U.S. Movers: Comcast, Delta Air Lines, Dolby Laboratories, Keysight Tech, Nvidia, Powell Industries, Target

Scott Peters
20 Nov, 2024
New York City

Target Corp. plunged 19% to $127.35 after the discount retailer reported weaker-than-expected quarterly results and guided a cautious outlook.

Total revenue in the fiscal third quarter ending on November 2 increased 1.1% to $25.66 billion from $25.39 billion, net income plunged 12.1% to $854 million from $971 million, and diluted earnings per share fell to $1.85 from $2.10 a year earlier.   

The retailer forecast fourth quarter earnings per share between $1.85 and $2.45, sharply lower than the market expectation of at least $2.65, and full-year earnings per share between $8.30 and $8.90. 

Comcast increased 1.7% to $43.05 after The Wall Street Journal said the company is planning to spinoff NBCUniversal cable TV networks, which generates annual revenue of about $7 billion. 

The company's cable network portfolio includes, among other properties, MSNBC, CNBC, E!, Golf Channel, and USA. 

Delta Air Lines decreased 0.01% to $64.76 after the company reiterated its fourth quarter earnings per share to range between $1.60 and $1.85, and the carrier estimated fiscal 2025 capacity to increase between 3% and 4%. 

Nvidia Corp. jumped 0.6% to $147.76 ahead of the company's earnings later in the day, and investors anticipate third quarter earnings per share of 75 cents and revenue of $33.2 billion. 

Powell Industries dropped 14.2% to $268.0 after the custom power solution provider reported better-than-expected quarterly results, but new orders fell short of market expectations. 

Fiscal fourth quarter revenue jumped 32%, earnings soared 74%, and new orders in the fiscal year fell to $1.1 billion from $1.4 in the previous year. 

Dolby Laboratories soared 11.5% to $81.19 after the audio and imaging technology provider reported better-than-expected quarterly earnings in the fiscal fourth quarter ending in September. 

Revenue increased to $304.8 million from $290.5 million, net income advanced to $58.6 million from $9.2 million, and diluted earnings per share rose to 61 cents from 9 cents a year earlier. 

Keysight Technologies soared 10.5% to $168.0 after the test equipment company reported better-than-expected fiscal-fourth quarter results. 

Revenue declined 1.8% to $1.29 billion, net income swung to a loss of $73 million compared to a profit of $226 million, and diluted earnings per share were a loss of 42 cents compared to $1.28 a year earlier. 

The company forecast first fiscal quarter 2025 revenue in the range of $1.265 billion to $1.285 billion, and Non-GAAP earnings per share between $1.65 and $1.71.