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☆ Tesla reports improved earnings
▼ + stars: | 2024-10-23 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

New York CNN —Tesla Wednesday reported an unexpected improvement in earnings for the third quarter, lifting its recently battered shares in after-hours trading. But So the better profit came not from increasing sales but from success in cutting its cost to build vehicles. Tesla has been leading a price war in the electric vehicle sector, as a response to increased competition, especially from Chinese automakers. Investors had previously sold off Tesla shares (TSLA), disappointed by lack of details at a company event on plans for self-driving robotaxis. For the quarter Tesla earned $2.5 billion in the quarter, or 72 cents a share, up 8% from a year ago.

Persons: New York CNN — Tesla, Elon Musk, Tesla Organizations: New, New York CNN, Investors Locations: New York

☆ IBM stock slips on disappointing consulting and infrastructure revenue
▼ + stars: | 2024-10-23 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

In the third quarter, IBM generated $6.52 billion in revenue from software. Revenue from Red Hat, a 2019 acquisition, grew 14%, compared with 7% in the second quarter. The company's infrastructure segment had $3.04 billion in revenue, down 7% and beneath StreetAccount's $3.24 billion consensus. IBM now has a generative artificial intelligence book of business exceeding $3 billion, up more than $1 billion in the second quarter. During the quarter, IBM said it would expand its network of Oracle product consultants and buy Oracle services company Accelalpha.

Persons: Jim Kavanaugh, Arvind Krishna, Kavanaugh, CNBC's Seema Mody, Mody, Krishna Organizations: IBM, Prudential, Revenue, StreetAccount, Red, Software, Oracle, Palo Alto Networks, Software AG Locations: StreetAccount .

☆ LVMH had a rough week. That's a bad sign for the luxury sector.
▼ + stars: | 2024-10-19 | by ( Madeline Berg | ) www.businessinsider.com time to read: +7 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . LVMH, the largest of the luxury conglomerates, announced its third-quarter earnings this week, and the results were grim. AdvertisementWhile personal luxury sales in China grew by more than 37% each year from 2019 through 2021, that annual growth is not expected to hit more than 4.2% through 2028, according to EMARKETER data. AdvertisementEMARKETER's Canaves pointed to the collaborations and moves toward streetwear that helped some brands emerge from the last luxury slump. Of course, any expansion into new categories should not take attention from handbags and clothing, the revenue drivers of luxury brands.

Persons: LVMH, —, Louis Vuitton, Salvatore Ferragamo, Goldman Sachs, Gucci, Hermès, Jean, Jacques Guiony, Adam Cochrane, Chanel, Canaves, Guiony, Birkin, Deutsche Bank's Cochrane, Cartier, Brunello Cucinelli, Rambourg, Louis Organizations: Service, Revenue, Louis, Burberry, Business, Deutsche Bank, Gucci, Deutsche Bank's, Chez Locations: China, Asia, Japan, COVID, streetwear, Paris

☆ Stocks making the biggest moves midday: Netflix, Apple, CVS Health, Lamb Weston, U.S. Cellular and more
▼ + stars: | 2024-10-18 | by ( Sarah Min | ) www.cnbc.com time to read: +5 min

Separately, CVS issued third-quarter adjusted earnings guidance between $1.05 and $1.10 per share, far weaker than the FactSet consensus estimate of $1.69 a share. MGP Ingredients — Shares tumbled 26% after MGP Ingredients, a distilled spirits producer, issued preliminary third-quarter earnings and revenue guidance that missed expectations. Earnings of $1.23 per share missed the FactSet consensus estimate of $1.34 in earnings per share. Comerica reported $1.33 in earnings per share, compared to $1.17 per share expected by analysts, according to FactSet. Still, adjusted earnings of 89 cents per share beat the expected earnings per share of 88 cents.

