Shares making the largest strikes noon: IBM, AMC Leisure, Logitech, Vacationers and extra
Street performers in Minnie Mouse costumes pass in front of an AMC movie theater at night in the Times Square neighborhood of New York, Oct. 15, 2020.
Amir Hamja | Bloomberg | Getty Images
Check out the companies making headlines in midday trading.
IBM – Shares shed more than 6% after IBM’s third-quarter results showed a third straight quarter of declining revenue. The company earned an adjusted $2.58 per share for the quarter, which was in line with Street forecasts, while revenue was slightly above consensus estimates. IBM did not issue current-quarter guidance due to ongoing uncertainty surrounding Covid-19.
AMC Entertainment — Shares of the movie theater chain sank 12.7% after the company warned of a possible bankruptcy in a security filing related to a secondary stock offering. The company said it could burn through its existing cash by the end of 2020 or early 2021 without additional liquidity.
Travelers — The insurance stock gained 5.6% after it reported better-than-expected results for its third quarter. Travelers reported $3.12 in adjusted earnings per share on $8.28 billion of revenue. Analysts surveyed by FactSet were looking for $3.03 per share and $7.59 billion. The company reported growth in its underwriting business and its investment income.
Logitech — Shares of the accessory maker surged 15.8% after beating on the top and bottom lines of its third-quarter earnings. Logitech earned $1.87 per share on revenue of $1.26 billion. Wall Street expected 57 cents per share on revenue of $841 million, according to Refinitiv.
Procter & Gamble – Shares rose 0.4% after the consumer giant reported better-than-expected quarterly results. The company said its earnings per share came in at $1.63 in its fiscal first quarter, versus $1.42 expected per Refinitiv. Its revenue rose 9% as the pandemic fueled higher demand for its household products. P&G also raised its sales outlook for fiscal 2021.
Regions Financial — The stock popped 4.9% after reporting better-than-expected quarterly results. Regions Financial earned 52 cents per share on revenue of $1.64 billion, compared to the 33 cents per share on revenue of $1.49 billion forecast on Wall Street.
Synchrony Financial — Shares fell 5.1% after reporting disappointing sales for the third quarter. The company made $3.46 billion in revenue, missing estimates of $3.49 billion, according to Refinitiv. Earnings came in in line with estimates at 72 cents per share.
Comerica — The bank’s stock rallied 4.9% after reporting earnings that topped analyst expectations. Comerica earned $1.44 per share, above the 83 cents expected on Wall Street. Revenue came in at $710 million, higher than the forecast $696 million.
UBS — Shares of the bank rose 5.3% after reporting its quarterly profit doubled, driven by strong investment banking and a boost in profit from its wealth management division. UBS also set aside $2.5 billion for potential dividends and stock buybacks.
Revlon – The stock price dropped 3.6% after its warning to bondholders that they might not get paid if the company’s distressed-bond exchange fails. The embattled cosmetics retailer said that without 95% participation from bondholders, most of the company’s debt will accelerate and become payable next month, in which case the bonds could be worth next to nothing.
PPG Industries – Shares gained more than 1% but closed around the flatline after the company reported third-quarter earnings. The paint and coatings maker earned $1.93 on an adjusted basis, which topped estimates by one cent. Revenue also came in above forecasts.
— with reporting from CNBC’s Yun Li, Jesse Pound and Pippa Stevens.