General Electric and Verizon both missed quarterly revenue estimates
This week is bringing plenty of corporate earnings reports. In fact, about one-fifth of S&P 500 Index (SPX) components will report by the end of the day on Friday. Today, we’re taking a look at two stocks that aren’t faring too well after their earnings reports.
Shares of GE Arospace (NYSE:GE) are down 8.3% to trade at $178.08 at last glance, headed for their largest single-day percentage dip since a 10.3% slide in April 2022. The aerospace and defense stock nabbed an Oct. 17, 17-year high of $194.80, but is now trading at its lowest levels since mid-September. Year to date, the security is up 74.3%.
General Electric beat third-quarter earnings estimates by $0.01, with adjusted earnings of 15 cents per share. And though the company also raised its full-year forecast, this quarter’s revenue of $8.94 billion came in below Wall Street’s expected $9.05 billion.
Verizon Communications Inc (NYSE:VZ) stock is down 4.2% at $41.87 at last glance, and earlier dropped to its lowest level since late August. The shares scored a Sept. 30, nearly two-year high of $45.36, but are now back below familiar pressure at $42. Since the start of the year, VZ is up 11.3%.
Mirroring GE, Verizon’s third-quarter earnings of $1.19 per share surpassed estimates by $0.01, while revenue of $33.30 billion missed analyst expectations of $33.44 billion. The company maintained its full-year outlook, however.
So far today, GE has already seen 11 times the options volume typically seen at this point, while VZ has seen five times its average intraday options volume. GE’s November 195 call is the most popular, with new positions being bought to open there. For Verizon it’s the weekly 10/25 42-strike, where new positions are being sold to open.