Persons: Lamb Weston —, Jana Partners, Lamb Weston, David Joyner, Karen Lynch, LSEG, LSEG ., Riley, Ally, FactSet, — CNBC's Sean Conlon, Michelle Fox, Alex Harring, Hakyung Kim, Jesse Pound Organizations: Netflix, U.S . Cellular, Telephone, Data Systems, U.S, Cellular, Verizon Communications, CVS, MGP, American, Apple —, Bloomberg, Counterpoint Research, Western, Western Alliance, LSEG, LSEG . Fifth Third, Fifth Third Bancorp, Comerica, Holdings Locations: U.S, China

☆ Netflix shares jump 5% in premarket after third-quarter earnings beat
▼ + stars: | 2024-10-18 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Netflix shares jumped Friday after the media streaming giant reported third-quarter earnings and revenue that beat expectations. Shares of Netflix were up 5.4% in U.S. premarket trading as of 4:39 a.m. Netflix reported earnings per share of $5.40 for the three-month period ending Sept. 30, surpassing the $5.12 LSEG consensus estimate. Revenues also beat expectations, coming in at $9.83 billion, above the $9.77 billion anticipated by analysts. Crucially, Netflix saw momentum in its ad-supported membership tier, which jumped 35% quarter-over-quarter.

Organizations: Netflix Locations: Krakow, Poland, U.S

☆ Stocks making the biggest moves premarket: American Express, Procter & Gamble, Netflix, CVS Health and more
▼ + stars: | 2024-10-18 | by ( Hakyung Kim | In Hakyungkim | ) www.cnbc.com time to read: +4 min

The household goods maker posted $21.74 billion in revenue while analysts polled by LSEG had estimated $21.91 billion. WD-40 — The maintenance product maker's shares fell 4% after a disappointing fiscal fourth-quarter earnings report. Despite posting a top-line beat of $823 million in revenue versus LSEG analysts' estimates for $808 million, net interest income fell 3% in the third-quarter. Revenue of $9.16 billion fell below the $9.25 billion LSEG consensus forecast. Ally Financial – The digital bank stock fell nearly 1% despite earnings beating analysts' estimates in the third quarter.

Persons: Gamble, LSEG, David Joyner, Karen Lynch, B.Riley, SLB, Schlumberger, FactSet, — CNBC's Pia Singh, Sarah Min, Jesse Pound, Michelle Fox Organizations: Procter, Netflix, CVS, FactSet, Western Alliance Bancorp, Apple, Bloomberg, Crown Holdings, Holdings, Comerica Locations: China

☆ Netflix just had a blockbuster quarter, and its Asia strategy had a big role to play in it
▼ + stars: | 2024-10-18 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +4 min

At 19%, Asia Pacific had the largest revenue growth rate of all regions this quarter. Local content strategy and investment in original content is boosting Netflix's competitive edge. Company executives and industry experts say growth in Asia had a role to play as well. Revenue growth in North America and Europe, Middle East, and Africa was tied at 16% each. 'Persistence in Asia'Some industry experts who reacted to Netflix's earnings also pointed to its local content creation strategy.

Persons: —, You've, Gregory Peters, Ben Silverman, Silverman, It's, Dan Da Dan Organizations: Netflix, Service, Company, Asia, CNBC, Media Partners Locations: Asia Pacific, Asia, Japan, Korea, Thailand, India, North America, Europe, Middle East, Africa

☆ Stocks making the biggest moves midday: Nvidia, Travelers, Blackstone, Uber and more
▼ + stars: | 2024-10-17 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Travelers' third-quarter earnings came in at $5.24 per share, topping the $3.55 a share expected from analysts polled by LSEG. Blackstone reported third-quarter earnings of $1.01 per share on revenue of $2.43 billion. CSX — Shares slipped 5.9% after the transportation company reported disappointing third-quarter results. Alcoa — The aluminum producer's stock shed more than 3% after the company reported third-quarter revenue of $2.90 billion, below the $2.97 billion LSEG consensus estimate. Synovus Financial — Shares popped 5% after the company reported better-than-expected adjusted earnings per share for the third quarter.

