Daily Market Movers for October 29th, 2019

Published on: 29 Oct, 2019

Daily Market Movers for October 29th, 2019

Grubhub Inc. (NYSE: GRUB) shares tanked by 42% on Tuesday after reporting disappointing quarterly financial results, which led to a series of downgrades. For the quarter, Grubhub reported earnings of USD 0.27 per share on revenue of USD 322.1 Million. Analysts expected earnings of USD 0.27 per share on revenue of USD 330 Million. Moreover, Grubhub also provided a weaker-than-expected revenue forecast between USD 315 Million to USD 335 Million, well below estimates of USD 387 Million.

Beyond Meat, Inc. (NASDAQ: BYND) reported its third quarter financial results during Monday’s aftermarket hours. The Company reported better-than-expected results, however, shares fell by 20% on Tuesday morning. For the third quarter, Beyond Meat reported earnings of USD 0.06 per share on revenue of USD 92 Million. Analysts expected earnings of USD 0.03 per share on revenue of USD 82.2 Million. For the rest of 2019, Beyond Meat is expecting total revenues in the range between USD 265 Million to USD 275 Million, updated from its prior expectation to exceed USD 240 Million.

Texas Roadhouse, Inc. (NASDAQ: TXRH) shares soared by 17% on Tuesday after reporting better-than-expected earnings. The Company reported earnings of UD 0.52 per share on revenue of USD 650.5 Million. Analysts expected earnings of USD 0.46 per share on revenue of USD 648 Million. The stock was also upgraded by Raymond James to an “outperform” and set a price target of USD 63.00.

NXP Semiconductors N.V. (NASDAQ: NXPI) reported its quarterly financial results on Monday during extended trading hours. The Company topped analysts earnings estimates, which sent shares higher by 7.6% on Tuesday morning. For the quarter, NXP reported earnings of USD 2.42 per share on revenue of USD 2.27 Billion. The Company beat earnings estimates of USD 1.93 per share and surpassed revenue expectations by 1.2%.

General Motors Company (NYSE: GM) shares rose by 5.2% on Tuesday after better-than-expected earnings and revenue for the quarter. GM reported earnings of USD 1.72 per share on revenue of USD 35.47 Billion. Analysts anticipated earnings of USD 1.31 per share on revenue of USD 33.82 Billion. GM lowered its fiscal year guidance due to the United Auto Workers’ strike against the Company. GM now expects earnings between USD 4.50 to USD 4.80 per share, down from its previous forecast of USD 6.50 to USD 7 per share.

Transocean Ltd. (NYSE: RIG) reported its quarterly financial results on Monday and beat analysts’ revenue expectations. The Company reported an adjusted earnings loss of USD 0.38 per share on revenue of USD 784 Million. Analysts expected earnings loss of USD 0.34 per share on revenue of USD 773.64 Million.

Alphabet Inc. (NASDAQ: GOOGL) reported its third quarter financial results after the market closed on Monday. The Company missed earnings estimates, but surpassed revenue estimates, sending shares lower by 2%. For the third quarter, Alphabet reported earnings of USD 10.12 per share on revenue of USD 40.49 Billion. Analysts expected earnings of USD 12.42 per share on revenue of USD 40.32 Billion. The Company delivered USD 33.91 Billion in advertising revenues compared to USD 28.95 Billion a year ago. Google’s other revenue totaled USD 6.42 Billion at the end of the quarter, which represents sales such as its Pixel phones and cloud products. Total traffic acquisition costs totaled USD 7.49 Billion at the end of the quarter, which surpassed FactSet’s estimates of USD 7.48 Billion. Paid clicks on Google properties increased by 18% year-over-year, while cost-per-click on Google properties decreased by 2% year-over-year.

Shopify Inc. (NYSE: SHOP) shares edged lower by 2% on Tuesday after reporting weaker-than-expected earnings. For the quarter, Shopify reported earnings loss of USD 0.29 per share on revenue of USD 390.6 Million. Analysts expected earnings of USD 11 per share on revenue of USD 384 Million.

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Bryan Shin

Email: Bryan@financialinsiders.com

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