General Electric — GE reported adjusted third quarter profit of 32 cents per share, two cents a share above estimates. Revenue came in below forecasts, however. GE also narrowed its 2016 earnings guidance and increased its stock buyback program by $4 billion.
Honeywell — Honeywell reported adjusted quarterly profit of $1.67 per share, seven cents a share above estimates. Revenue also exceeded analysts’ projections. The company said it is on track for double-digit earnings growth in the current quarter.
SunTrust Banks — SunTrust topped estimates by two cents a share, with quarterly profit of 91 cents per share. Revenue also beat estimates. Profit for the bank fell from a year ago, however, due to an increase in expenses.
Coach — Reports out of the U.K. say Coach is working with bankers on a possible combination with Burberry, which would create a $20 billion luxury clothing company.
Microsoft — The shares are poised to hit their first record high since 1999 in today’s trading. That comes after Microsoft reported adjusted quarterly profit of 76 cents per share, eight cents a share above estimates. Revenue beat forecasts, as well, on growing strength in the company’s cloud-related business.
Reynolds American — British American Tobacco offered to buy the 58 percent of the tobacco producer that it doesn’t already own for $47 billion or $56.50 per share. That represents a 20 percent premium to the Thursday closing price for Reynolds, which said it would evaluate the offer.
Alkermes — Alkermes reported favorable trial data for a depression drug aimed at patients who do not respond to standard treatment.
PayPal — PayPal reported in-line quarter profit at 35 cents per share, with revenue essentially in line as well. However, investors were encouraged both by a growing number of active accounts, as well as a new agreement struck with China-based online retail giant Alibaba to become a one-click payment option on Alibaba’s website.
Advanced Micro Devices — AMD reported an adjusted profit of three cents per share, better than estimates of a break-even quarter. The chipmaker’s revenue also exceeded estimates on better sales for graphics chips and customized offerings for video game companies.
Skechers — Skechers missed estimates by four cents a share, with quarterly profit of 42 cents per share. The footwear maker’s revenue also missed forecasts. Additionally, Skechers predicted weaker-than-expected fourth-quarter revenue.
Schlumberger — Schlumberger came in three cents a share above estimates, with adjusted quarterly profit of 25 cents per share. The oilfield services company’s revenue fell slightly short of analysts’ forecasts, however. Earnings also were down 82 percent from a year earlier on overall oil industry weakness, as well as expenses related to its acquisition of Cameron International.
Ericsson — The Swedish company said sales of its telecom equipment in the North American market fell during its third quarter, and said it would cut costs further to account for weakness in its target markets.
Wal-Mart Stores — The retail giant will invest $50 million in New Dada, a China-based online grocery firm.
BHP Billiton — The mining company’s chairman, Jac Nasser, will step down from that post after six years on the job. The former Ford Motor CEO will leave as of next year’s annual meeting.
Comcast — Comcast is investing another $200 million in digital media company BuzzFeed, according to multiple reports, giving BuzzFeed a valuation of about $1.7 billion. The NBCUniversal and CNBC parent invested a similar amount in BuzzFeed a year ago.
SAP — The business software maker raised its annual guidance for 2016, even as its third-quarter profit dropped by 19 percent from a year ago. Its bottom line would be boosted by an expected 6.5 percent to 8.5 percent increase in cloud and software revenue.
Boston Beer — The beer brewer cut its outlook after the brewer’s revenue fell for a fourth straight quarter. The maker of Sam Adams beer said it was reviewing its brand strategies a
source”cnbc”