Persons: Uber, LSEG, Elevance, Blackstone, Equifax, Synovus, — CNBC's Sean Conlon, Hakyung Kim, Alex Harring, Pia Singh Organizations: Taiwan Semiconductor, Nvidia, Micron, Times, Expedia, —, LSEG, CSX, Nokia —, Alcoa, FactSet, Dynamics, Steel, Walgreens, Alliance

☆ CNBC Sport: Why bars and restaurants are shedding 'Sunday Ticket' subscriptions
▼ + stars: | 2024-10-17 | by ( Alex Sherman | In Alex-Sherman | ) www.cnbc.com time to read: +29 min

As a condition of that deal, EverPass included the right to build its own commercial streaming connection for "Sunday Ticket," bypassing third-party licensing. 1) Some commercial establishments are switching to EverPass's internet product. 2) Some commercial establishments are cutting the cord on pay-TV in general. 3) Certain commercial establishments are using YouTube's "Sunday Ticket" and paying residential prices (about $500 per year) instead of the higher business rates. 3) Certain commercial establishments are using YouTube's "Sunday Ticket" and paying residential prices (about $500 per year) instead of the higher business rates.

Persons: Alex Sherman, DirecTV's, What's, EverPass, Lillian Rizzo, –, Everpass, It's, Craig Kilborn, Val Ackerman, Ackerman, that's, We're, Alex, you've, they're, Jeff Shell, Tom Brady, Tom Wagner, CNBC's Michael Ozanian, Jessica Golden, Brady, He'll, Wagner, Warner, Jake Piazza, CNBC's Rizzo, Nielsen, That's, — Ian Charles, Arctos, Charles, NBC's Peacock, Christian Miller, Miller, Adam Silver doesn't, Jim Dolan, Abu, Greg Norman, Norman, Rory McIlroy, Tiger Woods, Chiney Ogwumike Organizations: CNBC, NFL, Google, YouTube, DirecTV, EverPass Media, RedBird Capital Partners, Amazon Prime, ESPN, Dish Network, Big East Conference, WNBA, Big, CNBC Sport, Skydance, Paramount Global, Shell, Paramount, Las Vegas Raiders, Knighthead, Raiders, Fox Sports, NBA, Warner Bros, Discovery, TNT, MLB, Los Angeles Dodgers, New York Mets, Mets, Revenue, League, Golden State Warriors, Boston Celtics, Philadelphia Phillies, Wall Street, Comcast, Puma, NBC News, U.S, SEC, New York Times, Sphere Entertainment, Saudi Arabia's Public Investment Fund, Sports Business, PGA, Chiney, Continent Foundation, Philadelphia Eagles, Kansas City Chiefs, Visual China, Getty, Big East Locations: Apple, New York, American, Boston , Philadelphia, Northern California, U.S, Abu Dhabi, Vegas, Queens, Africa, Newport Beach , California

☆ Stocks making the biggest moves after hours: Netflix, Intuitive Surgical, WD-40 and more
▼ + stars: | 2024-10-17 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines in after-hours trading: Netflix — The streaming stock popped more than 4% after third-quarter earnings topped expectations. Netflix earned $5.40 per share on $9.83 billion in revenue, while analysts forecast $5.12 a share and $9.77 billion in revenue. Intuitive Surgical — Shares jumped about 5% after the maker of the da Vinci surgical robot posted better-than-expected third-quarter results. Intuitive Surgical earned $1.84 per share on $2.04 billion in revenue. The company earned $1.23 per share, and said it expects fiscal 2025 profits of between $5.20 and $5.45 per share.

