Stocks fell Tuesday after equities surged Monday, with the
Dow Jones Industrial Average
gaining more than 500 points, and the
S&P 500
rising 1.2%. Investors were looking to the decision on interest rates from the Federal Reserve on Wednesday.
These stocks were making moves Tuesday:
Caterpillar
(CAT) reported third-quarter adjusted earnings of $5.52 a share, better than analysts’ expectations of $4.80. Revenue of $16.81 billion at the construction and mining equipment maker also came in better than expected. The stock, however, was down 6.2% after backlog declined.
Pfizer
(PFE) reported a third-quarter adjusted loss of 17 cents a share, wider than Wall Street estimates that called for a loss of 8 cents. The drugmaker saw more declines for its Covid-19 products. Shares fell 0.7%.
Shares of
JetBlue Airways
(JBLU) fell 13% after the carrier reported a third-quarter loss that was wider than forecasts and revenue that missed Wall Street estimates, and warned its fourth-quarter loss also would be wider than expectations.
Arista Networks
(ANET) rose 8.9% after the networking-equipment provider reported adjusted earnings in the third quarter of $1.83 a share, better than analysts’ estimates of $1.58. The company said it expects fourth-quarter revenue of $1.5 billion to $1.55 billion versus expectations of $1.47 billion.
Lattice Semiconductor
(LSCC) reported better-than-expected adjusted third-quarter earnings but the stock sank 18% after the company said it expects fourth-quarter sales of between $166 million and $186 million, lower than estimates of $196 million.
Sarepta Therapeutics
(SRPT) dropped 48% after the biotech company released mixed study results for its gene therapy treatment for Duchenne muscular dystrophy.
Pinterest
(PINS) reported third-quarter adjusted earnings of 28 cents a share, topping Wall Street estimates of 21 cents. Revenue of $763.2 million was up 11% from a year earlier and also was better than forecasts. The social-media site said it expects fourth-quarter revenue to increase between 11% and 13%. Shares rose 14%.
Wolfspeed
(WOLF) reported a fiscal first-quarter loss that was narrower than expected. For the second quarter,
Wolfspeed
said it anticipates an adjusted loss from continuing operations of 56 cents to 70 cents a share. Analysts forecast a loss of 69 cents. Shares of the silicon-carbide company were up 19%.
VF Corp.
(VFC) missed fiscal second-quarter earnings estimates and pulled its guidance for fiscal 2024, saying that efforts to turn around sales of its Vans brand have been faltering. The stock fell 5.7%.
Lyft
(LYFT) was down 3.4% to $9.11 after shares of the ride-hailing company were downgraded to Sell from Neutral at MoffettNathanson and the price target was cut to $7 from $10.
Third-quarter profit at
BP
(BP) missed analysts’ expectations and U.S.-listed shares of the the British oil company were down 5%. BP reported an underlying replacement cost profit of $3.29 billion in the quarter, up from $2.59 billion in the second quarter. Analysts were expecting third-quarter underlying replacement cost profit of $4.13 billion.
Anheuser-Busch InBev
(BUD) maintained its full-year guidance despite a hit to U.S. sales as some drinkers boycotted Bud Light. Revenue in the U.S. declined by 14% in the third quarter as AB InBev’s flagship American brand Bud Light faced a conservative boycott over its marketing partnership with transgender influencer Dylan Mulvaney. American depositary receipts of AB InBev rose 3.5%.
Amkor Technology
(AMKR) declined 5% after the provider of semiconductor packaging and test services reported third-quarter earnings and revenue that fell from a year earlier and forecast a profit drop in the fourth quarter.
Write to Joe Woelfel at [email protected]
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