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Nov 2, 2023

DoorDash Inc. jumped 16.5% to $88.46 after the company reported better-than-expected quarterly results.

During the quarter, total orders jumped 24% to 543 million from 439 million, and gross order volume soared 24% to $16.8 billion from $13.5 billion a year ago.

Revenue in the third quarter increased 27% to $2.2 billion from $1.7 billion, net loss shrank to $75 million from $296 million, and diluted loss per share decreased to 19 cents from 77 cents a year ago.

Free cash flow improved substantially in the quarter after the company benefited from rising sales and an improved cost structure.

Free cash in the quarter increased to $324 million and jumped to $878 million in the trailing twelve months.

The company also completed its stock repurchase program authorized in February through the repurchase of 12 million shares for $750 million.

The company estimated gross market volume in the fourth quarter in the range of $17.0 billion to $17.4 billion and adjusted operating earnings between $320 million and $380 million.

DASH

Electronic Arts Inc. advanced 4.4% to $129.20 after the company reported quarterly results.

Revenue in the third quarter edged up to $1.91 billion from $1.90 billion, net income edged up to $399 million from $299 million, and diluted earnings per share to $1.77 from $1.47 a year ago.

The company repurchased 2.6 million shares in the quarter for $325 million, bringing the total for the trailing twelve months to 10.5 million shares for $1.3 billion.

For the fiscal year ending in March, the company estimated net revenue in the range of $7.3 billion and $7.7 billion, net income between $1.118 billion and $1.273 billion, and diluted earnings per share between $4.10 and $4.66.

Fiscal year operating cash flow is expected to be between $1.95 billion and $2.10 billion.

Peloton Interactive Inc. dropped 6.5% to $4.50 after the company reported a wider-than-expected loss.

Revenue in the quarter fell 3% to $595.1 million from $616.5 million; net loss shrank to $159.1 million from $408.5 million; and diluted loss per share shrank to 44 cents from $1.20 a year ago.

The company forecasted revenue in the fiscal 2024 second quarter ending December in the range of $715 million and $750 million, a decrease of 8% from the midpoint of $793 million a year ago.

PTON

Nov 1, 2023

The Federal Reserve held the fed funds rate range at a 22-year high between 5.25% and 5.50% for the second time in a row and left the door open for another rate hike to cool inflationary pressure.

The central bank's move was widely anticipated, but policymakers failed to provide a definite timetable for bringing down inflation to the target rate of 2%.

Match Group Inc. plunged 16.8% after the dating services provider forecast fourth-quarter revenue that fell short of market expectations.

In the third quarter, revenue rose 8.9% from a year before to $881.6 million, and earnings per share eased to 57 cents from 58 cents a year ago.

Active paying subscribers declined 5% from the previous quarter to 15.7 million, and average subscriptions increased 15% from the previous quarter to $18.39.

During the quarter, the company repurchased $300 million of stock and a total of $445 million in the year-to-date, reducing its share count by 2.8% from the beginning of the year.

About $667 million is available under the $1 billion stock repurchase program, and the company declared its plan to return to shareholders at least 50% of its free cash flow.

MTCH

Advanced Micro Devices, Inc. jumped 4.4% to $102.64 after the advanced chip maker reported mixed quarterly results and offered a positive 2024 outlook for its data center segment.

Revenue in the third quarter increased 4% to $5.8 billion from $5.56 billion, net income soared more than threefold to $299 million from $66 million, and diluted earnings per share jumped to 18 cents from 4 cents a year ago.

Revenue in the data center segment from a year ago was flat at $1.6 billion; the client segment jumped 42% to $1.5 billion, driven by Ryzen mobile processor sales; the gaming segment revenue declined 8% to $1.5 billion; and embedded segment revenue fell 5% to $1.2 billion.

For the fourth quarter of 2023, AMD expects revenue to be approximately $6.1 billion, with a band of $300 million at the midpoint of the revenue range. This represents annual growth of approximately 9% and sequential growth of approximately 5%.

The chip maker expects a non-GAAP gross margin of approximately 51.5%.

AMD

Oct 31, 2023

Caterpillar Inc. declined 6.4% to $226.71 after the industrial equipment maker reported better-than-expected third-quarter results.

Sales and revenues in the third quarter increased 12% to $16.8 billion from $15 billion, largely driven by price increases and volume growth.

Net income increased to $2.8 billion from $2.0 billion, and diluted earnings per share advanced to $5.45 from $3.87 a year ago.

Sales in the construction industry increased 12% to $7.0 billion, the resource industry advanced 9% to $3.3 billion, the energy and transportation industry jumped 11% to $6.9 billion, and financial services revenue soared 20% to $979 million.

Revenue in the third quarter rose to $16.8 billion, and adjusted earnings were $5.52 per share.

However, the company forecasted sales in the current quarter would be "slightly higher" than the same year ago, and the adjusted operating profit margin in the fourth quarter will be lower than in the third quarter.

The company estimated restructuring expenses of about $700 million for the full year and capital expenditures of about $1.5 billion in the period.

CAT

JetBlue Airways Corporation plunged 14.6% to $3.59 after the regional airline reported lower-than-expected sales and a wider-than-expected loss in the third quarter.

Revenue in the quarter declined 8% to $2.35 billion from $2.2.6 billion, and the company swung to a net loss of $153 million from a profit of $57 million, and diluted earnings per share were ($0.46) compared to 18 cents a year ago.

The airline said revenue in the fourth quarter is expected to decline between 6.5% and 10.5% compared to a year ago, and adjusted loss per share is expected to range between 35 cents and 55 cents.

The airline also said revenue growth in the fourth quarter is likely to be driven by international travel demand, and added industry capacity is ahead of demand in the off-peak season.

JBLU

Arista Networks Inc. soared 14.5% to $201.15 after the networking gear maker reported better-than-expected quarterly results and lifted its sales outlook for the current quarter on the back of higher enterprise demand.

Revenue in the third quarter increased 28.3% to $1.5 billion, net income soared to $545.3 million from $354.0 million, and diluted earnings per share advanced to $1.72 from $1.13 a year ago.

The networking equipment maker forecasted fourth-quarter revenue between $1.50 billion and $1.55 billion, a non-GAAP gross margin of 63%, and a non-GAAP operating margin of 42%.

ANET

Simon Property Group Inc. increased 1.4% to $106.80 after the real estate mall developer lifted its annual fund flow estimate and reported better-than-expected quarterly results.

Revenue in the quarter ending in September increased 7.2% to $1.41 billion from $1.35 billion, net income rose to $594 million from $539 million, and diluted earnings per share advanced to $1.82 from $1.65 a year ago.

Funds from operations were $1.201 billion, or $3.20 per diluted share, including the gain from SPARC stake sales, as compared to $1.099 billion, or $2.93 per diluted share, in the prior year.

The company lowered its stake in the SPARC joint venture to 33% from 50% and booked non-cash after-tax gains of $118.1 million.

The company increased quarterly dividends per share by 10 cents, or 5.6%, to $1.90 payable on December 29 to shareholders on record on December 15.

The company estimated full-year 2023 net income in the range of $6.67 and $6.77 per diluted share and funds from operations to be within a range of $12.15 to $12.25 per diluted share, an increase from the previous range of $11.85 and $11.95.

SPG