10 Stocks Making Moves on Financial Results

In this article, we will take a look at the 10 stocks making moves on financial results.

Investors are closely watching the third-quarter earnings season, with several big-cap companies releasing their financial results. Tesla, Inc. (NASDAQ:TSLA), Abbott Laboratories (NYSE:ABT), Verizon Communications Inc. (NYSE:VZ), Biogen Inc. (NASDAQ:BIIB), and Anthem, Inc. (NYSE:ANTM) were among the notable stocks that posted their quarterly reports earlier this week.

Most of these stocks moved higher after beating earnings expectations. However, Tesla, Inc. (NASDAQ:TSLA) shares momentarily moved down in the after-hours trading session on Wednesday, 20 October 2021, following the company’s comments that chip shortage and logistic challenges have been affecting its ability to produce cars at full capacity.

In addition, several companies, including Baker Hughes Company (NYSE:BKR) and Las Vegas Sands Corp. (NYSE:LVS), missed expectations and blamed pandemic-related disruptions for their weak results.

To discuss the detailed performance of these companies, let’s begin our list of 10 stocks making moves on financial results.

10 Stocks Making Moves on Financial Results

10. Kinder Morgan, Inc. (NYSE:KMI)

Number of Hedge Fund Holders: 38

Shares of Kinder Morgan, Inc. (NYSE:KMI) slipped nearly 1.5 percent in the after-hours trading session on Wednesday, 20 October 2021, after its third-quarter profit fell short of expectations.

The Houston-based energy infrastructure company reported adjusted earnings of 22 cents per share, slightly higher than 21 cents per share in the comparable quarter of 2020. Revenue came in at $3.82 billion, up from $2.9 billion in the year-ago quarter. Analysts were expecting Kinder Morgan, Inc. (NYSE:KMI) to report earnings of 24 cents per share on revenue of $3.26 billion.

Speaking on the results, CEO Steve Kean said in a statement:

“In our base natural gas business, we continue to benefit from growing global natural gas demand. Our assets are well positioned to serve growing domestic markets and export locations for LNG and Mexico.”

Like Kinder Morgan, Inc. (NYSE:KMI), analysts are also closely watching Tesla, Inc. (NASDAQ:TSLA), Abbott Laboratories (NYSE:ABT), Verizon Communications Inc. (NYSE:VZ), Biogen Inc. (NASDAQ:BIIB), and Anthem, Inc. (NYSE:ANTM) after their financial results.

9. Baker Hughes Company (NYSE:BKR)

Number of Hedge Fund Holders: 40

Shares of Baker Hughes Company (NYSE:BKR) fell nearly six percent on Wednesday, 20 October 2021, after posting disappointing financial results for the third quarter. The company blamed operational and supply-chain disruptions and the higher cost of chemicals for the weak results.

The oil field service company reported adjusted earnings of 16 cents per share, missing the consensus forecast of 21 cents per share. Revenue came in at $5.1 billion, below analysts’ average estimate of $5.33 billion. Baker Hughes Company (NYSE:BKR) had reported adjusted earnings of 4 cents per share on revenue of $5.05 billion in the comparable period of 2020.

Moving forward, Baker Hughes Company (NYSE:BKR) expects the demand for oil and natural gas to grow in the coming quarters amid continued economic recovery around the globe. At the same time, the company thinks that the Delta variant, worldwide chip-shortage, and logistic constraints can hamper the growth pace.

8. International Business Machines Corporation (NYSE:IBM)

Number of Hedge Fund Holders: 41

Shares of International Business Machines Corporation (NYSE:IBM) fell nearly five percent in the pre-market trading session on Thursday, 21 October 2021, after announcing mixed financial results for the third quarter.

The New York-based tech company reported adjusted earnings of $2.52 per share, down from $2.58 per share in the same period last year. Revenue came in at $17.62 billion, nearly flat from $17.56 billion in the comparable period of 2020. Analysts were expecting International Business Machines Corporation (NYSE:IBM) to report earnings of $2.52 on revenue of $17.79 billion.

If we compare the performance of key segments, global technology services revenue decreased 4.8 percent to $6.2 billion, systems revenue fell nearly 12 percent to $1.1 billion, while global financing revenue plummeted 19.2 percent to $220 million. On the bright side, cloud & cognitive software revenue rose 2.5 percent to $5.7 billion, and global business services revenue jumped 11.6 percent to $4.4 billion.

Discussing the results, CEO Arvind Krishna said in a statement:

“With the separation of Kyndryl early next month, IBM takes the next step in our evolution as a platform-centric hybrid cloud and AI company. We continue to make progress in our software and consulting businesses, which represent our higher growth opportunities.”

