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Oct 24, 2024
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Lam Research Corporation increased 3% to $75.10 after the advanced semiconductor equipment maker's earnings surpassed market expectations.
Revenue in the third quarter increased 8% to $4.2 billion from $3.9 billion, net income rose to $1.1 billion from $887.4 million, and diluted earnings per share advanced to 8.56 from $6.66 a year earlier.
Of the total sales, China accounted for 37%, followed by Korea with 18%, Taiwan with 15%, the U.S. with 12%, and Japan with 7%.
The company estimated fourth quarter revenue of $4.3 billion with a band of $300 million and post-split net income per diluted share of 87 cents with a band of 10 cents.
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Tesla Inc. jumped 15.6% to $249.57 after the electric vehicle maker reported better-than-expected profit in the third quarter.
Total revenue in the third quarter increased 8% to $25.2 billion from $23.4 billion, net income attributable to shareholders advanced 17% to $2.2 billion from $1.9 billion, and diluted earnings per share rose 9% to 72 cents from 66 cents a year ago.
Vehicle delivery in the quarter increased 6% to 462,890 from 435,059 a year ago. -
Single-family home sales in September increased 6.3% from a year ago to a seasonally adjusted annual rate of 738,000, according to an estimate released by the U.S. Census Bureau.
Home sales rose 4.1% from the previous month, the highest level since May 2023, following a downwardly revised 709,000 in August.
The median price of a new home increased to $426,300 from $426,100, and the average price decreased to $501,000 from $515,000 a year earlier, respectively.
The seasonally adjusted estimate of new houses for sale at the end of September was 470,000, representing a supply of 7.6 months at the current sales rate.
Sales decreased 22.2% in the Northeast to 28,000 and declined 10.9% in the West to 156,000, but rose 14.9% to 77,000 in the Midwest and increased 14.7% to 477,000 in the South.
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Texas Instruments increased 2.5% to $198.85 after the advanced semiconductor reported better-than-expected quarterly results.
Revenue in the third quarter declined 8% to $4.2 billion from $4.5 billion, net income dropped 20% to $1.36 billion from $1.70 billion, and diluted earnings per share fell 21% to $1.47 from $1.85 a year ago.
The company estimated fourth quarter revenue to fall between $3.70 and $4.0 billion and diluted earnings per share between $1.07 and $1.29. -
Manhattan Associates dropped 5.6% to $276.0 after the supply chain software developer's revenue growth outlook fell short of market expectations.
Revenue in the third quarter increased to $266.7 million from $238.4 million, net income advanced to $63.8 million from $49.4 million, and diluted earnings per share rose to $1.03 from 79 cents a year ago.
The company estimated full-year 2024 revenue between $1.039 and $1.041 billion, an increase of 12% from a year ago.
The company estimated diluted earnings per share to range between $3.47 and $3.49, an increase of about 23% from a year ago. -
Coca-Cola Co. declined 2.5% to $67.70 after the beverage maker reported slightly higher-than-expected quarterly earnings.
Adjusted revenue in the third quarter was flat at $1.95 billion, and unit case volume fell 1%, largely driven by the weakness in its international markets.
Net income attributable to shareholders declined to $2.85 billion from $3.09 billion, and diluted earnings per share fell to 66 cents from 71 cents a year earlier. -
McDonald's Corp. decreased 6.7% to $293.54 after the U.S. Centers for Disease Control and Prevention said an E. coli outbreak was linked to the company's Quarter Pounder burgers.
The CDC said that the outbreak has resulted in the death of one person and the hospitalization of 10 people. -
Discover Financial Services increased 1.4% to $149.64 after the company reported higher-than-expected third quarter results.
Total revenue net of interest expense increased 10% to $4.5 billion from $4.0 billion, net income rose 41% to $965 million from $683 million, and diluted earnings per share advanced 42% to $3.69 from $2.59 a year ago.
The total net charge-off rate was 4.86%, up 134 basis points from a year ago and up 3 basis points from the previous quarter "reflecting continued seasoning of recent vintages and the student loan accounting classification change."
The credit card net charge-off rate was 5.28%, up 125 basis points from a year ago and down 27 basis points from the previous quarter. -
3M Company declined 1.4% to $132.94 after the diversified industrial company reported its quarterly results.
Revenue in the third quarter increased 0.4% to $6.3 billion, net income attributable to shareholders swung to a profit of $1.4 billion from a loss of $2.1 billion, and diluted earnings per share were $2.49 billion compared to a loss of $3.74 a year ago.
The company revised its adjusted sales growth outlook to an increase of 1% from the previous estimate between a decline of 0.25% and an increase of 1.75%.
The company also estimated adjusted annual earnings per share to range between $7.20 and $7.30 from the previous estimate between $7.0 and $7.30. -
Sherwin Williams declined 3.5% to $368.38 after the paint company reported weaker-than-expected third quarter results.
Consolidated net sales increased 0.7% to $6.16 billion, net income increased to $806.2 million from $761.5 million, and diluted earnings per share advanced to $3.18 from $2.95 a year ago.
The company reaffirmed its full-year diluted earnings per share range between $10.30 and $10.60, including acquisition-related amortization expense of 80 cents per share.
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