U.S. Movers: American Express, CVS Healthcare, Netflix, Procter & Gamble

Scott Peters
18 Oct, 2024
New York City

Procter & Gamble declined 1.8% to $168.53 after the consumer products company reported quarterly results. 

Revenue in the fiscal first quarter ending in September declined 1% to $21.7 billion from $21.9 billion, net income decreased 12% to $3.9 billion from $4.5 billion, and diluted earnings per share dropped 12% to $1.81 from $1.61 from $1.83 a year ago. 

The company reiterated its full-year revenue growth to range between 2% and 4% and diluted earnings per share to increase between 10% and 12% from $6.02 in 2024, or between $6.91 and $7.05. 

Netflix increased 10.2% to $759.70 after the streaming services provider reported better-than-expected quarterly results. 

Revenue in the third quarter increased 15% to $9.8 billion from $8.5 billion, net income rose 26% to $2.3 billion from $1.7 billion, and diluted earnings per share advanced 45% to $5.40 from $3.73 a year ago. 

Global streaming paid net members increased 14.4% to 282.7 million, and the company added 5.07 million new net paid members. 

CVS Healthcare declined 7.5% to $58.90 after the drugstore chain announced preliminary third quarter earnings and replaced its chief executive. 

The company estimated diluted earnings per share to range between 3 cents and 8 cents and adjusted earnings per share between $1.05 and $1.10. 

The company appointed longtime executive David Joyner as the new chief executive and president, replacing Karen Lynch effective October 17. 

The drug retailer said it plans to take a restructuring charge of $1.2 billion in the third quarter, related to incremental store closure costs and previously disclosed cost reduction actions. 

American Express declined 5% to $271.68 after the financial service company reported weaker-than-expected quarterly results. 

Total revenue net of interest expenses in the third quarter increased 8% to $16.6 billion from $15.4 billion, net income advanced 2% to $2.50 from $2.45 billion, and diluted earnings per share rose 6% to $3.49 from $3.30 a year ago. 

The company reiterated its full-year revenue growth at around 9% and lifted its annual earnings per share outlook to between $13.75 and $14.05 from the previous range between $13.30 and $13.80.