U.S. Movers: American Express, CSX, Intuitive Surgical, Regions Financial, Solar Edge Technologies

Scott Peters
20 Oct, 2023
New York City

SolarEdge Technologies plunged 30.8% to $79.31 after the company lowered its third-quarter revenue outlook, citing cancellations and deferrals in Europe.

The company lowered its revenue range between $720 million and $730 million from the previous estimate between $880 million and $920 million.

Enphase Energy dropped 13.5% to $100.34 and First Solar declined 0.2% to $151.75, after SolarEdge revised its sales outlook.

Intuitive Surgical declined 4.5% to $260.95 after the robotic surgery device maker reported mixed quarterly results.

The company said total revenue increased 12% to $1.74 billion from $1.55 billion, net income soared to $415.7 million from $324.0, and diluted earnings per share advanced to $1.16 to 90 cents a year ago.

CSX Corp. added 2.1% to $31.18 after the railroad company reported mixed quarterly results. 

Revenue in the third quarter declined 8% to $3.6 billion from $3.9 billion, net income plunged 24% to $846 million from $1.1 billion, and diluted earnings per share decreased to 42 cents from 52 cents a year ago.

American Express Company declined 3.2% to $144.92 despite the financial services company reporting positive quarterly results and demand for premium membership cards.

The charge card company posted sixth quarter in a row of record revenue but also hiked provision for delinquent accounts to $1.23 billion from $778 million a year ago. 

Total revenue net of interest expenses increased 13% to $15.4 billion from $13.6 billion, net income advanced 30% to $2.5 billion from $1.9 billion, and diluted earnings per share advanced to $3.30 from $2.47 a year ago.

Regions Financial Corp plunged 15.5% to $14.0 after the regional bank reported weaker-than-expected quarterly results and also forecasted a decline in net interest income in the fourth quarter.

Net interest income in the third quarter increased by 2.3% to $1.29 billion from $1.26 billion, net income advanced to $490 million from $429 million, and diluted earnings per share rose to 49 cents from 43 cents a year ago.

Net interest margin in the quarter rose to 3.73% from 3.53% a year ago, and net interest income is expected to decline 5% in the fourth quarter and fall 11% in 2023 from 2022.