Market Movers: Companies Report Q3 Earnings and Stock Movements
- RTX stock up 1% after beating earnings expectations with $2.26 per share.
- General Motors shares down 5% despite raising cash flow outlook and announcing a $20 billion buyback.
- 3M shares rose 1% following a Q3 earnings report that exceeded expectations.
Before the market opened, several companies made headlines with their third-quarter earnings reports and stock performance. RTX saw a 1% increase in share price after reporting earnings of $2.26 per share on revenues of $24.97 billion, surpassing LSEG estimates of $1.78 per share and $24.08 billion in revenue.
Northrop Grumman’s shares rose 0.5% following mixed results; the defense contractor posted earnings of $7.89 per share, above the LSEG estimate of $7.18, although its revenue of $11.12 billion fell slightly short of the consensus of $11.14 billion.
General Motors experienced a decline of approximately 5% in its stock price despite better-than-expected Q3 results. The automaker raised its free cash flow projections and narrowed its full-year guidance for 2026. Additionally, GM announced a $20 billion stock buyback program without specifying a timeframe for completion.
GE Aerospace’s shares fell nearly 2% after it increased its full-year 2026 guidance, but reported free cash flow of $2.04 billion, which did not meet the anticipated $2.2 billion according to StreetAccount.
3M, a producer of industrial and safety products, saw its shares increase by 1% after reporting adjusted earnings of $2.50 per share, exceeding the LSEG estimate of $2.38.
Steel Dynamics faced a 5.3% drop in share price due to mixed third-quarter results. While revenue exceeded expectations, earnings per share and profit margins fell short, although the company’s backlog remains up 50% year-over-year, extending into 2027, indicating strong demand.
Apple’s stock declined about 1% following a downgrade from buy to hold by Loop Capital, with analysts citing concerns over slowing iPhone sales and high valuations.
Solstice Advanced Materials experienced a 3% increase in shares after The Financial Times reported that activist investor Starboard Value had built a position in the company.
News Courtesy of CNBC
