5 Stocks Making Moves on Financial Results

In this article, we discuss the 5 stocks making moves on financial results. If you want to read our detailed analysis of these companies, go directly to the 10 Stocks Making Moves on Financial Results.

5. Tesla, Inc. (NASDAQ:TSLA)

Number of Hedge Fund Holders: 60

Tesla, Inc. (NASDAQ:TSLA) recently came into the limelight after posting record results for the third quarter. The world’s biggest electric vehicle (EV) manufacturer reported adjusted earnings of $1.86 per share, significantly higher than 76 cents per share in the same period last year.

Revenue for the quarter climbed 57 percent on a year-over-year basis to $13.8 billion. Analysts were expecting Tesla, Inc. (NASDAQ:TSLA) to report earnings of $1.57 per share on revenue of $13.6 billion.

In the third quarter, Tesla, Inc. (NASDAQ:TSLA) delivered 241,300 vehicles, well above 241,300 in the comparable period of 2020. Analysts were expecting the company to deliver 220,900 vehicles.

Tesla, Inc. (NASDAQ:TSLA) shares slipped more than one percent in the pre-market trading session on Thursday, 21 October 2021, despite the strong results. The drop apparently came after the company stated that chip shortage and logistic challenges have been affecting its ability to produce vehicles at full capacity.

4. Abbott Laboratories (NYSE:ABT)

Number of Hedge Fund Holders: 61

Shares of Abbott Laboratories (NYSE:ABT) rose more than three percent on Wednesday, 20 October 2021, after announcing solid financial results for the third quarter. The global healthcare giant reported adjusted earnings of $1.40 per share, crushing the consensus forecast of 94 cents per share.

Abbott Laboratories (NYSE:ABT) had reported adjusted earnings of 98 cents per share for the comparable period of 2020. Revenue for the quarter jumped 23.4 percent on a year-over-year basis to $10.93 billion, beating the consensus forecast of $9.56 billion.

The latest quarterly performance was driven by strong growth across all business segments. Nutrition revenue in the quarter increased 9.6 percent, medical devices revenue rose 14.6 percent, while pharmaceuticals revenue jumped 15.1 percent. In comparison, diagnostic revenue in the quarter climbed 48.2 percent on a year-over-year basis.

Praising the quarterly performance, CEO Robert Ford said:

“We achieved another quarter of strong growth overall and across all four of our major business areas. We’re particularly pleased with the continued advancements of our new product pipeline, including several recent launches in large, high-growth markets.”

Abbott Laboratories (NYSE:ABT) also raised its profit outlook for the full year. It now expects adjusted earnings in the range of $5 – $5.10 per share, compared to its previous guidance between $4.30 – $4.50 a share. The updated outlook is better than analysts’ average estimate of $4.46 per share.

3. Verizon Communications Inc. (NYSE:VZ)

Number of Hedge Fund Holders: 63

Shares of Verizon Communications Inc. (NYSE:VZ) rose over two percent on Wednesday, 20 October 2021, after announcing better-than-expected third-quarter results along with an upbeat outlook.

Verizon Communications Inc. (NYSE:VZ) earned $1.41 per share on an adjusted basis, compared to $1.25 per share in the year-ago quarter. Revenue came in at $32.9 billion, slightly higher than $31.5 billion in the comparable period of 2020. The results exceeded the consensus forecast of $1.37 per share for earnings and $33.2 billion for revenue.

If we look at the performance of flagship segments, consumer revenue rose 7.3 percent on a year-over-year basis to $23.3 billion, while business revenue inched down nearly one percent to $7.7 billion.

Verizon Communications Inc. (NYSE:VZ) also updated its profit outlook for the full year. It expects adjusted earnings in the range of $5.35 – $5.40 per share versus its earlier forecast of $5.25 – $5.35 per share.

Speaking on the results, CEO Hans Vestberg said:

“Our disciplined strategy execution demonstrated growth in 5G adoption, broadband subscribers and business applications. We are increasing our 2021 guidance, and we continue to expand our 4G LTE and 5G network leadership. We fully expect to have a strong finish to the year as we accelerate deployment of 5G to our customers across the country.”

2. Biogen Inc. (NASDAQ:BIIB)

Number of Hedge Fund Holders: 67

Biogen Inc. (NASDAQ:BIIB) recently caught investors’ attention after reporting financial results for the third quarter. The Massachusetts–based biotechnology company reported adjusted earnings of $4.77 per share, compared to $5.64 per share in the year-ago quarter.

Revenue came in at $2.7 billion, down 18 percent from $3.37 billion in the comparable period of 2020. Analysts were expecting Biogen Inc. (NASDAQ:BIIB) to report earnings of $4.09 per share on revenue of $2.6 billion.

If we look at the performance of key medicine categories, multiple sclerosis revenue fell 19 percent to $1.8 billion, while revenue from spinal muscular atrophy medicine Spinraza decreased 10 percent on a year-over-year basis. In comparison, biosimilars revenue slipped two percent to $203 million, while Aduhelm revenue came in at $0.3 million.

Commenting on the quarter, CEO Michel Vounatsos said:

“2021 continues to be a transformative year for Biogen with the launch of ADUHELM and the initiation of the rolling submission for lecanemab in Alzheimer’s disease. In addition, along with Sage Therapeutics we are pursuing a filing for zuranolone in depression.”

1. Anthem, Inc. (NYSE:ANTM)

Number of Hedge Fund Holders: 67

Shares Anthem, Inc. (NYSE:ANTM) hit an all-time high of $425.44 on Wednesday, 20 October 2021, after delivering another solid quarter. The Indianapolis-based health insurer reported adjusted earnings of $6.79 per share for the third quarter, beating the consensus forecast of $6.37 per share.

Anthem, Inc. (NYSE:ANTM) had reported adjusted earnings of $4.20 per share for the comparable period of 2020. Revenue for the quarter jumped 15 percent on a year-over-year basis to $35.82 billion, ahead of analysts’ average estimate of $35.35 billion.

Medical enrollment in the quarter increased 5.7 percent to 45.1 million members. In addition, Anthem, Inc. (NYSE:ANTM) announced that it bought back $450 million worth of shares during the quarter.

Looking forward, Anthem, Inc. (NYSE:ANTM) expects adjusted earnings of at least $25.85 per share for the full year, up from its previous forecast of at least $25.50 per share. The updated outlook is better than analysts’ average estimate of $25.66.

Speaking on the results, CEO Gail Boudreaux said in a statement:

“The strong growth we saw across all of our benefits business in the third quarter demonstrates that our core offerings, as well as additional innovative products and services continue to resonate in the market.”

You can also take a peek at 12 Best Long-Term Dividend Stocks To Buy Now and 20 Safe Dividend Stocks to Quit Your 9 to 5 Job.

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