Market Updates
U.S. Movers: Charles Schwab, Lululemon Athletica, Pfizer Corp, Rite Aid
Scott Peters
16 Oct, 2023
New York City
Big banks were in focus on the second day after Wells Fargo, Citigroup and JPMorgan Chase reported stronger-than-expected earnings.
Rite Aid Corp declined 6% to 61 cents after the drug retailer filed for bankruptcy protection as the company struggled under the weight of hundreds of cases linked to opioid prescriptions.
Pfizer Inc gained 4.5% to $33.69 after the pharmaceutical company lowered its annual revenue guidance.
Pfizer revised lower its 2023 revenue in the range between $58 billion and $61 billion, from the previous estimate between $67 billion and $70 billion on the weakening demand for its Covid products.
The company also lowered its full-year adjusted earnings per share outlook to a new range of $1.45 to $1.65 from the previous estimate between $3.25 and $3.45.
Lululemon Athletica soared 10.7% to $418.25 ahead of the company's addition to the S&P 500 index later in the week.
Charles Schwab Corporation increased 4.2% to $53.49 after the online brokerage firm reported mixed quarterly results.
Net revenue in the third quarter ending in September declined 16% to $4.6 billion from $5.5 billion and net income plunged 44% to $1.1 billion from $2.0 billion and diluted earnings per share dropped to 56 cents from 99 cents a year ago.
Net interest revenue declined 24% to $2.2 billion but advised solution and asset management fees jumped 17% to a quarterly record of $1.2 billion.
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Earnings
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