Shares of health insurance company Cigna (NYSE:CI) fell 8.5% in the afternoon session after the company reported underwhelming fourth quarter earnings. EPS in the quarter missed and its full-year EPS guidance missed significantly. This is due to higher-than-expected medical loss ratios. On the other hand, Cigna exceeded analysts’ revenue expectations this quarter. Overall, this was a softer quarter.
Shares of telecommunications and media company Comcast (NASDAQ:CMCSA) fell 12.5% in the morning session after the company reported weak fourth-quarter results, with key demand growth indicators, including broadband and video customers, continuing to decline year on year, with the former missing expectations. On the other hand, it was encouraging to see Comcast beat analysts' EPS expectations this quarter. Overall, this was a mixed yet weaker quarter.
Shares of semiconductor equipment maker Lam Research (NASDAQ:LRCX) jumped 8.5% in the afternoon session after the company reported impressive fourth-quarter results and provided revenue and EPS guidance for the next quarter, which blew past analysts' expectations. This quarter's revenue and EPS outperformed Wall Street's estimates. Overall, we think this was a decent quarter, with some key metrics above expectations.
Shares of Thermo Fisher Scientific jumped Thursday after the company's fourth-quarter results topped estimates, as sales increased across all four of its divisions.
Caterpillar shares dropped after the company’s fourth-quarter revenue fell short of expectations before the opening bell Thursday.
Tech companies are all about selling the future, and few do so more determinedly than Tesla.
U.S. equities were mixed at midday as the market turned its focus back to corporate earnings reports.
Comcast stock fell double digits on Thursday after the company reported a bigger-than-expected drop in broadband customers and failed to add more subscribers to its Peacock streaming service.
(Reuters) -Dow said on Thursday it will lay off 1,500 employees as part of its $1 billion cost savings plan due to lackluster demand and margin pressures, causing its shares to drop 6.3% in morning trade. The chemical industry has been grappling with weak demand and high input costs, leading to lower prices and margin pressures, especially in Europe, where a challenging regulatory environment has prompted some companies to rethink their strategies. The Midland, Michigan-based company said it plans to reduce its workforce globally, with Europe and Asia in focus, and it expects to save an additional $300 million to $500 million this year by cutting back on expenses.
Most U.S. stocks are ticking higher following a rush of profit reports from some of the country's most influential companies. The S&P 500 was up 0.2% in morning trading. The Dow Jones Industrial Average was up 150 points, or 0.3%, as of 10:45 a.m.