U.S. Movers: Bank of America, China-linked ADRs, DocuSign, MDU Resources, PepsiCo

Scott Peters
08 Oct, 2024
New York City

PepsiCo increased 1.1% to $169.11, and the food and beverage company lowered its annual earnings outlook. 

Revenue in the third quarter decreased to $23.3 billion from $23.5 billion, net income eased to $2.95 billion from $3.1 billion, and diluted earnings per share fell to $2.13 from $2.24 a year ago. 

The company estimated its annual organic revenue to increase in "low single-digit," compared to its previous estimate of an increase of 4%. 

The company also estimated core earnings per share to increase 7% to $8.15 from $7.62 a year ago. 

Pepsi also reiterated its estimate of returning to shareholders approximately $8.2 billion, comprised of dividends of $7.2 billion and $1.0 billion of share repurchase.

Bank of America increased 0.1% to $40.01, and the company is scheduled to release earnings next week. 

Berkshire Hathaway sold additional 9.6 million shares of the bank over the last three trading sessions and lowered its stake to 10.1%, according to a regulatory filing with the Securities and Exchange Commission. 

China-linked stocks were in focus after Chinese authorities failed to announce new stimulus measures. 

Stock market indexes in mainland China soared after investors returned from a week of holidays, but market enthusiasm quickly faded. 

Trading in Shanghai and Shenzhen was in focus as investors scrambled to catch up with market gains during the Golden Week of holidays, as retail investors returned. 

However, the record one-day surge of 10.8% quickly dissipated to an increase of 6% after the top planning body failed to announce any new significant fiscal measures. 

The National Reform and Development Commission announced at a press conference implementation plans following the recently announced monetary policy measures to revive investor confidence and support the residential property market. 

However, the commission failed to announce any new and concrete steps to restore consumer confidence, tackle elevated unemployment, and revive manufacturing activities. 

Alibaba Group decreased 6% to $110.28, Las Vegas Sands dropped 2.9% to $51.78, and Wynn Resorts declined 2.9% to $103.41. 

DocuSign jumped 8.3% to $67.95 after the company was selected to replace MDU Resources in the S&P MidCap 400 Index. 

MDU Resources advanced 3.8% to $28.50.