GM Reports Strong Q3 With Revenue of $37.6B 4 Hot Stocks Moving Now
MasterCard (NYSE:MA) reports third quarter EPS of $6.17 which is ahead of estimates by $0.24, and revenues of $1.9 billion which miss by $40 million.
AmBev (NYSE:ABV) reports third quarter EPS of R$0.53 which beats estimates by R$0.18, and revenues of R$6.37 billion which beats by R$2.5 billion.
IT services and consultancy Accenture (NYSE:ACN) is reported to be planning layoffs in Finland and may cut up to 330 jobs. The company presently employs about 1,800 workers in the country.
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Automaker General Motors (NYSE:GM) reports a strong third quarter with an EPS of $0.85, which beats estimates by $0.25, and revenues of $37.6 billion that surpass estimates by $1.9 billion. The solid revenues are a result of both pricing gains and volume increases, according to CFO Dan Ammann, who also revealed that foreign currency movements adversely impacted revenues by almost $1 billion. The company’s pension buyout scheme is on track to trim about $29 billion from the company’s liability, as almost 30% of retirees who are eligible, have accepted the buyout offers. Not surprisingly, Europe was a drag on the results – the company expects it will lose from $1.5 billion-$1.8 billion in the region this financial year.
Barclays (NYSE:BCS) reports third quarter pre-tax profit of £1.73 billion which is in line with analysts’ estimates. Investment banking revenues climbed 17% to £2.63 billion with profit doubling over to £937 million. Pre-tax profit on retail operations fell to £794 million compared to £1.14 billion last year. Reported profits are after charging off £700 million towards penalties for mis-selling payment protection insurance. The bank also reports that it is facing investigations by the SEC and the Department of Justice on whether its dealings with certain Qatari investors violated the Foreign Corrupt Practices Act. Additionally, the US Federal Energy Regulatory Commission is said to be investigating the bank for manipulation of energy prices in the western United States during 2006 through 2008.
Investing Insights: General Motors Company Earnings: Profits Beat Wall Street.