After-Hours Trading Highlights: Intel Leads Tech Surge, Ford Adjusts Outlook

Tech and Auto Stocks Drive After-Hours Activity

Significant stock movements occurred in after-hours trading Thursday, with several major companies reporting quarterly results and strategic announcements. According to reports, technology and automotive sectors saw particularly notable activity as investors digested earnings reports and corporate updates.

Intel Surges on Strong Quarterly Performance

Intel shares jumped approximately 7% after the chipmaker posted third-quarter sales that reportedly exceeded analysts’ estimates. Sources indicate the results have spurred optimism that demand for the company‘s core x86 processors for PCs has recovered. The semiconductor giant reportedly earned 23 cents per share after adjustments, with revenue reaching $13.65 billion, higher than the $13.14 billion analysts had projected according to LSEG data.

Ford Beats Expectations but Lowers Guidance

Ford Motor shares climbed 4% in extended trading despite the company lowering its full-year guidance. The Detroit automaker reportedly exceeded Wall Street’s expectations for the third quarter, posting adjusted earnings per share of 45 cents on revenue of $47.19 billion. Analysts surveyed by LSEG had expected earnings of 36 cents per share on revenue of $43.08 billion. The guidance reduction was attributed to impacts from a fire at an aluminum supplier, according to the company’s report.

Alphabet Gains on Cloud Partnership Announcement

Shares of Alphabet ticked 1% higher after Anthropic and Google officially announced their cloud partnership. The deal, reportedly worth tens of billions of dollars, gives Anthropic access to up to one million of Google’s custom-designed Tensor Processing Units. This strategic partnership represents a significant development in the competitive cloud computing landscape.

Deckers Outdoor Tumbles on Revenue Forecast

The owner of Hoka and Ugg shoe brands saw shares slide about 12% after its revenue forecast fell short of expectations. Despite beating third-quarter estimates with earnings of $1.82 per share on revenue of $1.43 billion, Deckers expects full-year revenue of roughly $5.35 billion, while analysts surveyed by LSEG estimated $5.45 billion. The disappointing outlook overshadowed the strong quarterly performance, according to market analysts.

Mixed Results for Materials and Mining Companies

Newmont shares fell 2% despite the gold miner posting better-than-expected third-quarter results. The company reportedly earned $1.71 per share, excluding items, ahead of the $1.44 per share FactSet estimate. Revenue of $5.52 billion exceeded the $5.19 billion analysts expected. Applied Materials shares declined more than 1% after the semiconductor equipment maker said it would record a charge of about $160 million to $180 million as it cuts approximately 4% of its workforce. The company stated that “automation, digitalization and geographic shifts are redefining” its needs.

Retail and Gaming Sector Updates

Target shares rose less than 1% after announcing it would cut its corporate workforce by 8%, affecting approximately 1,800 jobs. This represents the discount retailer’s first major layoff in a decade. Boyd Gaming shares shed nearly 2% despite releasing better-than-expected third-quarter results. The gaming company earned $1.72 per share, excluding items, on revenue of $1 billion, while analysts surveyed by FactSet expected earnings of $1.62 per share and revenue of $875.1 million. Management stated the company “saw healthy growth in gaming revenues across all three property operating segments” during the period.

Market movements and financial data referenced are based on after-hours trading reports and company announcements. All figures and percentages are subject to change as markets react to new information.

References

• http://en.wikipedia.org/wiki/Alphabet_Inc.
• http://en.wikipedia.org/wiki/Ford_Motor_Company
• http://en.wikipedia.org/wiki/Google
• http://en.wikipedia.org/wiki/United_States_dollar
• http://en.wikipedia.org/wiki/Intel

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