10 Stocks Making Notable Moves on Earnings Reports

In this article, we will take a look at the 10 stocks making notable moves on earnings reports.

The fourth week of the third-quarter earnings season is underway. Stocks from different sectors, especially communication services and healthcare, are making big moves on quarterly results. T-Mobile US, Inc. (NASDAQ:TMUS), Activision Blizzard, Inc. (NASDAQ:ATVI), and Pfizer Inc. (NYSE:PFE) were among the notable stocks that traded on unusual volume after reporting their financial results.

Several other companies, including Match Group, Inc. (NASDAQ:MTCH), Global Payments Inc. (NYSE:GPN), and DuPont de Nemours, Inc. (NYSE:DD), also came into the limelight after releasing their earnings reports.

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We will thoroughly discuss the performance of these companies in the remaining article. Therefore, let’s jump on to our list of 10 stocks making notable moves on earnings reports.

Stocks Making Notable Moves on Earnings Reports

10. Gartner, Inc. (NYSE:IT)

Number of Hedge Fund Holders: 39

Shares of Gartner, Inc. (NYSE:IT) hit an all-time high of $368.99 on Tuesday, 2 November 2021, after announcing solid results for the third quarter. The technology research and consulting company reported adjusted earnings of $2.03 per share, significantly higher than 91 cents per share in the comparable period of 2020.

Revenue for the quarter jumped 16.3 percent on a year-over-year basis to $1.2 billion. Analysts were expecting Gartner, Inc. (NYSE:IT) to post earnings of $1.56 per share on revenue of $1.13 billion.

If we compare the performance of key segments, research revenue in the quarter jumped 16.2 percent to $1.04 billion, while conferences revenue skyrocketed 92.1 percent to $24.4 million. In comparison, consulting revenue increased 6.2 percent versus last year to $94.7 million.

Gartner, Inc. (NYSE:IT) also raised its financial outlook for 2021. It now expects adjusted earnings of $8.54 per share on revenue of $4.66 billion for the full year. The revised outlook is better than analysts’ average estimate of $7.80 per share for earnings and $4.63 billion for revenue.

Speaking on the results, CEO Gene Hall said:

“Our strong growth in contract value, revenue, EBITDA, and free cash flow continued in the third quarter. We repurchased more than $1.4 billion of stock year-to-date and remain committed to returning excess capital to shareholders. We are again raising our guidance to reflect the momentum we have seen through the first three quarters of the year.”

9. Cummins Inc. (NYSE:CMI)

Number of Hedge Fund Holders: 45

Shares of Cummins Inc. (NYSE:CMI) slightly moved down on Tuesday, 2 November 2021, after announcing lower-than-expected earnings for the third quarter and slashing its sales guidance for the full year. The company earned $3.69 per share in the quarter, missing analysts’ average estimate of $3.91 per share.

On the bright side, revenue of $5.97 billion surpassed the consensus forecast of $5.87 billion. Cummins Inc. (NYSE:CMI) had posted earnings of $3.36 per share on revenue of $5.12 billion for the comparable period of 2020.

If we see the performance of key segments, revenue from the engine segment climbed 22 percent to $2.6 billion, distribution revenue increased 14 percent to $2 billion, while components revenue jumped 16 percent to $1.8 billion in the quarter. In comparison, revenue from the power systems segment climbed 19 percent to $1.2 billion.

Looking forward, Cummins Inc. (NYSE:CMI) expects revenue growth of approx. 20 percent for the full year versus its previous growth outlook between 20 – 24 percent.

Discussing the revised outlook, CEO Tom Linebarger said in a statement:

“Despite this strong demand, supply chain constraints continue to impact our business as well as our customers’, resulting in rising material costs, elevated logistics expenses, and other manufacturing inefficiencies and capping revenue below our expectations three months ago.”

Like Cummins Inc. (NYSE:CMI), T-Mobile US, Inc. (NASDAQ:TMUS), Activision Blizzard, Inc. (NASDAQ:ATVI), Pfizer Inc. (NYSE:PFE), Match Group, Inc. (NASDAQ:MTCH), and Global Payments Inc. (NYSE:GPN) also came under the spotlight after posting their financial results.

8. ConocoPhillips (NYSE:COP)

Number of Hedge Fund Holders: 50

ConocoPhillips (NYSE:COP) recently announced better-than-expected earnings for the third quarter. The Texas-based crude oil producer reported adjusted earnings of $1.77 per share versus an adjusted loss of 31 cents per share in the year-ago quarter.

In addition, ConocoPhillips (NYSE:COP) posted revenue of $11.62 billion, up from $4.38 billion in the comparable period of 2020. The results exceeded the consensus forecast of $1.45 per share for earnings and $10.81 billion for revenue.

Total production in the third quarter, excluding Libya, reached 1.507 million barrels of oil equivalent per day. For the fourth quarter, ConocoPhillips (NYSE:COP) expects production, excluding Libya, in between 1.53 – 1.57 million barrels of oil equivalent per day.

7. The Estée Lauder Companies Inc. (NYSE:EL)

Number of Hedge Fund Holders: 50

Shares of The Estée Lauder Companies Inc. (NYSE:EL) rose more than four percent on Tuesday, 2 November 2021, after reporting impressive profit and sales for its fiscal first quarter. The retailer of personal care and cosmetics products earned $1.89 per share on an adjusted basis, beating the consensus forecast of $1.70 per share. The numbers were also better than the adjusted earnings of $1.44 per share it posted in the year-ago quarter.

Revenue for the quarter jumped 23 percent on a year-over-year basis to $4.39 billion, ahead of analysts’ average estimate of $4.25 billion. Looking at the performance of key segments, skincare revenue rose 20 percent to $2.45 billion, make-up revenue increased 20 percent to $1.17 billion, while fragrance revenue climbed 50 percent to $609 million in the quarter. In comparison, health care revenue advanced nine percent to $148 million.

The Estée Lauder Companies Inc. (NYSE:EL) also issued the financial outlook for its fiscal second quarter. It expects adjusted earnings in the range of $2.51 – $2.61 per share and revenue growth between 11 – 13 percent. However, the outlook came in below the consensus forecast of $2.81 per share for earnings and revenue growth of 15 percent.

Like The Estée Lauder Companies Inc. (NYSE:EL), investors are also closely watching T-Mobile US, Inc. (NASDAQ:TMUS), Activision Blizzard, Inc. (NASDAQ:ATVI), Pfizer Inc. (NYSE:PFE), Match Group, Inc. (NASDAQ:MTCH), and Global Payments Inc. (NYSE:GPN) after their earnings reports.

6. DuPont de Nemours, Inc. (NYSE:DD)

Number of Hedge Fund Holders: 57

Shares of DuPont de Nemours, Inc. (NYSE:DD) jumped nearly nine percent, hitting a nearly three-month high, on Tuesday, 2 November 2021, after announcing strong profit and sales for the third quarter.

The Delaware-based chemical company reported adjusted earnings of $1.15 per share, up 89 percent versus the year-ago quarter. In addition, revenue for the quarter rose 17.7 percent on a year-over-year basis to $4.27 billion. Analysts were expecting DuPont de Nemours, Inc. (NYSE:DD) to post earnings of $1.12 per share on revenue of $4.16 billion.

The company also updated its financial outlook for 2021. DuPont de Nemours, Inc. (NYSE:DD) expects adjusted earnings in the range of $4.18 – $4.22 per share and revenue between $4.14 billion – $4.17 billion for the full year.

5. Match Group, Inc. (NASDAQ:MTCH)

Number of Hedge Fund Holders: 57

Shares of Match Group, Inc. (NASDAQ:MTCH) fell nearly four percent in the pre-market trading session on Wednesday, 3 November 2021, after announcing disappointing third-quarter results along with a weak sales outlook.

The Texas-based online dating company reported earnings of 43 cents per share, down from 47 cents per share in the same period last year. Revenue came in at $802 million, up 25 percent versus the year-ago quarter. Analysts were expecting Match Group, Inc. (NASDAQ:MTCH) to post earnings of 49 cents per share on revenue of $803 million.

Total payers in the quarter increased to 16.3 million, compared to 15 million in the second quarter. Analysts were looking for payers of 15.8 million. In addition, total payers at its flagship Tinder brand advanced to 10.4 million versus 9.6 million in the prior quarter.

Looking forward, Match Group, Inc. (NASDAQ:MTCH) expects revenue in the range of $810 million to $820 million for the fourth quarter, compared to the consensus forecast of $838 million.

4. Global Payments Inc. (NYSE:GPN)

Number of Hedge Fund Holders: 66

Shares of Global Payments Inc. (NYSE:GPN) made a new 52-week low of $128.61 on Tuesday, 2 November 2021, despite beating expectations for the third-quarter results. The financial technology services provider reported adjusted earnings of $2.18 per share, beating the consensus forecast of $2.15 per share.

Global Payments Inc. (NYSE:GPN) had reported adjusted earnings of $1.71 per share in the same period last year. Revenue for the quarter jumped 14.6 percent on a year-over-year basis to $2 billion, just ahead of the consensus forecast of $1.99 billion.

