In this article, we will take a look at the 10 stocks making moves on financial results. You can skip our detailed analysis of these companies, and go directly to the 5 Stocks Making Moves on Financial Results.
Investors are closely watching the third-quarter earnings season, with several big-cap companies releasing their financial results. Tesla, Inc. (NASDAQ:TSLA), Abbott Laboratories (NYSE:ABT), Verizon Communications Inc. (NYSE:VZ), Biogen Inc. (NASDAQ:BIIB), and Anthem, Inc. (NYSE:ANTM) were among the notable stocks that posted their quarterly reports earlier this week.
Most of these stocks moved higher after beating earnings expectations. However, Tesla, Inc. (NASDAQ:TSLA) shares momentarily moved down in the after-hours trading session on Wednesday, 20 October 2021, following the company’s comments that chip shortage and logistic challenges have been affecting its ability to produce cars at full capacity.
In addition, several companies, including Baker Hughes Company (NYSE:BKR) and Las Vegas Sands Corp. (NYSE:LVS), missed expectations and blamed pandemic-related disruptions for their weak results.
To discuss the detailed performance of these companies, let’s begin our list of 10 stocks making moves on financial results.
10 Stocks Making Moves on Financial Results
10. Kinder Morgan, Inc. (NYSE:KMI)
Number of Hedge Fund Holders: 38
Shares of Kinder Morgan, Inc. (NYSE:KMI) slipped nearly 1.5 percent in the after-hours trading session on Wednesday, 20 October 2021, after its third-quarter profit fell short of expectations.
The Houston-based energy infrastructure company reported adjusted earnings of 22 cents per share, slightly higher than 21 cents per share in the comparable quarter of 2020. Revenue came in at $3.82 billion, up from $2.9 billion in the year-ago quarter. Analysts were expecting Kinder Morgan, Inc. (NYSE:KMI) to report earnings of 24 cents per share on revenue of $3.26 billion.
Speaking on the results, CEO Steve Kean said in a statement:
“In our base natural gas business, we continue to benefit from growing global natural gas demand. Our assets are well positioned to serve growing domestic markets and export locations for LNG and Mexico.”
Like Kinder Morgan, Inc. (NYSE:KMI), analysts are also closely watching Tesla, Inc. (NASDAQ:TSLA), Abbott Laboratories (NYSE:ABT), Verizon Communications Inc. (NYSE:VZ), Biogen Inc. (NASDAQ:BIIB), and Anthem, Inc. (NYSE:ANTM) after their financial results.
9. Baker Hughes Company (NYSE:BKR)
Number of Hedge Fund Holders: 40
Shares of Baker Hughes Company (NYSE:BKR) fell nearly six percent on Wednesday, 20 October 2021, after posting disappointing financial results for the third quarter. The company blamed operational and supply-chain disruptions and the higher cost of chemicals for the weak results.
The oil field service company reported adjusted earnings of 16 cents per share, missing the consensus forecast of 21 cents per share. Revenue came in at $5.1 billion, below analysts’ average estimate of $5.33 billion. Baker Hughes Company (NYSE:BKR) had reported adjusted earnings of 4 cents per share on revenue of $5.05 billion in the comparable period of 2020.
Moving forward, Baker Hughes Company (NYSE:BKR) expects the demand for oil and natural gas to grow in the coming quarters amid continued economic recovery around the globe. At the same time, the company thinks that the Delta variant, worldwide chip-shortage, and logistic constraints can hamper the growth pace.
8. International Business Machines Corporation (NYSE:IBM)
Number of Hedge Fund Holders: 41
Shares of International Business Machines Corporation (NYSE:IBM) fell nearly five percent in the pre-market trading session on Thursday, 21 October 2021, after announcing mixed financial results for the third quarter.
The New York-based tech company reported adjusted earnings of $2.52 per share, down from $2.58 per share in the same period last year. Revenue came in at $17.62 billion, nearly flat from $17.56 billion in the comparable period of 2020. Analysts were expecting International Business Machines Corporation (NYSE:IBM) to report earnings of $2.52 on revenue of $17.79 billion.
If we compare the performance of key segments, global technology services revenue decreased 4.8 percent to $6.2 billion, systems revenue fell nearly 12 percent to $1.1 billion, while global financing revenue plummeted 19.2 percent to $220 million. On the bright side, cloud & cognitive software revenue rose 2.5 percent to $5.7 billion, and global business services revenue jumped 11.6 percent to $4.4 billion.
Discussing the results, CEO Arvind Krishna said in a statement:
“With the separation of Kyndryl early next month, IBM takes the next step in our evolution as a platform-centric hybrid cloud and AI company. We continue to make progress in our software and consulting businesses, which represent our higher growth opportunities.”
Like International Business Machines Corporation (NYSE:IBM) Tesla, Inc. (NASDAQ:TSLA), Abbott Laboratories (NYSE:ABT), Verizon Communications Inc. (NYSE:VZ), Biogen Inc. (NASDAQ:BIIB), and Anthem, Inc. (NYSE:ANTM) also caught investors’ attention after releasing their earnings.
7. Las Vegas Sands Corp. (NYSE:LVS)
Number of Hedge Fund Holders: 48
Shares of Las Vegas Sands Corp. (NYSE:LVS) turned red in the pre-market trading session on Thursday, 21 October 2021, after posting a wider-than-expected loss for the third quarter. The Nevada-based casino operator blamed the pandemic-related restrictions for the weak results.
Las Vegas Sands Corp. (NYSE:LVS) reported an adjusted loss of 45 cents per share for the three months ended 30 September 2021, wider than the loss of 22 cents per share estimated by analysts.
Revenue came in at $857 million, well below the consensus forecast of $1.29 billion. Las Vegas Sands Corp. (NYSE:LVS) had reported an adjusted loss of 59 cents per share on revenue of $446 million for the comparable quarter of 2020.
Commenting on the quarter, CEO Robert Goldstein said:
“We remain confident in the eventual recovery in travel and tourism spending across our markets. Demand for our offerings from customers who have been able to visit remains strong, but pandemic-related travel restrictions in both Macao and Singapore continue to limit visitation and hinder our current financial performance.”
6. CSX Corporation (NASDAQ:CSX)
Number of Hedge Fund Holders: 56
Shares CSX Corporation (NASDAQ:CSX) rose nearly three percent after delivering impressive profit and sales for the third quarter on Wednesday, 20 October 2021. The provider of rail-based freight transportation earned 43 cents per share for the quarter, compared to 32 cents per share in the same period last year.
In addition, CSX Corporation (NASDAQ:CSX) posted revenue of $3.29 billion, translating to a surge of 24 percent on a year-over-year basis. The results easily surpassed the consensus forecast of 38 cents per share for earnings and $3.06 billion for revenue.
CSX Corporation (NASDAQ:CSX) enjoyed revenue growth across most of its business lines. Coal revenue in the quarter climbed 39 percent on a year-over-year basis, helped by higher shipments. In comparison, metals and equipment revenue jumped 30 percent, minerals revenue rose 13 percent, while chemicals revenue increased 10 percent on a year-over-year basis.
On the downside, automotive revenue fell 23 percent in the quarter, mainly due to lower vehicle production in North America. The decline in vehicle production was mainly attributed to the global chip shortage.
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Disclosure: None. 10 Stocks Making Moves on Financial Results is originally published on Insider Monkey.
