Before the bell, take a look at the businesses that are in the news.
Virgin Airlines After the space tourism company exceeded third-quarter projections, shares increased by about 9%. Virgin Galactic reported a loss per share of 28 cents, as opposed to the 43 cents per share that LSEG’s poll of experts had predicted. With $1.7 million in revenue, it exceeded the $1.1 million expert consensus as well.
Valaris: Barclays boosted its price target and upgraded Valaris from equal weight to overweight, causing the offshore drilling company to trade 1.5% higher. Despite missing top and bottom line third-quarter projections, Barclays increased its full-year EBITDA prediction for 2023 and 2024 to $131 million and $549 million, respectively.
Disney — The media giant’s stock increased 4.4% following the release of better-than-expected profits, fueled by growth at theme parks and ESPN+. However, a drop in ad income meant that Disney’s revenue for the quarter was below expectations.
Target – Ahead of the business’s results release the following week, Evercore ISI put the company to its tactical outperform list, causing shares to rise 1%. The company claimed that a weaker consumer climate is reflected in Target’s current share price, which is down roughly 28% year to date.
Lyft: During premarket trade, Lyft shares fell by more than 1%. The ride-sharing company announced $3.55 billion in bookings for the third quarter, which was less than the $3.90 billion that FactSet’s poll of analysts predicted. The outlook for fourth-quarter bookings was likewise below the consensus estimate.
Apellis Pharmaceuticals: After stating that the stock’s sharp decline this year seemed to have been an overreaction, Goldman Sachs added 1.8% to the commercial-stage biopharmaceutical company’s value. The business began covering the stock with a buy rating and stated that it expected the uptake of Syfovre, one of the company’s important medications, to shift.
Company Becton, Dickinson and After missing quarterly profit projections, the medical technology company saw a 5.8% decline in value. LSEG’s analyst survey predicted $3.43 in earnings per share, but the actual results were $3.42. Analysts had predicted $5.02 billion in revenue for the corporation during the period, while its actual revenue was $5.09 billion.
The Arm Holdings After the semiconductor technology company’s guidance fell short of analysts’ expectations, shares fell 5.9%. Arm reported its first-ever post-IPO earnings after the bell on Wednesday. The company stated that it anticipates current-quarter earnings to be between 21 and 27 cents per share.
Heuser-Busch InBev — The beermaker’s U.S.-traded shares increased 1.7% in premarket trading following HSBC’s upgrade of the company’s stock to buy from hold. The investing firm stated that for Anheuser-Busch’s stock to rise, Bud Light sales don’t need to increase.
Source (CNBC)
