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Oct 31, 2023
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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%. -
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. -
Pfizer Inc. decreased 0.6% to $30.39 after the drugmaker recorded charges related to its COVID vaccine and COVID antiviral treatment Paxlovid.
The company took a $5.6 billion inventory write-down in the third quarter related to COVID products.
Revenue in the third quarter plunged 42% to $13.2 billion from $22.6 billion, and the company swung to a net loss of $2.4 billion from a profit of $8.6 billion, and diluted earnings per share declined to ($0.42) from $1.54 a year ago.
The pharmaceutical company guided full-year 2023 revenue to decline between 39% and 42% from a year ago, primarily because of the lower demand for COVID products. -
McDonald's Corp. gained 2.2% to $261.24 after the fast-food company reported third-quarter earnings ahead of market expectations.
Revenue in the quarter increased 4% to $5.9 billion from $5.7 billion, net income soared 63% to $1.8 billion from $1.1 billion, and diluted earnings per share jumped to $2.45 from $1.68 a year ago.
The fast food chain reported strong business metrics in the quarter.
Global comparable sales in the quarter increased 12.6%, reflecting strong comparable sales of 12.6% in each market segment; systemwide sales increased 9%; and consolidated operating income rose 10% from a year ago.
U.S. comparable sales jumped to 12.6% from 3.5% in the period a year ago after the company passed on higher prices to customers. -
Exxon Mobil Corp. decreased 1.9% to $105.55 after the energy giant reported a sharp decline in quarterly earnings.
Revenue in the third quarter decreased to $90.7 billion from $112.1 billion, net income dropped to $9.1 billion from $19.7 billion, and diluted earnings per share fell to $2.25 from $4.68 a year ago.
The company confirmed full-year capital expenditures near the top end of its previously announced range between $23 billion and $25 billion.
The sharp decline in earnings reflected a steep fall in crude oil and natural gas prices from a year ago.
The company declared a fourth-quarter cash dividend of 95 cents per share, an increase of 4 cents, payable on December 11 to shareholders on record on November 15.
The company has increased its annual dividend for 41 consecutive years.
The debt-to-capital ratio remained at 17%, and the net-debt-to-capital ratio was 4%, reflecting a period-end cash balance of $33.0 billion.
In the quarter, the company completed the sale of its assets and refinery in Thailand, generating $0.9 billion in cash proceeds, bringing the year-to-date divestment total to $3.1 billion.
In July, the company agreed to an all-stock transaction to acquire Denbury Inc., the owner and operator of one of the largest carbon dioxide pipeline networks, for $4.9 billion or in exchange for 45 million shares.
The transaction is expected to close in November, after the Denbury shareholder vote on October 31. -
Chipotle Mexican Grill, Inc. jumped 7.4% to $1,940.56 after the fast food chain operator reported better-than-expected same-store sales, driven by a price increase and higher customer traffic.
Total revenue in the third quarter increased 11.3% to $2.5 billion from $2.2 billion, net income increased to $313.2 million from $257.1 million, and diluted earnings per share advanced to $11.32 from $9.20 a year ago.
Comparable restaurant sales increased by 5%, and operating margin advanced to 16.0% from 15.1% a year ago.
Food, beverage, and packaging costs in the third quarter were 29.7% of total revenue, a decrease of about 10 basis points compared to the third quarter of 2022.
The benefit from last year's menu price increases was mostly offset by inflation across several food costs, primarily beef and queso. -
Intel Corporation jumped 9.4% to $35.57 after the advanced semiconductor maker reported better-than-expected quarterly results, and the company also forecasted strong results in the current quarter.
Revenue in the third quarter declined 8% to $1.533 billion, marking the eighth quarterly decline in a row.
Net income in the period dropped to $297 million from $1.02 billion, and diluted earnings per share fell to 7 cents from 25 cents a year ago.
The board of directors declared a quarterly dividend of $0.125 per share payable on December 1 to shareholders of record as of November 7.
For the fourth quarter, Intel forecast revenue between $14.6 billion and $15.6 billion and diluted earnings per share of 23 cents, based on a gross margin of 43.3%. -
Amazon.com, Inc. soared 8.2% to $129.35 after the e-commerce giant reported stronger-than-expected quarterly results.
Revenue in the third quarter rose 13% to $143.1 billion, net income more than tripled to $9.9 billion from $2.9 billion, and diluted earnings per share surged to 94 cents from 28 cents.
The rebound in sales was partly driven by a 7% jump in Amazon's core online retail business in the quarter, following the 4% rise in the second quarter.
Amazon's cost-cutting program is showing early results; operating margin increased to 7.8%, the highest since early 2021. -
AutoNation Inc. edged up a fraction to $130.54 after the auto dealer network operator reported mixed quarterly results.
Revenue in the third quarter increased 3% to $6.8 billion from $6.6 billion, net income plunged 31% to $243.7 million from $352.6 million, and diluted earnings per share declined 12% to $5.54 from $6.31.
New vehicle sales increased 11% to $3.2 billion, used vehicle sales declined 10% to $2.2 billion, and after-sales service revenue jumped 12% to $1.2 billion.
Customer financial services revenue edged up 2% to $370 million.
New vehicle days supply, the industry measure of selling days, increased to 31 days from 19 days, and used vehicle days supply rose to 33 days from 31 days. -
BJ's Restaurants Inc. jumped 8.6% to $25.61 after the company reported a stable adjusted quarterly loss and said comparable sales are returning to a normal seasonal pattern after weakness in the third quarter.
Revenue in the third quarter increased 2.3% to $318.6 million, and comparable restaurant sales edged up 0.4%.
Restaurant sales are seasonal, and sales in August and September are generally softer than other months, but the company did not experience seasonal weakness last year.
In the first three weeks of October, restaurant sales have returned to their normal pattern, and comparable sales are trending in the "low single digits," an improvement of 500 basis points from September levels.
Net loss expanded to $3.8 million from $1.6 million, and diluted loss per share increased to 16 cents from 7 cents a year ago.
During the third quarter of 2023, BJ’s repurchased and retired approximately 164,000 shares of its common stock at a cost of $4.3 million.
As of October 3, 2023, the company had approximately $17.8 million remaining on its authorized stock repurchase program.
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