Last Updated, Oct 23, 2024, 12:16 PM
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Check out the companies making headlines before the bell. McDonald’s — Shares fell more than 6% after the U.S. Centers for Disease Control and Prevention said an E. coli outbreak linked to the fast food company’s Quarter Pounder burgers has resulted in the hospitalization of 10 people and one death. Starbucks — The coffee chain fell 4.5% after its preliminary fiscal fourth-quarter results showed a decline in sales. Starbucks also suspended its 2025 forecast. Boeing — The defense stock slipped 0.6% after its third-quarter results were released. Revenues of $17.84 billion, which the company had preannounced, topped an LSEG estimate of $17.82 billion. Boeing reported a loss of $10.44 per share. Free cash flow was also negative $1.95 billion owing to losses in its commercial airplanes and defense segments. Enphase Energy — The solar energy tech company declined 15% after issuing a lower-than-expected fourth-quarter revenue outlook. Enphase expects revenue in the current quarter in a range between $360 million and $400 million, while analysts polled by LSEG forecast $435.8 million. Third-quarter results also missed expectations. AT & T — Shares of the telecom company advanced more than 2% on a bottom-line beat in the third quarter. Adjusted earnings of 60 cents per share topped analysts’ forecasts of 57 cents per share. However, revenue of $30.21 billion fell short of the consensus estimate for $30.44 billion. Coca-Cola — Shares slipped 2.1% despite better-than-expected third-quarter results . Coca-Cola posted 77 cents adjusted earnings per share on adjusted revenue of $11.95 billion. Analysts polled by LSGE had estimated 74 cents earnings per share and $11.6 billion in revenue. While the company has not yet released its full 2025 outlook, it said it is expected currency headwinds will impact its results next year. Hilton Worldwide Holdings — The hotel chain slid 4.3% after posting third-quarter revenue of $2.87 billion, under the $2.91 billion figure expected from analysts polled by LSEG. The company also issued weak guidance for current-quarter earnings guidance. Texas Instruments — Shares rose 3% after the semiconductor company posted a third-quarter earnings and revenue beat. Texas Instruments’ earnings per share of $1.47 on revenue of $4.15 billion topped analysts’ expectations of $1.38 per share on revenue of $4.12 billion, according to LSEG. Seagate Technology — The data storage stock shed more than 4%. Seagate guided for $2.3 billion in revenue for its fiscal second quarter, which came about in line with an LSEG estimate. Seagate’s first-quarter results did top analysts’ estimates on both top and bottom lines. Deutsche Bank — U.S.-traded shares of the investment bank declined around 2%. Although the company reported a profit, it was below analyst expectations. Deutsche Bank reported net income of 1.46 billion euros in the third quarter, falling short of a FactSet estimate for 1.52 billion euros. GE Vernova — The electric power company lost more than 4% after reporting weaker-than-expected quarterly earnings. GE Vernova reported adjusted earnings of 4 cents per share in the third quarter, while analysts surveyed by LSEG had expected 18 cents per share. Meanwhile, revenue of $8.91 billion topped forecasts of $8.78 billion. Qualcomm — Shares fell 3.5% after Bloomberg reported, citing a document, that British chip designer Arm is planning to cancel a key license agreement with the firm. Stride – Shares surged more than 25% after the tech company’s quarterly results beat Wall Street’s expectations. For its first quarter of fiscal 2025, Stride earned 94 cents per share on revenue of $551.1 million. That’s well above the 22 cents per share and $504.3 million in revenue that analysts polled by FactSet anticipated. Winnebago Industries — The recreational vehicle maker fell more than 8% after earnings in the fiscal fourth quarter fell short of expectations. The company posted 28 cents earnings per share, ex-items, versus a FactSet consensus estimate of 89 cents per share. Full-year guidance fell short of estimates. General Dynamics — Shares of the defense contractor dipped 1.3% after third-quarter results missed expectations. General Dynamics reported $3.35 in earnings per share on $11.67 billion of revenue. Analysts surveyed by LSEG were looking for $3.47 per share on $11.64 billion of revenue. Earnings and revenue were both up year over year. Spirit Airlines — The budget airline stock surged more than 28% after The Wall Street Journal reported that it has revived merger discussions with Frontier Airlines. — CNBC’s Sarah Min, Alex Harring, Lisa Kailai Han, Jesse Pound and Sean Conlon contributed reporting
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