IBM, AMC Leisure, Logitech, vacationers
Street performers in Minnie Mouse costumes walk past an AMC movie theater in New York’s Times Square at night on October 15, 2020.
Amir Hamja | Bloomberg | Getty Images
Check out the companies that are making headlines in midday trading.
IBM stocks fell more than 6% after IBM ‘s third quarter results showed a third straight quarter of declining sales. The company earned $ 2.58 per share on an adjusted basis for the quarter, which was in line with Street’s guidance, while revenue was slightly above consensus estimates. IBM has not released any forecasts for the current quarter due to the ongoing uncertainty surrounding Covid-19.
AMC Entertainment – The cinema chain’s shares fell 12.7% after the company warned of possible bankruptcy in a securities filing related to a secondary stock offering. The company said it could burn its existing cash by late 2020 or early 2021 with no additional liquidity.
Travelers – The insurance portfolio grew 5.6% after delivering better-than-expected results in the third quarter. Travelers reported adjusted earnings per share of $ 3.12 on revenue of $ 8.28 billion. Analysts polled by FactSet looked for $ 3.03 per share and $ 7.59 billion. The company saw growth in its underwriting business and investment income.
Logitech – The accessories maker shares rose 15.8% after hitting its third quarter income statement. Logitech made $ 1.87 per share on revenue of $ 1.26 billion. Wall Street expects 57 cents per share on sales of $ 841 million, according to Refinitiv.
Procter & Gamble stocks rose 0.4% after the consumer giant reported better-than-expected quarterly results. The company announced that earnings per share for the first quarter of fiscal year were $ 1.63, up from $ 1.42 expected per refinitive. Sales rose 9% as the pandemic increased demand for household products. P&G also increased its revenue outlook for fiscal 2021.
Regions Financial – The stock fell 4.9% after reporting better-than-expected quarterly results. Regions Financial made 52 cents per share on sales of $ 1.64 billion, compared to 33 cents per share on sales of $ 1.49 billion on Wall Street.
Synchrony Financial stocks fell 5.1% after reporting disappointing sales in the third quarter. The company had sales of $ 3.46 billion, missing estimates of $ 3.49 billion, according to Refinitiv. The result corresponded to the estimates of 72 cents per share.
Comerica – The bank’s stock rose 4.9% after reporting gains that exceeded analysts’ expectations. Comerica earned $ 1.44 per share, up the 83 cents expected on Wall Street. Revenue of $ 710 million was higher than the forecast of $ 696 million.
UBS – The bank’s shares rose 5.3% after quarterly earnings doubled on strong investment banking and a surge in wealth management earnings. UBS has also allocated $ 2.5 billion for potential dividends and share buybacks.
Revlon – The stock price fell 3.6% after warning bondholders that if the company’s distressed bond defaults they may not be paid. The competitive cosmetics retailer said that without a 95% interest from bondholders, most of the company’s debt will accelerate and mature over the next month. In that case, the bonds could be worth next to nothing.
PPG Industries – Shares rose more than 1% but closed around the flatline after the company reported a profit in the third quarter. The manufacturer of paints and coatings earned an adjusted US $ 1.93, beating estimates by one cent. Sales were also above forecasts.
– with reports from Yun Li, Jesse Pound and Pippa Stevens from CNBC.