Daily Market Movers for October 30th, 2019

Daily Gainers:

General Electric Company (NYSE: GE) reported its third quarter financial results before the opening bell on Wednesday. The conglomerate reported better-than-expected earnings and revenue which sent shares higher by 10% during early morning trading sessions. For the quarter, GE reported earnings of USD 0.15 per share on revenue of USD 23.36 Billion. Refinitiv analysts anticipated earnings of USD 0.11 per share on revenue of USD 22.93 Billion. GE revised its 2019 outlook and now expects more industrial free cash flow for the year. The Company is now expecting free cash flow in the range between 0 to USD 2 Billion. GE noted it expects industrial free cash flow to be in positive territory in 2020 with further acceleration in 2021. Additionally, GE is forecasting adjusted earnings of USD 0.55 to USD 0.65 per share, while its industrial segment organic revenue is projected to grow around mid-single digits.

Grubhub Inc. (NYSE: GRUB) shares rebounded by 10% on Wednesday morning after crashing by over 40% on Tuesday. The stock plummeted after the Company released worse-than-expected results as well as a bearish forecast. In response, many analysts quickly downgraded the stock and slashed their price targets.

PG&E Corporation (NYSE: PCG) bounced by 20% on Wednesday on reports of progress that the Kincade fire is being contained. On Tuesday, PG&E’s stock soared by over 30% after plunging by 50% in a three-day trading session.

Beyond Meat, Inc. (NASDAQ: BYND) stock rebounded on Wednesday after plunging by over 20% on Tuesday after it reported an unexpected quarterly financial result. The stock was also lifted after Bernstein analysts raised its price target to USD 106 from USD 100 and rated the stock as market perform.

Crocs, Inc. (NASDAQ: CROX) reported its third quarter financial results before the opening bell on Wednesday. The shoe manufacturer reported better-than-expected earnings and raised its guidance, sending shares surging by 17%. The Company reported earnings of USD 0.57 per share on revenue of USD 312.8 Million. Analysts expected earnings of USD 0.39 per share on revenue of USD 302 Million. For the next quarter, Crocs forecasted revenue between USD 245 Million to USD 255 Million, ahead of FactSet’s estimates of USD 244 Million.

Daily losers:

Enphase Energy, Inc. (NASDAQ: ENPH) shares cratered 25% on Wednesday after reporting earnings and revenue that topped estimates. For the quarter, Enphase reported earnings of USD 0.30 per share on revenue of USD 180.1 Million. Zacks Consensus estimated earnings of USD 0.25 per share on revenue of USD 176 Million. Additionally, Enphase forecasted revenue of USD 200 to USD 210 Million for the next quarter, well ahead of Zacks’ estimates of USD 192.6 Million.

YUM! Brands, Inc. (NYSE: YUM) reported its third quarter financial results during Wednesday’s pre-market hours. The fast-food chain conglomerate reported worse-than-expected earnings and revenue, which sent shares lower by 9.8%. For the quarter, Yum reported earnings of USD 0.80 per share on revenue of USD 1.339 Billion. Refinitiv analysts expected earnings of USD 0.94 per share on revenue of USD 1.344 Billion. Yum noted that changing the fair value of its Grubhub decreased its earnings by USD 0.15 per share.