CVS replaced its current chief executive as the drug retailer battles falling profit and accelerates its store closures. Netflix reported higher revenue and earnings in the third quarter. Procter & Gamble said weakness in China weighed on its latest quarterly results.

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Taiwan Semiconductor revised its revenue outlook in the current quarter, citing strong demand for its chips used in advanced artificial intelligence applications and smart phones. CSX reported weak revenue growth after volume growth was weighed down by revenue per unit.

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United Airlines launched its first stock and warrant repurchase plan in nearly five years after the company's earnings continued to surpass expectations. Morgan Stanley said rising client asset inflow supported the rise in revenue and earnings in the third quarter. 

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UnitedHealth trimmed its annual earnings outlook. Goldman Sachs reported better-than-expected revenue after debt underwriting fees surged from a year ago. Citigroup reported higher investment banking fees. Bank of America said net interest income decreased 3% from a year ago in the third quarter.

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BlackRock reported higher revenue and earnings, and net fund flows increased. JPMorgan Chase revised higher its annual net interest revenue. Wells Fargo earnings were ahead of expectations. Stellantis announced a broad management shakeup. 

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Delta Airlines reported flat revenue in the third quarter and issued a cautious revenue outlook in the current quarter. Hurricane Milton-related property losses are expected to surpass multi-billion dollars as parts of Fort Myers and Sarasota remain underwater. 

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U.S. Movers: Alphabet, Boeing, Generac

Oct 9, 2024
Scott Peters
The U.S. Justice Department sought the breakup of Alphabet, the parent company of Google, alleging its unlawful monopoly in search. Boeing withdrew its pay hike offer as the machinists strike continued.

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PepsiCo tightened its annual organic revenue outlook. DocuSign was selected to replace MDU Resources in the S&P MidCap Index. China-linked stocks turned sharply lower after Chinese authorities delayed additional stimulus measures.

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Arcadium Lithium soared in heavy trading volume after mining giant Rio Tinto expressed its interest in acquiring the company. Catastrophe insurance companies declined after Hurricane Milton strengthened into a Category 4 storm. 

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Berkshire Hathaway trimmed its Bank of America holding to 10.2%. Oil complex stocks extended weekly gains amid escalating tensions in the Middle East. Levi Strauss reported mixed results.

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Nike withdrew its annual outlook and reported weaker-than-expected quarterly results. Tesla reported higher production and deliveries of electric vehicles in the third quarter. Eli Lily announced its plans to nearly double its investment in a new research and manufacturing facility in Indiana. 

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Charles Schwab announced its current chief executive will retire at the end of the year. McCormick & Company reiterated its annual revenue and operating profit outlook. Stellantis extended production halt for its electric Fiat 500 till the end of next month.

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AT&T sold its stake in DirectTV to TPG, and the private equity group agreed to acquire Dish TV and Sling TV and merge the two satellite TV companies. Stellantis lowered its annual outlook, citing global sales weakness.

Southwest Airlines announced a host of changes to its business model and raised its revenue outlook for the third quarter. Micron Technology estimated higher earnings and revenue in the current quarter, backed by solid demand for artificial intelligence applications. 

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KB Home reported weaker-than-expected quarterly results. Progress Software's revenue and adjusted earnings were ahead of market expectations in its latest quarter. Berkshire Hathaway lowered its stake in Bank of America. 

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