Like International Business Machines Corporation (NYSE:IBM) Tesla, Inc. (NASDAQ:TSLA), Abbott Laboratories (NYSE:ABT), Verizon Communications Inc. (NYSE:VZ), Biogen Inc. (NASDAQ:BIIB), and Anthem, Inc. (NYSE:ANTM) also caught investors’ attention after releasing their earnings.

7. Las Vegas Sands Corp. (NYSE:LVS)

Number of Hedge Fund Holders: 48

Shares of Las Vegas Sands Corp. (NYSE:LVS) turned red in the pre-market trading session on Thursday, 21 October 2021, after posting a wider-than-expected loss for the third quarter. The Nevada-based casino operator blamed the pandemic-related restrictions for the weak results.

Las Vegas Sands Corp. (NYSE:LVS) reported an adjusted loss of 45 cents per share for the three months ended 30 September 2021, wider than the loss of 22 cents per share estimated by analysts.

Revenue came in at $857 million, well below the consensus forecast of $1.29 billion. Las Vegas Sands Corp. (NYSE:LVS) had reported an adjusted loss of 59 cents per share on revenue of $446 million for the comparable quarter of 2020.

Commenting on the quarter, CEO Robert Goldstein said:

“We remain confident in the eventual recovery in travel and tourism spending across our markets.  Demand for our offerings from customers who have been able to visit remains strong, but pandemic-related travel restrictions in both Macao and Singapore continue to limit visitation and hinder our current financial performance.”

6. CSX Corporation (NASDAQ:CSX)

Number of Hedge Fund Holders: 56

Shares CSX Corporation (NASDAQ:CSX) rose nearly three percent after delivering impressive profit and sales for the third quarter on Wednesday, 20 October 2021. The provider of rail-based freight transportation earned 43 cents per share for the quarter, compared to 32 cents per share in the same period last year.

In addition, CSX Corporation (NASDAQ:CSX) posted revenue of $3.29 billion, translating to a surge of 24 percent on a year-over-year basis. The results easily surpassed the consensus forecast of 38 cents per share for earnings and $3.06 billion for revenue.

CSX Corporation (NASDAQ:CSX) enjoyed revenue growth across most of its business lines. Coal revenue in the quarter climbed 39 percent on a year-over-year basis, helped by higher shipments. In comparison, metals and equipment revenue jumped 30 percent, minerals revenue rose 13 percent, while chemicals revenue increased 10 percent on a year-over-year basis.

On the downside, automotive revenue fell 23 percent in the quarter, mainly due to lower vehicle production in North America. The decline in vehicle production was mainly attributed to the global chip shortage.

5. Tesla, Inc. (NASDAQ:TSLA)

Number of Hedge Fund Holders: 60

Tesla, Inc. (NASDAQ:TSLA) recently came into the limelight after posting record results for the third quarter. The world’s biggest electric vehicle (EV) manufacturer reported adjusted earnings of $1.86 per share, significantly higher than 76 cents per share in the same period last year.

Revenue for the quarter climbed 57 percent on a year-over-year basis to $13.8 billion. Analysts were expecting Tesla, Inc. (NASDAQ:TSLA) to report earnings of $1.57 per share on revenue of $13.6 billion.

In the third quarter, Tesla, Inc. (NASDAQ:TSLA) delivered 241,300 vehicles, well above 241,300 in the comparable period of 2020. Analysts were expecting the company to deliver 220,900 vehicles.

Tesla, Inc. (NASDAQ:TSLA) shares slipped more than one percent in the pre-market trading session on Thursday, 21 October 2021, despite the strong results. The drop apparently came after the company stated that chip shortage and logistic challenges have been affecting its ability to produce vehicles at full capacity.

4. Abbott Laboratories (NYSE:ABT)

Number of Hedge Fund Holders: 61

Shares of Abbott Laboratories (NYSE:ABT) rose more than three percent on Wednesday, 20 October 2021, after announcing solid financial results for the third quarter. The global healthcare giant reported adjusted earnings of $1.40 per share, crushing the consensus forecast of 94 cents per share.

Abbott Laboratories (NYSE:ABT) had reported adjusted earnings of 98 cents per share for the comparable period of 2020. Revenue for the quarter jumped 23.4 percent on a year-over-year basis to $10.93 billion, beating the consensus forecast of $9.56 billion.

The latest quarterly performance was driven by strong growth across all business segments. Nutrition revenue in the quarter increased 9.6 percent, medical devices revenue rose 14.6 percent, while pharmaceuticals revenue jumped 15.1 percent. In comparison, diagnostic revenue in the quarter climbed 48.2 percent on a year-over-year basis.

