Pinterest – As a result of better-than-expected third-quarter earnings, Pinterest shares surged by more than 16%. The social network business reported 28 cents in adjusted earnings per share. With $763.2 million in revenue, it was an 11% increase over the previous year. Global monthly active users increased by 8% over the previous year.
A Caterpillar A fear that the equipment manufacturer’s sales for the fourth quarter would fall short of analysts’ projections caused investors to send shares down 4.3%. The fourth-quarter revenue for Caterpillar is expected to be “slightly” higher than it was the same quarter last year, the company stated during its earnings presentation.
Busch Anheuser — The beer maker had a 4% increase in stock price on the release of earnings of 86 cents per share, which exceeded the LSEG-surveyed analysts’ estimate of 83 cents per share. However, revenue was less than predicted, coming in at $15.57 billion as opposed to $15.73 billion.
After JetBlue released third-quarter data that fell short of analysts’ estimates, the company’s stock dropped more than 7%. Despite generating $2.35 billion in revenue, JetBlue lost 39 cents per share, excluding expenses. LSEG surveyed analysts who predicted a $2.38 billion revenue drop of 25 cents per share.
A Caterpillar A fear that the equipment manufacturer’s sales for the fourth quarter would fall short of analysts’ projections caused investors to send shares down 4.3%. The fourth-quarter revenue for Caterpillar is expected to be “slightly” higher than it was the same quarter last year, the company stated during its earnings presentation.
Chegg: The educational tech company’s stock dropped more than 4%. Chegg beat the 17 cents per share averaged by LSEG’s panel of analysts with its third-quarter profits, which came in at 18 cents per share, eliminating items. Consensus predictions for revenue were $152 million, but $158 million was higher.
Wolfspeed — Following its fiscal first-quarter results, which revealed a loss of 53 cents per share as opposed to the 67 cents per share analysts surveyed by LSEG had predicted, the stock shot up 12.5%. In contrast to the $208 million consensus, revenue actually came in at $197 million.
Tesla — Following reports of waning demand for electric cars, particularly more expensive models, the company’s stock saw a 1.4% decrease in premarket trade.
BP – After the oil company’s third-quarter earnings failed analyst expectations, its shares fell 4%. In contrast to the $4.059 billion predicted by analysts surveyed by LSEG, BP declared an underlying replacement cost profit of $3.293 billion, which serves as a stand-in for net profit.
Source (CNBC)
