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Shares of UnitedHealth dropped 7.2% after the company lowered its earnings guidance due to ongoing challenges from a cyberattack earlier in the year. The health-care giant cut the top end of its full-year earnings forecast to $27.50 to $27.75 per share. However, UnitedHealth still reported a top- and bottom-line beat in the third quarter.
On the other hand, Walgreens Boots Alliance saw its stock soar 11.9% following a fiscal fourth-quarter earnings and revenue beat. The drugstore chain also announced plans to close about 1,200 stores over the next three years, which is expected to boost its adjusted earnings and cash flow.
Meanwhile, ASML shares plummeted more than 16% after the Dutch semiconductor equipment maker released its earnings report early and offered a weaker-than-expected sales outlook for 2025. The company’s CEO also cautioned of a “more gradual” recovery ahead, causing a ripple effect on other chip Stocks like Nvidia, Advanced Micro Devices, and Broadcom.
In a positive development, Wolfspeed’s shares surged 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 its more than $6 billion expansion plan.
Bank of America saw its shares rise by 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 to $14.1 billion, the bank managed to outdo StreetAccount’s $14.06 billion estimate.
On the downside, Enphase Energy’s shares dropped 6.8% following a downgrade to sector perform from outperform by RBC Capital Markets, citing a slower growth rate than anticipated. Energy Stocks also faced a decline as oil prices dropped about 5%, with the sector falling over 2%.
In other news, Coty, the parent company of CoverGirl, experienced an 11% plunge after revising its fiscal first-quarter guidance and warning of slowing growth trends in the U.S. Citigroup shares lost about 4% despite reporting stronger-than-expected third-quarter earnings.
Finally, Charles Schwab’s shares rallied over 8% as its third-quarter results exceeded analysts’ expectations, while PNC Financial saw a more than 3% increase on a better-than-expected earnings report. Boeing’s shares also rose by about 2.1% after announcing plans to raise up to $25 billion in debt and shares to increase liquidity.
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Emily Jensen, graduated from the London School of Economics and Political Science (LSE) in the UK in 2015 with a degree in Economics. She specializes in financial markets and international trade. After graduating, she worked as an analyst at an investment bank in London, where she developed expertise in global economic trends. She later transitioned into consulting, focusing on fintech ventures and providing insights into global economic developments. Emily is passionate about the intersection of finance and technology and aims to drive innovation in the financial sector.