Top Midday Stories: American Express to Cut 5% of Workforce; Bloom Energy Shares Fall Despite Q3 Beat

MT Newswires Live10-23 23:41

The Nasdaq Composite rose, while the Dow Jones Industrial Average and S&P 500 Index fell in late-morning trading Friday as oil prices gained on heightened tensions in the Middle East.

In company news, American Express (AXP) CEO Stephen Squeri said the company is cutting about 5% of its global workforce in a bid to streamline operations, reduce decision-making layers, and improve efficiency, according to a FactSet transcript of the company's Q3 earnings call. The company recorded a $336 million restructuring charge in the quarter as it seeks to accelerate decision-making and increase investment in marketing and technology, Squeri said. Q3 earnings rose to $4.68 per diluted share from $4.14 a year earlier, topping the FactSet consensus of $4.48. Revenue increased to $20.06 billion from $18.43 billion, trailing the consensus of $20.12 billion. The company raised its 2026 EPS guidance to $18.30 to $18.60 from $17.30 to $17.90. American Express shares fell 3.8% around midday.

Bloom Energy (BE) shares fell 12%, a day after the company reported Q3 adjusted earnings of $0.94 per diluted share, up from $0.15 a year earlier and above the consensus of $0.69. Revenue rose to $1.24 billion from $519 million, topping the market estimate of $1.07 billion.

Space Exploration Technologies (SPCX) said it needs the approval of CEO Elon Musk for a merger with Tesla (TSLA), according to a regulatory filing Thursday. Separately, SpaceX intends to secure at least 80,000 cell sites across the US and is in talks with at least one major cellular infrastructure company to achieve that target, Bloomberg reported Thursday. SpaceX shares rose 1.6%, and Tesla edged up 0.1%.

Apple (AAPL) will have limited quantities of its foldable iPhone Duo available for walk-in customers for its Friday launch, Reuters reported, citing a company statement. Initial online orders sold out within minutes, pushing some deliveries to January, while in-store availability will vary by market, with India, China, Japan and South Korea limited to online orders, the report said. Apple shares eased 0.1%.

Price: 312.75, Change: -12.42, Percent Change: -3.82

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment