Market News Update November 2nd:
Here is a summary of the stock news from today:
Barrick Gold reported better-than-expected Q3 profits due to lower costs, increased production, and higher gold prices.
Bombardier posted higher revenue and adjusted profit driven by strong demand for private jets and aftermarket business.
Shopify returned to profit in Q3, aided by cost controls and the use of AI to attract more merchants.
U.S. companies and private equity firms are eyeing Canadian oil and gas companies for acquisition due to lower valuations and improved market access.
Brookfield-led consortium accused AustralianSuper of holding Origin Energy hostage after rejecting a takeover offer.
Lloyds is exploring the sale of assets from its pension provider Scottish Widows worth £6 billion.
Zurich Insurance Group is buying a 51% stake in Indian lender Kotak Mahindra Bank’s general insurance unit for $487 million.
Orsted halted the development of two U.S. offshore wind projects due to supply chain delays and higher costs.
Eli Lilly beat quarterly revenue estimates, but cut its full-year earnings outlook due to charges from recent acquisitions.
Starbucks exceeded Wall Street targets in Q4, driven by strong demand in the U.S.
ConocoPhillips beat Q3 profit estimates thanks to higher output and increased its quarterly dividend.
Moderna tempered its 2023 COVID vaccine sales forecast but expects to return to sales growth in 2025.
Marriott’s profit rose due to strong travel demand in the U.S.
Aflac reported third-quarter profit above estimates, driven by higher premium revenue.
Airbnb forecasted fourth-quarter revenue slightly below expectations due to rising costs and uncertain economic conditions.
Albemarle Corp trimmed its annual forecast as lithium prices slumped, reporting lower-than-expected Q3 profits.
Allstate Corp posted a quarterly profit, driven by higher premiums in its property-liability unit.
AIG exceeded third-quarter profit expectations, with growth in its general insurance and life and retirement units.
American Water Works beat Q3 profit and revenue estimates due to price increases.
Ansys forecasted Q4 revenue and profit below market estimates, citing export restrictions and approval processes.
APA Corp beat Wall Street estimates for Q3 profit as the U.S. shale producer benefited from higher production.
Boston Properties forecasted full-year funds from operations (FFO) per share below Wall Street estimates due to high-interest rates.
CH Robinson Worldwide beat Q3 profit estimates with cost reductions despite a decline in freight volumes.
Cigna Group raised its full-year profit forecast, benefiting from strength in its pharmacy benefit unit and lower insurance claims.
Clorox expects to rebuild customer inventory levels after recovering from a cyberattack that disrupted its fulfillment facilities.
ConocoPhillips reported a Q3 profit that beat Wall Street estimates due to higher output and raised its quarterly dividend.
Cognizant Technology Solutions Group forecasted fourth-quarter revenue below expectations as clients tightened IT budgets.
DoorDash forecasted Q4 core profit above estimates and reported higher revenue.
Edison International missed Q3 profit estimates due to higher interest expenses related to California wildfire claim payments.
Eli Lilly & Co cut its full-year earnings outlook due to charges from recent acquisitions but reported strong sales of its diabetes drug Mounjaro.
Electronic Arts beat quarterly net bookings and profit estimates, with a focus on its soccer franchise.
Energy Transfer LP reported Q3 earnings that slightly missed expectations but reached a company record for NGL and crude transportation volumes.
Etsy warned of a possible decline in gross merchandise sales in the fourth quarter as demand softened.
ING Groep NV announced a share buyback program and reported strong net profits for Q3.
Ingersoll Rand Inc reported higher profits and raised its full-year earnings forecast.
Lincoln Financial Corp reported a Q3 profit due to higher investment income.
Marathon Oil Corp posted a Q3 profit that beat expectations despite falling energy prices.
Marriott International Inc reported a rise in Q3 profit due to higher room prices and travel demand.
McKesson Corp raised its annual profit forecast on strong demand for specialty medicines.
MercadoLibre Inc reported a better-than-expected 178.2% surge in Q3 net profit driven by revenue growth in various markets.
MetLife Inc reported a Q3 profit above expectations, driven by a recovery in the U.S. markets and higher investment income.
Moderna Inc reported strong Q3 sales of its COVID-19 vaccine but tempered its 2023 revenue forecast.
Mondelez International Inc hiked its annual sales and profit growth forecasts, expecting continued snacking on its products.
Novo Nordisk A/S: The Danish drugmaker expects double-digit sales growth for its popular drugs, particularly Wegovy. It reported record operating profit and sales for Q3, with Wegovy sales surging.
PayPal Holdings Inc: Raised its full-year adjusted profit forecast above Wall Street estimates, anticipating strong consumer spending during the holiday season.
Prudential Financial Inc: Reported a rise in Q3 adjusted profit, driven by its U.S. unit’s growth and higher net investment spread.
Qorvo Inc: The wireless connectivity chip maker forecasts higher-than-expected Q3 revenue and adjusted profit due to its largest customer, Apple, and expected smartphone market recovery.
Qualcomm Inc: Expects strong Q1 sales and profits due to easing smartphone sales slump and a renewed contract with Apple.
Regeneron Pharmaceuticals Inc: Beat Wall Street estimates for Q3 profit, driven by demand for its eczema treatment Dupixent.
Roku Inc: Forecasted Q4 revenue above expectations, following better-than-expected Q3 revenue growth.
Shell PLC: Reported a 34% annual drop in Q3 profit due to cooling energy prices but announced share buybacks.
SolarEdge Technologies: Forecasted lower-than-expected Q4 revenue due to weak demand for its solar inverters.
Starbucks Corp: Beat Wall Street targets for Q4 results, with strong U.S. sales offsetting slower recovery in China.
Tyler Technologies Inc: Missed Q3 revenue estimates but raised its annual adjusted profit per share.
Williams Companies Inc: Beat Q3 estimates due to a rise in revenue from its midstream business.
Cedar Fair LP & Six Flags Entertainment Corp: Agreed to merge to fortify their business amid a slowdown in consumer spending.
British American Tobacco Plc: Appointed Soraya Benchikh as its CFO, filling a role left open by its CEO’s promotion earlier this year.
Azenta Inc: Activist investor Politan Capital Management nominated candidates to its board and is in talks to address certain issues.
Boeing Co: Investigating a cyber incident and cooperating with law enforcement after a threat from the Lockbit cybercrime gang.
Comcast Corp & Walt Disney Co: Disney began the process of buying Comcast’s stake in Hulu, gaining full ownership of the streaming service.
CVS Health Corp & Walgreens Boots Alliance Inc: Reported minimal impact from a work action by U.S. pharmacists, with most stores remaining open.
Delta Air Lines Inc: Cutting some corporate jobs to manage costs as the industry faces higher fuel and labor expenses.
JPMorgan Chase & Co: Responding to government inquiries on data fed to trade surveillance platforms and engaging with U.S. regulators.
Live Nation Entertainment Inc: Facing a U.S. Justice Department investigation into anticompetitive agreements with venues and artists.
Netflix Inc & Walt Disney Co: Negotiations continue to resolve concerns about artificial intelligence and other issues in talks aimed at ending an 111-day strike.
Walmart Inc: The Walmart Foundation pledged $1 million to an Israeli disaster relief and emergency medical service organization to aid Israelis injured in an attack by Hamas.
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