U.S. Movers: Coca-Cola, Manhattan Associates, McDonald's, Starbucks, Texas Instruments

Scott Peters
23 Oct, 2024
New York City

Texas Instruments increased 2.5% to $198.85 after the advanced semiconductor reported better-than-expected quarterly results.

Revenue in the third quarter declined 8% to $4.2 billion from $4.5 billion, net income dropped 20% to $1.36 billion from $1.70 billion, and diluted earnings per share fell 21% to $1.47 from $1.85 a year ago. 

The company estimated fourth quarter revenue to fall between $3.70 and $4.0 billion and diluted earnings per share between $1.07 and $1.29. 

Manhattan Associates dropped 5.6% to $276.0 after the supply chain software developer's revenue growth outlook fell short of market expectations. 

Revenue in the third quarter increased to $266.7 million from $238.4 million, net income advanced to $63.8 million from $49.4 million, and diluted earnings per share rose to $1.03 from 79 cents a year ago. 

The company estimated full-year 2024 revenue between $1.039 and $1.041 billion, an increase of 12% from a year ago. 

The company estimated diluted earnings per share to range between $3.47 and $3.49, an increase of about 23% from a year ago. 

McDonald's Corp. decreased 6.7% to $293.54 after the U.S. Centers for Disease Control and Prevention said an E. coli outbreak was linked to the company's Quarter Pounder burgers.

The CDC said that the outbreak has resulted in the death of one person and the hospitalization of 10 people. 

Starbucks Corp. fell 3.6% to $93.38 after the coffee chain operator suspended its 2025 outlook and reported a decline in sales in its fiscal fourth quarter. 

Coca-Cola Co. declined 2.5% to $67.70 after the beverage maker reported slightly higher-than-expected quarterly earnings. 

Adjusted revenue in the third quarter was flat at $1.95 billion, and unit case volume fell 1%, largely driven by the weakness in its international markets. 

Net income attributable to shareholders declined to $2.85 billion from $3.09 billion, and diluted earnings per share fell to 66 cents from 71 cents a year earlier.