International Business Machines Corp (NYSE:IBM) reported third-quarter revenue and profit above Wall Street expectations, driven by strong demand for AI and mainframe solutions, but shares fell 5% in after-hours trading amid concerns over its Red Hat unit.
Revenue for the quarter rose 9% year-on-year to $16.3 billion, beating analysts’ estimates of $16.1 billion.
Carvana Co. (NYSE:CVNA) shares fell sharply on Wednesday after prominent short seller Jim Chanos said he saw “lots of red flags” in the company’s business model and financial disclosures.
His comments, made during an investor presentation, reignited concerns about Carvana’s exposure to the subprime auto lending market and the sustainability of its recent growth.
Netflix Inc (NASDAQ:NFLX, ETR:NFC)'s third quarter earnings report prompted a mixed but optimistic response from Wall Street analysts, who believe the company’s long-term outlook remains intact despite near-term uncertainty.
While results and guidance were broadly in line with expectations, analysts at Jefferies, Wedbush, and UBS highlighted margin expansion and rapid growth in advertising as evidence of Netflix’s strengthening business fundamentals.
Applied Digital (NASDAQ:APLD) announced a lease agreement valued at approximately $5 billion with a US-based investment-grade hyperscaler for its upcoming Polaris Forge 2 Campus near Harwood, North Dakota.
The 15-year agreement covers 200 megawatts (MW) of critical IT capacity designed to support artificial intelligence (AI) and high-performance computing (HPC) infrastructure.
Beyond Meat Inc (NASDAQ:BYND) shares continued to skyrocket as part of a meme stock rally, having surged about 650% in the last five trading days.
The plant-based food company has seen its shares jump from about $0.60 last Thursday to $5.20 on Wednesday morning.
GE Vernova, General Electric Co (NYSE:GE)’s energy-focused business, reported solid revenue growth and order momentum in Q3, but its shares moved lower as earnings per share (EPS) fell short of Wall Street expectations.
Revenue for the quarter rose 12% year-over-year to $10 billion, surpassing Wall Street estimates of roughly $9.15 billion to $9.18 billion.
AT&T Inc (NYSE:T, ETR:SOBA) saw its shares fall almost 5% in early trade on Wednesday as it reported a slight revenue miss for the third quarter.
The telecommunications company posted revenues of $30.7 billion, up 1.6% from a year earlier but slightly below Wall Street estimates of $30.85 billion.
Shares in ITV PLC (LSE:ITV) dropped over 8% to 68.25p after Virgin Media owner Liberty Global (NASDAQ:LBTYA) sold half its stake, having held it for just over a decade.
The US company sold 193,365,540 shares, equivalent to selling a 5% stake in the broadcaster for approximately £135 million.