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Check out the firms making headlines in noon buying and selling.
IBM – Shares shed more than 6% after IBM’s third-quarter outcomes confirmed a 3rd straight quarter of declining income. The firm earned an adjusted $2.58 per share for the quarter, which was in keeping with Street forecasts, whereas income was barely above consensus estimates. IBM didn’t situation current-quarter steering because of ongoing uncertainty surrounding Covid-19.
AMC Entertainment — Shares of the movie show chain sank more than 11% after the firm warned of a doable chapter in a safety submitting associated to a secondary inventory providing. The firm stated it may burn by way of its present money by the finish of 2020 or early 2021 with out further liquidity.
Travelers — The insurance coverage inventory gained 3.9% after it reported better-than-expected outcomes for its third quarter. Travelers reported $3.12 in adjusted earnings per share on $8.28 billion of income. Analysts surveyed by FactSet had been on the lookout for $3.03 per share and $7.59 billion. The firm reported progress in its underwriting enterprise and its funding revenue.
Logitech — Shares of the accent maker surged more than 18% after beating on the high and backside strains of its third-quarter earnings. Logitech earned $1.87 per share on income of $1.26 billion. Wall Street anticipated 57 cents per share on income of $841 million, in line with Refinitiv.
Procter & Gamble – Shares rose 1.5% after the shopper large reported better-than-expected quarterly outcomes. The firm stated its earnings per share got here in at $1.63 in its fiscal first quarter, versus $1.42 anticipated per Refinitiv. Its income rose 9% as the pandemic fueled increased demand for its family merchandise. P&G additionally raised its gross sales outlook for fiscal 2021.
Regions Financial — The inventory popped more than 7% after reporting better-than-expected quarterly outcomes. Regions Financial earned 52 cents per share on income of $1.64 billion, in comparison with the 33 cents per share on income of $1.49 billion forecast on Wall Street.
Synchrony Financial — Shares fell more than 4% after reporting disappointing gross sales for the third quarter. The firm made $3.46 billion in income, lacking estimates of $3.49 billion, in line with Refinitiv. Earnings got here in in keeping with estimates at 72 cents per share.
Comerica — The financial institution’s inventory rallied more than 7% after reporting earnings that topped analyst expectations. Comerica earned $1.44 per share, above the 83 cents anticipated on Wall Street. Revenue got here in at $710 million, increased than the forecast $696 million.
UBS — Shares of the financial institution rose more than 6% after reporting its quarterly revenue doubled, pushed by sturdy funding banking and a lift in revenue from its wealth administration division. UBS additionally put aside $2.5 billion for potential dividends and inventory buybacks.
Revlon – The inventory worth gained about 1% even after its warning to bondholders that they won’t receives a commission if the firm’s distressed-bond alternate fails. The embattled cosmetics retailer stated that with out 95% participation from bondholders, most of the firm’s debt will speed up and turn out to be payable subsequent month, during which case the bonds might be value subsequent to nothing.
PPG Industries – Shares gained more than 1% after the firm reported third-quarter earnings. The paint and coatings maker earned $1.93 on an adjusted foundation, which topped estimates by one cent. Revenue additionally got here in above forecasts.
— with reporting from CNBC’s Yun Li, Jesse Pound and Pippa Stevens.