Several companies made headlines in extended trading, including Discover Financial, which saw its shares inch lower by 1%. The financial services company posted third-quarter results that exceeded expectations, with earnings of $3.69 per share on $4.45 billion of revenue, surpassing analysts’ forecasts. On the other hand, CSX, the rail transportation company, lost 4% after its third-quarter results fell short of Wall Street’s expectations. Despite reporting a 3% increase in overall volumes from the year-ago period, revenue per unit was down about 1%.
Alcoa, the aluminum producer, saw its shares jump nearly 9% after posting third-quarter adjusted earnings of 57 cents per share, beating analysts’ estimates of 28 cents per share. However, revenue missed the mark, coming in at $2.90 billion versus the expected $2.97 billion. Lucid Group, an electric vehicle maker, slid 10% after announcing a public offering of over 262 million shares. Additionally, Ayar Third Investment Company, an affiliate of the Public Investment Fund, indicated it would buy more than 374 million shares.
Kinder Morgan, an energy infrastructure company, saw its shares fall 2.7% on disappointing third-quarter results. The company reported adjusted earnings per share of 25 cents and revenue of $3.70 billion, below analysts’ estimates of 27 cents in earnings per share on $3.98 billion in revenue. PPG Industries, a paints manufacturer, slipped less than 1% after missing on both top and bottom lines in the third quarter. The company posted adjusted earnings of $2.13 per share on $4.58 billion in revenue, falling short of analysts’ expectations.
SL Green, an office building-focused company, tumbled around 3% after reporting a revenue miss in the third quarter. The company’s quarterly revenue was $139.6 million based on a rental income basis, below analysts’ expectations of $142.5 million. Equifax, a consumer credit reporting company, dropped nearly 5% after issuing weak guidance for the fourth quarter. The company anticipates adjusted earnings of $2.08 to $2.18 per share, lower than analysts’ expectations of $2.20 per share.
On a positive note, Steel Dynamics, a steel producer, saw its shares rise by 3% after reporting third-quarter earnings of $2.05 per share, beating analysts’ estimates of $1.97 per share. Additionally, revenue exceeded expectations, with Steel Dynamics reporting $4.34 billion, compared to the estimated $4.18 billion. Overall, while some companies experienced stock price declines due to missed expectations, others saw positive growth in their earnings and revenue, reflecting the varied performance of companies in the current market environment.