Persons: LSEG, OceanFirst, David Bratcher, Marten, CNBC's Hakyung Kim, Sarah Min Organizations: Netflix, Revenue, FactSet, Pharmaceuticals, Supernus Pharmaceuticals Locations: FactSet

☆ Embattled Abbott Labs comes through with a strong quarter, buyback announcement
▼ + stars: | 2024-10-16 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +9 min

Organic sales, which exclude Covid testing, were up 8.2% from the year-ago period. Bottom line In its third quarter, Abbott Labs demonstrated why we wanted to stick with the stock in the face of legal battles that emerged earlier this year and spooked investors. "There's just a lot to like with the Abbott quarter." As Abbott's organic sales growth continues to shine, the market will realize both concerns are overblown. The company reiterated its full-year organic sales growth outlook of 9.5% to 10%.

Persons: ABT, Abbott, Jim Cramer, Dexcom, Robert Ford, Ford, Lingo, —, it's, Edwards, Jim Cramer's, Jim, Ethan Miller Organizations: Abbott Laboratories, Revenue, Abbott Labs, NEC, Abbott, Ford, and Drug Administration, Centers for Disease Control, National Institutes of Health, CNBC, Las Vegas Convention, Getty Locations: U.S, Missouri, Las Vegas , Nevada

☆ Stock market today: Indexes mixed as traders look to recover from chip sell-off
▼ + stars: | 2024-10-16 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

US stocks wavered on Wednesday as traders looked to recover from a sell-off in the chip sector. Morgan Stanley beat estimates on strong investment banking activity. AdvertisementUS stocks wavered on Wednesday as traders looked to recover from a sell-off in the chip sector and waited for another round of corporate earnings reports. The Nasdaq was down slightly as chip stocks struggled to recover from Tuesday's sell-off. Chip stocks stumbled in the previous session after ASML cut its sales guidance for 2025.

Persons: Morgan Stanley, —, Wall Organizations: Service, Dow Jones, Nasdaq, AMD, Nvidia

☆ Stocks making the biggest moves after hours: Lucid, Discover Financial, PPG Industries, Kinder Morgan and more
▼ + stars: | 2024-10-16 | by ( Hakyung Kim | In Hakyungkim | ) www.cnbc.com time to read: +3 min

The financial services company posted third-quarter results that surpassed expectations, with earnings of $3.69 per share on $4.45 billion of revenue. Alcoa posted third-quarter adjusted earnings of 57 cents per share, topping analysts' estimate for 28 cents a share, per LSEG. Kinder Morgan reported adjusted earnings per share of 25 cents and revenue of $3.70 billion. Management also announced it expects to fall below budget on adjusted earnings before interest, taxes, depreciation and amortization and adjusted earnings per share by 2% and 4%, respectively. PPG Industries posted adjusted earnings of $2.13 per share on $4.58 billion in revenue.

Persons: LSEG, Lucid, Kinder Morgan —, Kinder Morgan, Equifax, —, Darla Mercado Organizations: Discover, CSX, Alcoa —, Alcoa, Revenue, Third Investment Company, Public Investment Fund, Management, PPG, Green, Dynamics, Steel Dynamics

☆ We're raising our Morgan Stanley price target after a post-earnings stock surge to record highs
▼ + stars: | 2024-10-16 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Morgan Stanley shares soared to all-time highs Wednesday after third-quarter beats on the bank's top and bottom lines, with strength seen across the board. MS YTD mountain Morgan Stanley YTD Club stock Morgan Stanley was up 7.5%. Morgan Stanley outpaced expectations in just about every aspect of each operating division and put up very strong quarterly results in terms of firmwide key performance indicators. Given its 15.1% CET1 ratio, Morgan Stanley has plenty of excess capital at its disposal to both continue investing in growth and return excess capital to shareholders. Morgan Stanley Why we own it : We own Morgan Stanley for the rebound taking place in IPO and M & A activity along with growth in wealth management, which provides more durable fee-based revenues.

