#Waters #Stock #Surges #Sales #Improve
Key takeaways
- The S&P 500 added 0.4% on Friday, November 1, as strong earnings results from Amazon helped lead a rebound in telecom and technology stocks.
- Shares of Waters Corp rose after the analytical tools supplier reported strong third-quarter results, benefiting from sales growth across all regions and markets.
- Virginia-based AES Corp. reported a year-over-year decline in revenue, and its shares fell.
After a pair of negative trading sessions, major US stock indexes finished the week on a strong note, rising on Friday as investors cheered upbeat earnings results from e-commerce and cloud computing giant Amazon (AMZN).
The S&P 500 added 0.4% to conclude the trading week and begin the month of November. The Dow Jones and Nasdaq rose 0.7% and 0.8%, respectively.
Shares of Waters Corp (WAT), a provider of laboratory analytical tools and software, rose 19.8% on Friday to a 52-week high, marking the highest daily performance in the S&P 500. Waters’ stock gains came after Life, the materials supply company announced Food and Environmental Sciences reported better-than-expected third-quarter revenue and earnings per share.
Charter Communications (CHTR), a cable TV, mobile and Internet services provider, also topped sales and profit estimates with third-quarter results, with its shares jumping 11.9%. The company reported a strong increase in mobile customers, and although Charter lost subscribers to its Internet and video services, the declines in those areas were less significant than analysts had expected. Despite Friday’s rally, Charter shares remain in negative territory for 2024.
Although semiconductor giant Intel (INTC) posted a third-quarter loss, reflecting the impact of impairment and restructuring charges, its sales for the period came in above expectations, and its shares rose 7.8%. Intel also took a positive stance regarding the future of its server and PC businesses, issuing better-than-expected sales guidance for the current quarter. The company has benefited from an uptick in demand for personal computers thanks to the launch of artificial intelligence features on the device.
Shares of Super Micro Computer (SMCI) fell 10.5%, the largest loss of any S&P 500 component. Friday’s decline extended the steep losses the stock recorded earlier this week as accounting firm EY resigned from its role as auditor for the company. Server and data storage. Questions about Supermicro’s accounting practices came to the fore over the summer when short-selling firm Hindenburg Research published a report alleging the company had manipulated it.
Power generation company AES Corp (AES) reported better-than-expected third-quarter earnings, helped by rising utility and renewable energy profits, but its shares fell 9.9%. Although companies like AES are expected to benefit from increased power demand from AI data centers, the Virginia-based company reported a year-over-year revenue decline, hurt by lower sales from its energy infrastructure unit.
Amcor ( AMCR ) shares fell 7.8% after the packaging provider missed quarterly sales estimates. Weak consumer demand has impacted Amcor’s carton and container sales to consumer goods companies. The elimination of healthcare packaging represents another headwind for the company. Amcor also announced that it will sell its 50% stake in Bericap North America, a joint venture focused on plastic seals for various packaging applications.
#Waters #Stock #Surges #Sales #Improve
