U.S. Movers: Bank of America, Coty, Citigroup, Goldman Sachs, UnitedHealth

Scott Peters
15 Oct, 2024
New York City

Goldman Sachs increased 2.6% to $536.55 after the investment banker reported better-than-expected quarterly results. 

Revenue in the third quarter increased 7% to $12.7 billion from $11.8 billion, net income advanced 45% to $2.99 billion from $2.06 billion, and diluted earnings per share rose 54% to $8.40 from $5.47 a year ago. 

Bank of America advanced 2.7% to $43.06 after the financial service provider reported better-than-expected earnings. 

Revenue in the third quarter increased to $25.3 billion from $25.2 billion, net income eased to $6.9 billion from $7.8 billion, and diluted earnings per share fell to 81 cents from 90 cents a year ago. 

Provision for credit losses was flat at $1.5 billion from the previous quarter and higher than $1.2 billion a year ago. 

Citigroup decreased 1.5% to $65.01 after the global bank reported third quarter results that fell short of investor expectations. 

Revenue increased 1% to $20.3 billion from $20.1 billion, net income fell 9% to $3.2 billion from $3.5 billion, and diluted earnings per share fell to $1.51 from $1.63 a year ago. 

Coty dropped 5.9% to $8.63 after the beauty company reported weaker-than-estimated revenue growth in its latest quarter. 

The company said comparable sales in the fiscal first quarter ending in September increased between 4% and 5%, lower than its previous estimate of 6%. 

The beauty company said it will release its full results on November 6. 

UnitedHealth Group declined 9.1% to $549.99 after the health insurer reported higher-than-expected medical costs. 

Revenue in the third quarter increased to $100.8 billion from $92.4 billion, net income attributable to shareholders advanced to $6.1 billion from $5.8 billion, and diluted earnings per share rose to $7.15 from $6.56 a year ago. 

Medical costs jumped to $66 billion from $59.6 billion, and total operating costs rose to $92.1 billion from $83.8 billion a year ago. 

The company lowered its full-year net income per share outlook to between $15.50 and $15.75.