Persons: Morgan Stanley, Wells Fargo, Morgan Stanley's, Sharon Yeshaya, Morgan Stanley repurchased, Goldman Sachs, Ted Pick, Morgan, Yeshaya, That's, Eaton Vance, Jim Cramer's, Jim Cramer, Jim, Bing Guan Organizations: Revenue, LSEG, Morgan Stanley YTD, Investment, Bloomberg, Institutional Securities, Bank of Japan, CNBC, Getty Locations: Wells Fargo

☆ Stocks making the biggest moves premarket: Morgan Stanley, Cisco, ASML and more
▼ + stars: | 2024-10-16 | by ( Pia Singh | In | ) www.cnbc.com time to read: +2 min

Cisco Systems — The networking technology stock added nearly 2% on the heels of a Citi upgrade to buy from neutral. The firm's earnings came in at $1.88 per share, versus the $1.58 expected by a LSEG analyst poll. Revenue was $15.38 billion versus the $14.41 billion consensus estimate. United also announced a $1.5 billion share buyback, its first since before the pandemic. J.B Hunt Transport Services — Shares jumped more than 7% after the company's third-quarter results topped expectations.

Persons: Novocure, Morgan Stanley —, accidently, J.B, Hunt, LSEG, — CNBC's Sean Conlon, Alex Harring, Sarah Min, Michelle Fox, Hakyung Kim Organizations: Cisco Systems, Citi, U.S . Food, Drug Administration, Revenue, United Airlines, United, Hunt, — Locations: U.S

☆ Citi names 'underappreciated' AI stock as a top pick — giving it 25% upside
▼ + stars: | 2024-10-16 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Citi has named Pegasystems one of its new top picks, citing an "underappreciated" artificial intelligence story and attractive valuation. The Wall Street bank has set a target price of $92 for Pegasystems, representing a potential 25% upside from its current trading price of around $73.50. Pegasystems, an enterprise software firm, has seen its stock price surge by over 50% year-to-date, outperforming the broader iShares Expanded Tech-Software Sector ETF , which is up nearly 14% this year. Citi analysts view this development as a catalyst for the stock to rise. On a fundamental level, Citi's analysts also believe that Pegasystems' unique approach to artificial intelligence, particularly its "blueprint" strategy, sets it apart from competitors, calling it an "underappreciated gen AI story."

Persons: PEGA, Pegasystems, Appian, Steven Enders, George Kurosawa, JMP, — CNBC's Michael Bloom Organizations: Citi, Software, Appian Corporation, Virginia, Wall, Revenue Locations: Massachusetts

☆ Stocks making the biggest moves midday: United Airlines, Morgan Stanley, ASML, Prologis and more
▼ + stars: | 2024-10-16 | by ( Sean Conlon | ) www.cnbc.com time to read: +3 min

United Airlines – The stock soared 11% after the airline posted an earnings and revenue beat for the third quarter and guided for a strong fourth quarter. In addition, United said it is starting a $1.5 billion share buyback, its first since before the Covid pandemic. The firm posted earnings of $1.88 per share, higher than the $1.58 expected by a LSEG analyst poll. J.B Hunt Transport Services – Shares added 3.4% after the company posted a top and bottom line beat. J.B. Hunt posted $1.49 earnings per share on $3.07 billion of revenue in the third quarter.

Persons: United, Morgan Stanley, Novocure, J.B, Hunt, LSEG, Aspen Aerogels, FactSet, Prologis, Hamid Moghadam, —, Alex Harring, Hakyung Kim, Samantha Subin, Pia Singh, Michelle Fox Organizations: Food and Drug Administration, United Airlines, Revenue, Cisco Systems, Citi, Food, ASML, J.B Hunt, Aspen, of Energy, U.S . Bancorp, General Motors, Lithium Americas Corp Locations: Dutch, U.S

☆ Bank of America tops estimates on better-than-expected trading revenue
▼ + stars: | 2024-10-15 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

Bank of America topped analyst estimates for third-quarter profit and revenue on better-than-expected trading results. Here's what the company reported:Earnings: 81 cents vs. 77 cents LSEG estimateRevenue: $25.49 billion vs. $25.3 billion estimateThe bank said Tuesday that net income fell 12% from a year earlier to $6.9 billion, or 81 cents a share. Revenue rose less than 1% to $25.49 billion as a rise in trading revenue and asset management and investment banking fees offset a decline in net interest income. That's a key question after the lender signaled in July that a rebound in net interest income was coming in the second half of this year. Bank of America has seen its haul from net interest income get compressed as the Federal Reserve boosted rates over the past two years.

