In premarket trading, several companies are making headlines before the bell. One of them is Nvidia, which fell over 1% after both Morgan Stanley and Citi lowered their price targets on the chipmaker. This comes after the US announced new restrictions on the sale of advanced AI chips to China. Despite the price target adjustments, both firms maintained their buy-equivalent ratings on the stock.
Citizens Financial Group, a regional bank, experienced a 3.7% loss after its third-quarter results fell short of expectations. The bank reported 89 cents in underlying earnings per share and $2.01 billion in revenue. Analysts had predicted 91 cents in earnings per share and $2.04 billion in revenue.
U.S. Bancorp, another bank, saw a slight decline in premarket trading after releasing third-quarter results that were mostly in line with expectations. The bank reported $7.03 billion in revenue, slightly surpassing the expected $7.02 billion. Earnings per share came in at $1.05, exceeding the consensus forecast of $1.02.
United Airlines’ stock slid more than 5% after the company provided soft guidance for its fourth-quarter earnings. The estimated earnings per share range of $1.50 to $1.80 fell short of the $2.06 expected analysts.
Shares of J.B. Hunt Transport Services, a transportation company, dropped 3% after it failed to meet Wall Street expectations in the third quarter. The company reported earnings of $1.80 per share on $3.16 billion in revenue, below the predicted $1.84 per share on $3.19 billion in revenue.
Despite Interactive Brokers’ third-quarter earnings exceeding consensus, the trading platform’s shares fell 3.8% in premarket trading. Earnings came in at $1.55 per share on $1.14 billion in revenue, higher than the expected $1.51 per share on $1.11 billion in revenue.
Semiconductor equipment maker ASML reported slightly weaker-than-expected net sales for the third quarter, leading to a 3.3% drop in shares. However, Bank of America reiterated its buy rating on ASML earlier today.
Travelers, an insurance company, experienced a less than 1% decline in stock price after its third-quarter earnings came in below estimates. The company reported $1.95 in adjusted earnings per share, falling short of the projected $3.01. However, Travelers did report net written premiums of $10.49 billion, surpassing the expected $10.33 billion. The insurer also faced increased pre-tax catastrophe losses of $850 million compared to $512 million the previous year.
Following the resignation of CFO Ilan Daskal, Bio-Rad Laboratories’ stock slid over 5%. On the other hand, Procter & Gamble’s shares rose 1.3% after reporting fiscal first-quarter results that exceeded analyst expectations. Earnings came in at $1.83 per share, higher than the expected $1.72, and the company’s revenue reached $21.87 billion, surpassing the consensus of $21.58 billion.
Lastly, Elevance Health, an insurance company, saw its shares increase 1.5% after surpassing Wall Street expectations in the third quarter. The company reported earnings of $8.99 per share on $42.85 billion in revenue, exceeding analysts’ estimates of $8.44 per share and $42.62 billion in revenue.
Note: This news article is based on information from CNBC’s Hakyung Kim, Tanaya Macheel, Jesse Pound, and Pia Singh.