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Notable Stocks Moving After Earnings: NFLX, IBM, USB & More

Ryan McQueeney
Updated
Stocks were generally down on Wednesday as investors remained cautious ahead of the release of fresh Fed minutes. Nevertheless, earnings season is in full gear, and reports are coming in relatively strong. Here's a closer look at a few noteworthy stocks moving after reporting.

Stocks shrugged off early morning losses and briefly rallied into the green on Wednesday afternoon, but Wall Street remained cautious ahead of the release of the latest Fed meeting minutes. That event will likely move markets this afternoon, although investors had plenty of solid earnings reports to celebrate regardless.

Through 1:45 p.m. Wednesday, the S&P 500 was up about 0.15%, while the tech heavy Nasdaq had inched about 0.05% higher. The Dow was basically flat on the day at that time, just a few minutes before the Fed was scheduled to release the minutes.

But Wednesday’s caution also comes amid mostly positive earnings reports yesterday afternoon and before the bell today. Here’s a closer look at a few noteworthy stocks moving after reporting.

Notable Gainers

Netflix, Inc. NFLX

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Netflix posted its Q3 results after the bell Tuesday, notching better-than-expected earnings of 89 cents per share and revenue growth of 34%. Perhaps more importantly, the video streaming company added about 7 million subscribers in the quarter, outpacing its own estimates by 2 million.

Wall Street loves to see that type of subscriber growth from Netflix, and shares were up about 3.5% through early afternoon trading Wednesday.

U.S. Bancorp USB

U.S. Bancorp, the holding company of U.S Bank, reported before the bell today. The major consumer banking firm tallied earnings of $1.06 per share, beating the Zacks Consensus mark by 2 cents. Revenue for the quarter came in at $5.7 billion, also topping our consensus projection. USB shares were on track to finish about 3.3% higher through early afternoon hours today.

Winnebago Industries, Inc. WGO

RV maker Winnebago this morning reported earnings of 94 cents per share, comfortably beating the Zacks Consensus Estimate of 86 cents. This represented a positive earnings surprise of 9.3%. Revenue for the quarter topped our consensus estimate by 5.7% and totaled $536.2 million.

Winnebago shares were down more than 40% on the year heading into the report, but the stock has added more than 5.7% today.

Notable Losers

International Business Machines Corporation IBM

Tech behemoth IBM yesterday reported Q3 adjusted earnings of $3.42 per share, which beat the Zacks Consensus Estimate by 2 cents and improved 4.9% year over year. However, quarterly revenue of $18.8 billion lagged the Zacks Consensus and declined about 2.1% from the prior-year period.

The firm saw strong growth in Strategic Imperatives—a unit which includes cloud and security—but it was not enough to overcome top-line estimates. Shares were down more than 7% on Wednesday.

UniFirst Corporation (UNF)

Uniform market UniFirst reported earnings of $2.06 per share and revenue of $434.1 million, topping the respective Zacks Consensus Estimates by 25.6% and 2.9%. However, the results were not enough to reverse recent volatility, and shares fell about 7.3% through early afternoon trading. The stock is down more than 20% since early August.

Looking Ahead

Wall Street will now parse through the Fed minutes and determine how it feels about the central bank’s latest sentiment. After the bell, fresh earnings data from the likes of Kinder Morgan KMI, Alcoa AA, and Wintrust Financial WTFC will make headlines.

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International Business Machines Corporation (IBM) : Free Stock Analysis Report
 
U.S. Bancorp (USB) : Free Stock Analysis Report
 
Netflix, Inc. (NFLX) : Free Stock Analysis Report
 
Wintrust Financial Corporation (WTFC) : Free Stock Analysis Report
 
Winnebago Industries, Inc. (WGO) : Free Stock Analysis Report
 
Unifirst Corporation (UNF) : Free Stock Analysis Report
 
Alcoa Corp. (AA) : Free Stock Analysis Report
 
Kinder Morgan, Inc. (KMI) : Free Stock Analysis Report
 
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