Praising the quarterly performance, CEO Robert Ford said:

“We achieved another quarter of strong growth overall and across all four of our major business areas. We’re particularly pleased with the continued advancements of our new product pipeline, including several recent launches in large, high-growth markets.”

Abbott Laboratories (NYSE:ABT) also raised its profit outlook for the full year. It now expects adjusted earnings in the range of $5 – $5.10 per share, compared to its previous guidance between $4.30 – $4.50 a share. The updated outlook is better than analysts’ average estimate of $4.46 per share.

3. Verizon Communications Inc. (NYSE:VZ)

Number of Hedge Fund Holders: 63

Shares of Verizon Communications Inc. (NYSE:VZ) rose over two percent on Wednesday, 20 October 2021, after announcing better-than-expected third-quarter results along with an upbeat outlook.

Verizon Communications Inc. (NYSE:VZ) earned $1.41 per share on an adjusted basis, compared to $1.25 per share in the year-ago quarter. Revenue came in at $32.9 billion, slightly higher than $31.5 billion in the comparable period of 2020. The results exceeded the consensus forecast of $1.37 per share for earnings and $33.2 billion for revenue.

If we look at the performance of flagship segments, consumer revenue rose 7.3 percent on a year-over-year basis to $23.3 billion, while business revenue inched down nearly one percent to $7.7 billion.

Verizon Communications Inc. (NYSE:VZ) also updated its profit outlook for the full year. It expects adjusted earnings in the range of $5.35 – $5.40 per share versus its earlier forecast of $5.25 – $5.35 per share.

Speaking on the results, CEO Hans Vestberg said:

“Our disciplined strategy execution demonstrated growth in 5G adoption, broadband subscribers and business applications. We are increasing our 2021 guidance, and we continue to expand our 4G LTE and 5G network leadership. We fully expect to have a strong finish to the year as we accelerate deployment of 5G to our customers across the country.”

2. Biogen Inc. (NASDAQ:BIIB)

Number of Hedge Fund Holders: 67

Biogen Inc. (NASDAQ:BIIB) recently caught investors’ attention after reporting financial results for the third quarter. The Massachusetts–based biotechnology company reported adjusted earnings of $4.77 per share, compared to $5.64 per share in the year-ago quarter.

Revenue came in at $2.7 billion, down 18 percent from $3.37 billion in the comparable period of 2020. Analysts were expecting Biogen Inc. (NASDAQ:BIIB) to report earnings of $4.09 per share on revenue of $2.6 billion.

If we look at the performance of key medicine categories, multiple sclerosis revenue fell 19 percent to $1.8 billion, while revenue from spinal muscular atrophy medicine Spinraza decreased 10 percent on a year-over-year basis. In comparison, biosimilars revenue slipped two percent to $203 million, while Aduhelm revenue came in at $0.3 million.

Commenting on the quarter, CEO Michel Vounatsos said:

“2021 continues to be a transformative year for Biogen with the launch of ADUHELM and the initiation of the rolling submission for lecanemab in Alzheimer’s disease. In addition, along with Sage Therapeutics we are pursuing a filing for zuranolone in depression.”

1. Anthem, Inc. (NYSE:ANTM)

Number of Hedge Fund Holders: 67

Shares Anthem, Inc. (NYSE:ANTM) hit an all-time high of $425.44 on Wednesday, 20 October 2021, after delivering another solid quarter. The Indianapolis-based health insurer reported adjusted earnings of $6.79 per share for the third quarter, beating the consensus forecast of $6.37 per share.

Anthem, Inc. (NYSE:ANTM) had reported adjusted earnings of $4.20 per share for the comparable period of 2020. Revenue for the quarter jumped 15 percent on a year-over-year basis to $35.82 billion, ahead of analysts’ average estimate of $35.35 billion.

Medical enrollment in the quarter increased 5.7 percent to 45.1 million members. In addition, Anthem, Inc. (NYSE:ANTM) announced that it bought back $450 million worth of shares during the quarter.

Looking forward, Anthem, Inc. (NYSE:ANTM) expects adjusted earnings of at least $25.85 per share for the full year, up from its previous forecast of at least $25.50 per share. The updated outlook is better than analysts’ average estimate of $25.66.

Speaking on the results, CEO Gail Boudreaux said in a statement:

“The strong growth we saw across all of our benefits business in the third quarter demonstrates that our core offerings, as well as additional innovative products and services continue to resonate in the market.”

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Disclosure: None. 10 Stocks Making Moves on Financial Results is originally published on Insider Monkey.