More lethargic earnings reports from big-name companies coupled with another decline for oil prices weighed on stocks Wednesday. Industrial stocks were among the worst performers in the U.S. today while modest strength was seen in financials.
Akamai Technologies, Inc. (AKAM)
Shares of Akamai Technologies, Inc. surged 14.6% on more than six times the average daily volume after the company reported third-quarter results that easily topped estimates.
On an adjusted basis, AKAM earned 68 cents a share. Analysts expected AKAM to 61 cents a share. AKAM, which provides cloud computing services, posted revenue of $584.1 million. Analysts expected revenue of $572.3 million.
Akamai was one of the best-performing Nasdaq stocks today and the shares are up nearly 30% year-to-date.
Mondelez International Inc (MDLZ)
Mondelez International Inc, the maker of Oreo cookies, among other famous consumer brands, jumped 3.6% on heavy turnover after the company reported third-quarter earnings that beat estimates.
Excluding items, MDLZ earned 52 cents a share in the quarter. Analysts expected earnings of 43 cents. MDLZ reported net revenue of $6.40 billion, below the estimate of $6.45 billion.
MDLZ, which also makes Trident gum, is actively trying to rein in costs and is in the middle of a $3 billion cost savings effort.
Mondelez expects adjusted earnings to rise 25% this year, up from previous guidance of a double-digit gain.
NCR Corporation (NCR)
NCR Corporation, the maker of ATMs and related hardware, surged 14.5% on more than six times the usual volume after reporting third-quarter earnings that thumped estimates.
On an adjusted basis, NCR earned 87 cents per share during the quarter, ahead of analysts’ estimate of 81 cents. NCR posted revenue of $1.68 billion. Analysts expected sales of $1.63 billion.
NCR forecast fourth-quarter earnings of $1.01 to $1.06 on revenue of $1.73 billion to $1.76 billion. For the full year, the company expects to earn $2.97 to $3.02 per share on sales of $6.47 billion to $6.5 billion.
At the time of this writing, Todd Shriber did not own any of the aforementioned securities.