Persons: Wells, Goldman Sachs, Morgan Stanley Organizations: of America, Bank of America, Federal Reserve, JPMorgan Chase, Citigroup Locations: Wells Fargo

☆ Things are looking up for Wall Street, and Goldman's third-quarter results show why
▼ + stars: | 2024-10-15 | by ( Reed Alexander | ) www.businessinsider.com time to read: +2 min

The firm pointed to growth in core businesses like M&A advisory and stock and bond underwriting. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The results beat analysts' expectations and set the stage for Goldman's executives to discuss why Wall Street may be at the cusp of a surge in corporate dealmaking activity. Lower rates could also boost demand for corporate lending, IPOs, stock issuance, and more.

Persons: Goldman Sachs, David Solomon, —, Solomon, Solomon didn't, It's Organizations: Service

☆ Stocks making the biggest moves premarket: Goldman Sachs, Bank of America, Walgreens and more
▼ + stars: | 2024-10-15 | by ( Hakyung Kim | In Hakyungkim | ) www.cnbc.com time to read: +3 min

Bank of America -- Shares moved 1% higher after third-quarter earnings and revenue topped Wall Street analysts' estimates. Goldman Sachs — Shares of the investment bank jumped more than 2% on better-than-expected quarterly earnings. Goldman Sachs posted earnings per share of $8.40 on $12.70 billion in revenue. Citigroup — Shares of the Jane Fraser-led bank added 1.7% after third-quarter earnings and revenue were better than consensus estimates. Charles Schwab — The brokerage company surged more than 7% after third quarter results beat analysts' estimates.

Persons: Johnson, J, Goldman Sachs, LSEG, UnitedHealth, Walgreens, Jane Fraser, Coty –, Coty, Charles Schwab, —, Yun Li, Michelle Fox, Samantha Subin, Sarah Min, Pia Singh Organizations: Bank of America, Wall, LSEG, Revenue, Johnson, Walgreens, Alliance, Citigroup —, Citigroup, PNC Financial, PNC, Coty, Energy, RBC Capital Markets, EV Locations: Pittsburgh, LSEG .

☆ Here's an earnings homework checklist so you can be ready when your companies report
▼ + stars: | 2024-10-15 | by ( Zev Fima | ) www.cnbc.com time to read: +11 min

Wells Fargo on Friday was the first portfolio name to report third-quarter results, which have been greeted enthusiastically on Wall Street. Morgan Stanley and Abbott Laboratories — both Club names as well — report earnings before Wednesday's opening bell. Revenue and earnings estimates can be found on stock ticker pages on any number of free financial websites and through brokerage account providers. Portfolio management is a must. After considering these factors, be sure to then take a higher-level portfolio management view of your investments.

Persons: Wells, Morgan Stanley, Abbott Laboratories —, Jim Cramer's, —, Eli Lilly, writeups, Stanley Black, Decker, Jim, Jim Cramer, Andrew Kelly Organizations: Abbott Laboratories, Abbott Labs, Microsoft, TJX, Palo Alto Networks, Club, Nvidia, Devices, Taiwan Semiconductor Management Company, Jim Cramer's Charitable, CNBC, Flag, New York Stock Exchange Locations: Wells Fargo, U.S

☆ Wells Fargo shares jump after earnings top Wall Street expectations
▼ + stars: | 2024-10-11 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Wells Fargo on Friday reported third-quarter earnings that exceeded Wall Street expectations, causing its shares to rise. The better-than-expected earnings came even with a sizeable decline in net interest income, a key measure of what a bank makes on lending. "Our revenue sources are more diverse and fee-based revenue grew 16% during the first nine months of the year, largely offsetting net interest income headwinds." Wells saw net income fall to $5.11 billion, or $1.42 per share, in the third quarter, from $5.77 billion, or $1.48 per share, during the same quarter a year ago. The net income includes $447 million, or 10 cents a share, in losses on debt securities, the company said.

