Futures tracking the S&P 500 index moved sharply lower on Thursday after Liz Truss said she was resigning as prime minister of the United Kingdom.
Market Snapshot
At 9:00 a.m. ET, Dow e-minis were down 8 points, or 0.03%, S&P 500 e-minis were down 11 points, or 0.3%, and Nasdaq 100 e-minis were down 63.5 points, or 0.57%.
Pre-Market Movers
AT&T(T) – AT&T rose 2.4% in the premarket after reporting better-than-expected profit and revenue for the third quarter. The company said wireless revenue rose 5.6%, the best quarterly improvement in more than a decade, and postpaid phone net additions came in higher than expected.
American Airlines(AAL) – American Airlines beat top and bottom line estimates for the third quarter as travel demand continued to surge despite economic worries. American stock jumped 2.6% in premarket trading.
Blackstone(BX) – Blackstone added 1% in premarket action following better-than-expected quarterly results. Distributable earnings fell 16% from a year ago, due in part to market declines.
Dow Inc.(DOW) – The chemical maker’s stock fell 2.5% in the premarket, despite a top and bottom line beat for the third quarter, with investors focusing on higher energy costs that hurt Dow’s profit margins.
Tesla(TSLA) – Tesla slid 5.3% in premarket trading after it reported lower-than-expected quarterly revenue and cut its full-year delivery target. The electric vehicle maker reported a better-than-expected profit for the quarter.
IBM(IBM) – IBM rallied 3.3% in off-hours trading after reporting a top and bottom line beat for its latest quarter and raising its full-year revenue outlook. IBM saw improved results in multiple business segments, including software, consulting and infrastructure.
Las Vegas Sands(LVS) – Las Vegas Sands reported a larger-than-expected loss for the third quarter, while revenue beat analyst forecasts. The casino operator’s results are still being impacted by China’s Covid-19 policies, which are crimping business In Macau. However, Las Vegas Sands shares rose 1% in premarket trading.
Allstate(ALL) – Allstate tumbled 10.3% in the premarket after the insurance company said it would report a third-quarter loss. Catastrophe losses will grow for the quarter, largely due to the impact of Hurricane Ian, which struck in September.
WD-40(WDFC) – WD-40 slid 6.3% in premarket action after saying inflation will affect the lubricant maker’s ability to hit its 55% gross margin target.
Alcoa(AA) – Alcoa shares slumped 10.7% in the premarket after the aluminum producer reported an unexpected third-quarter loss. A drop in aluminum prices and higher costs affected Alcoa’s results.
Market News
American Airlines Group Q3 EPS $0.69 Beats $0.31 Estimate, Sales $13.50B Beat $13.25B Estimate
American Airlines Group reported quarterly earnings of $0.69 per share which beat the analyst consensus estimate of $0.31 by 122.58 percent.
The company reported quarterly sales of $13.50 billion which beat the analyst consensus estimate of $13.25 billion by 1.89 percent.
AT&T rises as Q3 earnings top estimates, adds 964K total subscribers
AT&T shares rose on Thursday as the telecom giant posted third-quarter results that topped expectations, adding 964,000 total subscribers and maintained its cash flow guidance for the rest of the year.
For the period ending September30, AT&T (T) said it earned an adjusted 68 cents per share on $30B in revenue, topping estimates of 61 cents per share and $29.86B in sales. The company added 708,000 total postpaid phone subscribers during the period, bringing its total to 2.2M for the entire year. Wireless service revenue grew 5.6% year-over-year, the highest in over a decade.
Ericsson Earnings Miss Estimates As Costs Dent Margins
Ericsson on Thursday reported third-quarter core earnings that missed expectations for the second quarter in a row, as margins took a hit from higher component and logistics costs.
The company's quarterly adjusted operating earnings fell to 7.1 billion Swedish crowns ($633.05 million) from 8.8 billion crowns a year earlier, missing analysts' mean forecast of 8.73 billion, according to Refinitiv data.
Nokia Quarterly Operating Profit Lags Expectation
Nokia on Thursday reported quarterly operating profit below market expectations even as the Finnish telecom equipment maker continues to benefit from strong demand from phone companies as they roll out 5G.
Third-quarter comparable operating profit rose to 658 million euros ($643.3 million) from 633 million last year, lagging the 690.6 million euro mean forecast of 10 analysts polled by Refinitiv.