Third-quarter earnings season is winding down, and 75% of S&P 500 companies have beaten analysts' estimates, according to FactSet.
Uber and Pfizer are among the 10 biggest earnings surprises. Uber shares, however, fell on weak bookings. Reports said investors saw concerns about Pfizer's Covid-19 product sales.
Apple was one of the biggest misses. Apple stock fell 1.3% after the Oct. 31 earnings report, although it has found support around the 220 price level.
Here's highlights from the third quarter's best and worst earnings performers, based on FactSet data.
Ride-hailing and food delivery company Uber topped the list, as earnings beat estimates by 224%. Analysts polled by FactSet had expected 37 cents in earnings per share on $10.99 billion in sales. Earnings came in at $1.20 per share on sales of $11.19 billion for its third quarter.
Southwest Airlines gave the second-best positive earnings surprise. Its earnings were 214.7% higher than analysts' consensus estimate.
Pfizer and Allstate are also part of the 10 biggest upside surprises. Pfizer's earnings exceeded analyst estimates by 72.5%, while Allstate earnings were 64.5% higher than views.
Apple Stock Falls After Earnings
Apple missed analysts' estimates by 39.4%, according to FactSet. On a GAAP basis, the Magnificent Seven leader reported earnings of 97 cents per share, below the consensus estimate of $1.60 by a wide margin.
Apple stock fell below the 50 day moving average after results on Nov. 1 and continues to struggle to get past that line.
Although Tesla was one of the big surprises during the quarter, it did not make it the top 10 positive surprises. The EV giant reported earnings of 72 cents per share, beating views of 59 cents.
Tesla has also rallied on the back of the Trump rally and has cleared the $1 trillion market cap level.
GE Vernova missed analysts' mark by 192.8%, yet the stock continued to advance to new highs. CVS Health also was a worst-10 earnings report as EPS missed views by 24.1%. The stock rose after the earnings report and executive changes it also announced. But those stock gains are now mostly gone.
In total, 91% of S&P 500 companies had reported quarterly results as of Friday.
Analysts are expecting record-high earnings per share for the index in 2024 and 2025. In 2024, they estimate $239.69 and $274.59 in 2025.
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