U.S. Movers: Boeing, Dell Technologies, IBM, Lam Research, UPS, Tesla

Scott Peters
24 Oct, 2024
New York City

IBM declined 4.2% to $223.01 after the technology company reported weaker-than-expected revenue in the third quarter. 

Tesla Inc. jumped 15.6% to $249.57 after the electric vehicle maker reported better-than-expected profit in the third quarter. 

Total revenue in the third quarter increased 8% to $25.2 billion from $23.4 billion, net income attributable to shareholders advanced 17% to $2.2 billion from $1.9 billion, and diluted earnings per share rose 9% to 72 cents from 66 cents a year ago. 

Vehicle delivery in the quarter increased 6% to 462,890 from 435,059 a year ago. 

Boeing Company declined 1.9% to $154.15 after workers rejected a wage agreement between the machinists' union and the aviation company, extending the 5-weeklong strike. 

United Parcel Service increased 6.2% to $139.19 after the company reported better-than-expected third quarter earnings and revenue. 

Revenue in the third quarter increased 5.6% to $22.3 billion from $21.0 billion, net income advanced 36% to $1.5 billion from $1.1 billion, and diluted earnings per share rose to $1.80 from $1.31 a year earlier. 

Domestic revenue increased 5.8% to $14.5 billion, driven by a 6.5% increase in average daily volume. 

The company estimated consolidated revenue of $91.1 billion, capital expenditure of $4.0 billion, and dividend payment of about $4.5 billion. 

Lam Research Corporation increased 3% to $75.10 after the advanced semiconductor equipment maker's earnings surpassed market expectations. 

Revenue in the third quarter increased 8% to $4.2 billion from $3.9 billion, net income rose to $1.1 billion from $887.4 million, and diluted earnings per share advanced to 8.56 from $6.66 a year earlier. 

Of the total sales, China accounted for 37%, followed by Korea with 18%, Taiwan with 15%, the U.S. with 12%, and Japan with 7%. 

The company estimated fourth quarter revenue of $4.3 billion with a band of $300 million and post-split net income per diluted share of 87 cents with a band of 10 cents.