Daily Market Movers for October 23rd, 2019

Published on: 23 Oct, 2019

Daily Market Movers for October 23rd, 2019

Snap Inc. (NYSE: SNAP) reported its third quarter financial results on Tuesday during aftermarket hours. The Company topped analysts’ estimates, but shares fell by 1% during extended trading hours after reporting a weaker-than-expected guidance. For the third quarter, Snap reported earnings loss of USD 0.04 per share on revenue of USD 446 Million. Refinitiv analysts expected earnings loss of USD 0.05 per share on revenue of USD 435.1 Million. For the fourth quarter, Snap is forecasting revenue to fall in the range between USD 540 Million to USD 560 Million, falling short of Refinitiv estimates of US 555.4 Million.

Chipotle Mexican Grill, Inc. (NYSE: CMG) reported its third quarter financial results on Tuesday during extended trading hours. The mexican fast food chain crushed earnings estimates, but shares fell by 5% on Wednesday. For the quarter, Chipotle reported earnings of USD 3.82 per share on revenue of USD 1.4 Billion. Refinitiv analysts expected earnings of USD 3.22 per share on revenue of USD 1.4 Billion. The Company reported comparable restaurant sales of 11%, which also beat estimates of 9.3%. For remainder of the year, Chipotle is expecting comparable restaurant sales growth at the top end of its prior high single digit guidance.

iRobot Corporation (NASDAQ: IRBT) reported its third quarter financial results during extended trading hours on Tuesday. The consumer robots manufacturer surpassed analysts’ estimates, but shares cratered after the Company lowered its guidance. For the third quarter, iRobot reported earnings of USD 1.24 per share on revenue of USD 289.4 Million. FactSet analysts expected earnings of USD 0.52 per share on revenue of USD 259.4 Million. Despite the growth in international markets, iRobot lowered its fiscal 2019 guidance. For the year, the Company is now forecasting earnings of USD 2.60 to USD 2.80 per share on revenue in the range of USD 1.2 Billion to USD 1.21 Billion. Previously, iRobot expected earnings of USD 2.40 to USD 3.15 per share on revenue in the range of USD 1.2 Billion to USD 1.25 Billion.

Resideo Technologies, Inc. (NYSE: REZI) shares plummeted by 40% on Wednesday morning after the Company released preliminary third-quarter results and a management change up on Tuesday. For the third quarter, Resideo expects revenue to be around USD 1.22 Billion, representing a 2% growth year-over-year. And as for the full-year, Resideo lowered its revenue growth to 2% to 4% from its previous expectations of 2% to 5%. Resideo announced that Robert Ryder has now been named interim Chief Financial Officer, which will be effective on November 7. Additionally, Resideo Vice President and Controller AnnMarie Geddes has been named interim Chief Accounting Officer, effective immediately.

The Boeing Company (NYSE: BA) reported its third quarter financial results on Wednesday morning. The Company missed analysts’ earnings estimates by a wide margin. Despite the miss, Boeing shares were trading 3.4% shortly after the market opened. For the third quarter, Boeing reported earnings of USD 1.45 per share on revenue of USD 19.98 Billion. Refinitiv analysts expected earnings of USD 2.09 per share on revenue of USD 19.67 Billion. Boeing witnessed its revenues decline by 21% year-over-year, while its net earnings slipped by 51% in the same period. The Company primarily attributes the decline to lower 737 deliveries and higher defense and services volume.

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Bryan Shin

Email: Bryan@financialinsiders.com

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