News of the day for October 31, 2023
Shares of Anheuser-Busch InBev rose after the beer maker beat earnings estimates and Tesla shares declined after lower production from battery maker Panasonic raised worries about electric vehicle sales. Here’s what investors need to know today.
1. AB InBev Beats Earnings Estimates Despite Drop in US Sales
Anheuser-Busch InBev (BUD) maintained its full-year guidance and reported an increase in revenue despite a hit to U.S. sales following a boycott of Bud Light. AB InBev reported earnings of $0.86 a share, better than the $0.84 a share analysts had projected. AB InBev also announced a $1 billion buyback. Shares of AB InBev rose 3.5% in pre-market trading.1
2. Tesla Shares Fall Following Panasonic Battery Report
Shares of Tesla (TSLA) fell nearly 1.4% in pre-market trading, following close to a 5% drop in the previous session, after reports from battery maker Panasonic raised worries that electric vehicle demand was in decline. Panasonic, a longtime supplier to Tesla, said that it reduced battery cell production during the most recent quarter, which comes after CEO Elon Musk raised concerns about sales following the company’s latest earnings report.2
3. BP Shares Slide After Missing Earnings on Weak Gas, Wind Results
American depositary receipts (ADRs) of oil giant BP (BP) fell 3.5% in pre-market trading after its earnings of $3.3 billion missed analyst forecasts, as its strong margins on oil trading and refining were offset by weakness from gas and offshore wind. The company said it would maintain its dividend at $0.0727 per share and extend its $1.5 billion share buyback program.3
4. Stellantis Shares Rise After UAW Deal and Revenue Jump
After reaching a tentative agreement with the United Auto Workers, Stellantis (STLA) said that lost production from the strike created a third quarter hit to sales of $3.2 billion, leading to a $797 million drag on profits. The automaker reported a 7% jump in revenue, beating analyst estimates, which it said reflected greater volumes and consistent pricing power. Stellantis shares gained nearly 3% in pre-market trading.4
5. Home Prices Expected to Rise, Consumer Confidence Index to Fall
The S&P Case-Shiller Home Price Index for August is projected to show an increase of 0.8%, up from a 0.1% rise in the prior month, when that data is released at 9 a.m. ET. The Consumer Confidence Index is expected to dip to a reading of 100 for October, down from September’s 103, when the Conference Board releases those figures at 10 a.m. ET.5
https://www.investopedia.com/5-things-to-know-before-markets-open-october-31-2023-8384817
