Movers: American Express, CSX, Schlumberger, Snap, Tenet Healthcare, Verizon, Whirlpool

Scott Peters
21 Oct, 2022
New York City

American Express Company fell 5.4% to $134.84 and the company said third quarter revenues increased 24% to $13.6 billion driven by 21% increase in card member spending. 

Net income in the quarter increased 3% to $1.88 billion from $1.83 billion and diluted earnings per share rose to $2.47 from $2.27 a year ago. 

Travel and entertainment spending surged 57% from a year ago and international spending increased beyond pre-pandemic levels for the first time both on a nominal and constant-dollar basis. 

CSX Corp rose 1% to $27.35 after the railroad company posted stronger-than-expected third quarter revenues and earnings on higher shipping volume and improved freight rate. 

Third quarter revenue increased 18% to $3.9 billion driven by higher fuel surcharge, pricing gains, a 2% increase in volumes, and an increase in storage and other revenues. 

Net income increased 15% to $1.1 billion from $968 million and diluted earnings per share rose to 52 cents from 43 cents a year ago. 

Schlumberger NV advanced 8.4% to $49.50 after the company said third quarter revenues increased 28% to $7.5 billion. 

International revenue increased 26% to $5.9 billion and 37% increase in North America revenue to $1.5 billion. 

Net income increased to $919 million from $562 million and diluted earnings per share advanced to 63 cents from 39 cents a year ago. 

Higher prices and improvements in operating leverage drove the gains in the quarter. 

Snap Inc plunged 30.4% to $7.52 after the social media company reported weaker-than-expected third quarter revenue of $1.13 billion and higher-than-expected adjusted profit of 8 cents a share. 

The stock plunged after the company guided no increase in advertising revenue in the current quarter. The forecast also dragged down Meta Platforms by 2.5%, Twitter by 4% and Pinterest by 7.5%.   

Tenet Healthcare Corp plunged 30.5% to $37.80 after the company said third quarter revenue edged down to $4.8 billion from $4.49 billion a year ago. 

Net income in the quarter declined to $131 million from $448 million and diluted earnings per share fell to $1.16 from $4.12 a year ago. 

Same hospital admissions declined 5.3%, outpatients visits dropped 6.9%, emergency room visits eased 4.1% and hospital surgeries dropped 3.6%. 

The company lowered its full-year net income outlook in the range between $366 million and $441 million from between $371 million and $546 million released during the second quarter results. 

Verizon Communications Inc declined 4.5% to $35.33 after the wireless communication company said third quarter consolidated revenues increased 4% to $34.2 billion on 10% increase in wireless revenues. 

Net income in the quarter dropped 23.3% to $5.0 billion. 

In the quarter, the company added 2.6 million wireless postpaid and added 61,000 broadband wireline connections. 

The company guided wireless services revenue in the full-year 2022 to grow between 8.5% and 9.5%.    

Whirlpool fell 0.2% to $130.65 after the company said third quarter sales declined 12.8% to $4.78 billion from $5.5 billion a year ago. 

Net income in the quarter dropped to $143 million from $471 million and diluted earnings per share fell to $2.61 from $7.51 a year ago. 

The company guided full-year revenue to be down 9% to $20.1 billion and lowered diluted earnings per share to $5.0 from between $9.50 and $11.50.