Persons: Wells, Charles Scharf Organizations: LSEG Locations: Wells Fargo, San Francisco

☆ Stocks making the biggest moves midday: Tesla, Wells Fargo, JPMorgan Chase, Fastenal and more
▼ + stars: | 2024-10-11 | by ( Sean Conlon | ) www.cnbc.com time to read: +4 min

Third-quarter adjusted earnings were $1.52 per share, topping the $1.28 per share expected from analysts polled by LSEG. JPMorgan Chase – Shares jumped 4.7% after JPMorgan, the biggest American bank, posted third-quarter results that beat estimates for profit and revenue. BlackRock – Shares climbed 2.8% after the asset manager beat analysts' third-quarter expectations on the top and bottom lines. Bank of New York Mellon – The bank stock dropped 1%, even after the company issued a stronger-than-expected quarterly report. Analysts surveyed by LSEG were expecting $1.42 in earnings per share on $4.54 billion of revenue.

Persons: Morgan Stanley, Wells Fargo, JPMorgan Chase, Walmex –, Fastenal, FactSet, Wells, Warren Buffett's Berkshire Hathaway, Buffett, Natalie Knight, Doug Ostermann, Stellantis, Carlos Tavares, who's, LSEG, Kinder Morgan, Ferrari, BNY, —, Alex Harring, Lisa Kailai Han, Pia Singh, Hakyung Kim, Jesse Pound, Michelle Fox Organizations: San, LSEG, JPMorgan, JPMorgan Chase –, Walmart, Apple Pay, Bank of America, Securities and Exchange Commission, Finance, BlackRock, of, Bank of New York Mellon Locations: San Francisco, LSEG .

☆ OpenAI's AI-adjusted earnings numbers have echoes of Groupon and WeWork
▼ + stars: | 2024-10-11 | by ( Alistair Barr | ) www.businessinsider.com time to read: +6 min

Is it OK for an AI company to exclude the cost of training its AI models when it reports earnings? Related storiesFor an AI company like OpenAI, training models will be an ongoing process. The world is constantly evolving, and new data is being generated, which will have to be incorporated into AI models' understanding. Let's call it "AI adjusted earnings" for an AI company. They are a private company," McKenna said.

Persons: we've, Francine McKenna, McKenna, OpenAI, It's, Groupon, WeWork Organizations: Google, Facebook, MarketWatch, Revenue, Big Tech, KPMG Consulting, SAP, Oracle, Securities, Exchange Commission, SEC Locations: It's

☆ Stocks making the biggest moves premarket: Wells Fargo, JPMorgan, Tesla, Stellantis and more
▼ + stars: | 2024-10-11 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Wells Fargo — Shares of the San Francisco-based lender rose 3%, helped by better-than-expected earnings. However, the bank's revenue of $20.37 billion came in below the $20.42 billion expected, and Wells experienced an 11% decline in net interest income. Tesla , Uber — Tesla shares tumbled 6.4% after its event for the robotaxi, a self-driving cab concept, left investors feeling underwhelmed. Affirm , Flywire — Affirm shares popped 3.1% after Wells Fargo upgraded the buy-now-pay-later stock to overweight from equal weight. Elsewhere in the digital payments space, Wells Fargo downgraded Flywire to equal weight from overweight, sending shares down 2.7%.

Persons: Wells, JPMorgan Chase, Tesla, underwhelmed, Carlos Tavares, Flywire, Mobileye, Morgan Stanley, Kinder Morgan, Ferrari, Lisa Kailai Han, Jesse Pound, Michelle Fox, Yun Li, Sean Conlon Organizations: LSEG, JPMorgan, Revenue, Bank of America, BlackRock, Mizuho, Bank of Locations: San Francisco, Wells, Flywire, Atlassian, China

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