In addition, the company revised its revenue outlook for the full year. Global Payments Inc. (NYSE:GPN) expects revenue in the range of $7.71 – $7.73 billion, just below the consensus forecast of $7.74 billion.

Speaking on the results, CEO Jeff Sloan said:

“We are pleased to have delivered the strongest performance in our history in the third quarter despite facing incremental challenges from COVID-19 during the period. Our businesses continued to demonstrate their resilience, and our results highlight our consistent execution across cycles. As we have throughout the pandemic, we benefit from accelerated digitization across our markets.”

3. Pfizer Inc. (NYSE:PFE)

Number of Hedge Fund Holders: 67

Shares of Pfizer Inc. (NYSE:PFE) rose more than four percent on Tuesday, 2 November 2021, after delivering impressing profit and sales for the third quarter. The pharmaceutical giant reported adjusted earnings of $1.34 per share, significantly higher than 59 cents per share in the year-ago quarter.

In addition, Pfizer Inc. (NYSE:PFE) posted revenue of $24.094 for the quarter, translating to a surge of more than two folds on a year-over-year basis. The results easily surpassed analysts’ average estimate of $1.08 per share for earnings and $22.576 billion for revenue.

Pfizer Inc. (NYSE:PFE) also raised its financial outlook for 2021. It expects adjusted earnings in the range of $4.13 – $4.18 per share versus its previous guidance of $3.95 – $4.05 per share. Revenue for the full year is expected to come between $81 – $82 billion, compared to its earlier forecast of $78.0 – $80 billion.

Commenting on the quarter, CEO Albert Bourla said:

“While we are proud of our third quarter financial performance, we are even more proud of what these financial results represent in terms of the positive impact we are having on human lives around the world. For example, more than 75% of the revenues we have recorded up through third-quarter 2021 for Comirnaty have come from supplying countries outside the U.S., and we remain on track to achieve our goal of delivering at least two billion doses to low- and middle-income countries by the end of 2022.”

2. Activision Blizzard, Inc. (NASDAQ:ATVI)

Number of Hedge Fund Holders: 78

Activision Blizzard, Inc. (NASDAQ:ATVI) beat profit and sales expectations for the third quarter but issued a weak outlook for the fourth quarter. The disappointing guidance sent its shares down more than 14 percent in the pre-market trading session on Wednesday, 3 November 2021.

The video game holding company reported adjusted earnings of 89 cents per share, marginally higher than 88 cents per share in the year-ago quarter. Analysts were looking for earnings of 70 cents per share.

Revenue for the quarter came in at $2.07 billion, compared to $1.95 billion in the same period last year, and above the consensus forecast of $1.87 billion. In addition, total booking in the quarter increased to $1.88 billion, surpassing expectations of 1.87 billion.

Looking forward, Activision Blizzard, Inc. (NASDAQ:ATVI) expects adjusted revenue of $2.78 billion for the fourth quarter. However, the guidance fell short of analysts’ average estimate of $2.93 billion.

1. T-Mobile US, Inc. (NASDAQ:TMUS)

Number of Hedge Fund Holders: 100

Shares of T-Mobile US, Inc. (NASDAQ:TMUS) jumped more than five percent in the pre-market trading session on Wednesday, 3 November 2021, after delivering impressive earnings for the third quarter.

The wireless network giant reported earnings of 55 cents per share, beating expectations of 50 cents per share. In addition, T-Mobile US, Inc. (NASDAQ:TMUS) posted revenue of $19.6 billion, just below the consensus forecast of $20.2 billion. The company had earned $1 per share on revenue of $19.3 billion in the comparable period of 2020.

Net customer additions in the quarter increased by 1.3 million, bringing the total count to 106.9 million. Looking forward, T-Mobile US, Inc. (NASDAQ:TMUS) expects net customer additions in the range of 5.1 – 5.3 million for the full year.

Speaking on the results, CEO Mike Sievert said:

“Another quarter of amazing results shows that customers love T-Mobile’s unique combination of the best value, best network and best experience. With our Magenta business firing on all cylinders and our Sprint integration ahead of schedule, we are well positioned for the future — and poised to continue winning with assets and a formula for growth that is differentiated from the other wireless players. We just keep exceeding our own targets on growth, profit and synergies — and we have no plans to slow down now.”

You can also take a peek at 10 Growth Stocks to Buy According to Jay Chen’s Himension Capital and 11 Best High Dividend Stocks To Buy.

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Disclosure: None. 10 Stocks Making Notable Moves on Earnings Reports is originally published on Insider Monkey.