Market Updates
Movers: Ally, Baker Hughes, Generac, Interactive Brokers, Intuitive Surg, Netflix, P&G, Winnebago
Scott Peters
19 Oct, 2022
New York City
Ally Financial Inc declined 8.7% to $26.31 after the financial services company said total net revenues in the third quarter increased 2% to $2.02 billion from $1.99 billion a year ago.
Net income in the period plunged 60% to $272 million from $683 million and diluted earnings per share dropped to 88 cents from $1.89 a year ago.
Retail customer base increased to 2.6 million and retail deposit base increased $2.7 billion to $133.9 billion.
Provision for credit losses jumped by $362 million to $438 million, reflecting losses "which are normalizing in-line with expectations."
Baker Hughes Co increased 6.6% to $25.65 after the oil services company reported third quarter revenues increased 5% to $5.4 billion from $5.1 billion a year ago.
The company swung to a net loss of $17 million from a profit of $8 million and diluted loss was 2 cents from earnings of 1 cent a year ago.
"Despite these economic challenges, we remain positive on the outlook for oil and gas.
We believe the fundamentals remain supportive of a multi-year upturn in global upstream spending, and that elevated natural gas and LNG pricing remains constructive for future FIDs," said said chief executive Lorenzo Simonelli.
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