Shares of UnitedHealth plummeted by 7.2% after the health-care giant lowered its earnings guidance due to ongoing challenges from a cyberattack earlier in the year. The company cut the top end of its full-year earnings forecast, now projecting $27.50 to $27.75 per share compared to the previous guidance of $27.50 to $28.00 per share. Despite this, UnitedHealth still reported a beat in both top- and bottom-line earnings in the third quarter. Walgreens Boots Alliance saw its stock soar by 11.9% following a strong fiscal fourth-quarter earnings and revenue beat. The drugstore chain also announced plans to close roughly 1,200 stores over the next three years, which is expected to positively impact its adjusted earnings and cash flow.
Meanwhile, ASML shares plummeted over 16% after the Dutch semiconductor equipment maker released early earnings results and provided a weaker-than-expected sales outlook for 2025. The company’s CEO also warned of a slower recovery ahead, contributing to a decline in other chip stocks such as Nvidia, Advanced Micro Devices, and Broadcom. On a positive note, Wolfspeed shares surged by 23% as the chipmaker secured up to $750 million in U.S. government grants for its new factories in North Carolina and New York. Additionally, a group of investors including Apollo and Baupost will provide an additional $750 million in funding for the company’s ambitious $6 billion plan.
Bank of America’s shares gained 2% after surpassing analysts’ estimates for third-quarter profit and revenue, driven by better-than-expected trading results. Despite a 2.9% decrease in net interest income, the bank’s performance exceeded expectations. Enphase Energy, on the other hand, saw its shares decline by 6.8% following a downgrade to sector perform from outperform by RBC Capital Markets. The firm suggested that Enphase might grow at a slower rate than what the consensus forecast indicates. Johnson & Johnson’s shares rose by 1.6% after the health-care conglomerate reported quarterly results that exceeded expectations, fueled by strong sales of oncology drugs. The company reported adjusted earnings per share of $2.42 and $22.47 billion in revenue, surpassing analyst forecasts.
Energy stocks declined as oil prices dropped approximately 5%, causing the sector to fall more than 2% overall. APA was the biggest laggard, plummeting 6%, while Diamondback Energy, Occidental Petroleum, Valero Energy, and Halliburton also experienced losses of over 3% each. CoverGirl parent company Coty witnessed an 11% drop in its stock price after revising its fiscal first-quarter guidance and warning of slower growth trends in the U.S. Despite stronger-than-expected third-quarter earnings, Citigroup’s shares fell by about 4%. The bank reported earnings per share of $1.51 on $20.32 billion in revenue, outperforming analyst expectations.
Charles Schwab saw its shares rally over 8% as its third-quarter results surpassed analysts’ forecasts, with earnings of 77 cents per share and $4.85 billion in revenue. PNC Financial, a regional bank based in Pittsburgh, rose more than 3% following a better-than-expected earnings report. The company reported earnings of $3.49 per share and $5.43 billion in revenue, outpacing analyst estimates. Boeing’s shares increased by approximately 2.1% after the aircraft manufacturer announced plans to raise up to $25 billion in debt and shares to boost liquidity.
