Stocks Making the Biggest Rice Premarket: Cheesecake Factory, Sherwin-Williams, 3M and more
Check out the companies that made headlines before the bell. Cheesecake Factory — Shares gained more than 3% after activist investor JCP Investment Management built a stake in the company and asked it to consider spinning off its three brands into a separate company. General Motors – Shares were slightly lower after the automaker's third-quarter results beat analysts' expectations. The company earned an adjusted $2.96 per share on revenue of $48.76 billion. Analysts polled by LSEG had expected earnings of $2.43 per share on revenue of $44.59 billion. GM also raised its full-year outlook. SAP – US-listed shares of the enterprise software provider gained more than 3% after the company posted a third-quarter earnings and revenue beat. SAP also raised its full-year cloud and software revenue guidance. GE Aerospace – The defense company fell nearly 5% after missing revenue in the third quarter. GE Aerospace reported adjusted revenue of $8.94 billion, while analysts had expected $9.02 billion, according to LSEG. Adjusted earnings per share of $1.15 missed the consensus forecast by just 1 cent. Deckers Outdoor — The footwear and apparel maker's stock fell 2.9% after BTIG downgraded from buy to neutral. The company said signs of modest growth put the shares at risk. First Solar — Shares advanced 1.8% on Citi's upgrade to buy from neutral Citi said First Solar should benefit regardless of who wins next month's US presidential election. AppLovin — The application technology stock rose 1% after Loop Capital initiated coverage of the stock with a buy rating. Analyst Rob Sanderson said the company provided “essential infrastructure for the mobile gaming industry” and could be a key play for investors seeking exposure to big data and artificial intelligence. 3M — Shares of the industrial company rose 5% after posting third-quarter earnings of $1.98 per share on revenue of $6.07 billion. Analysts had expected earnings per share of $1.90 on revenue of $6.06 billion, according to LSEG. Zions Bancorporation – Shares of the Utah-based regional bank rose more than 2% on a stronger-than-expected quarterly report. Zions generated earnings per share of $1.37 on revenue of $792 million. Analysts polled by LSEG were looking for earnings per share of $1.17 on revenue of $779 million. Zion's net interest margin has increased year-on-year. Nucor – Shares of the steelmaker slipped nearly 3% after Nucor said it expects its GAAP earnings per share for the current period to decline compared to the previous quarter. Nevertheless, the company posted a third-quarter adjusted earnings and revenue beat. Danaher — Shares rose 1.8% after the life sciences and diagnostics company posted third-quarter results that beat expectations. Danaher attributed the strong numbers to “positive momentum” in its bioprocessing business. Sherwin-Williams — The paint maker fell 6.5% after posting disappointing third-quarter results. Sherwin-Williams reported adjusted earnings of $3.37 per share, below the StreetAccount estimate of $3.55 per share. Its revenue of $6.16 billion also came in below Wall Street estimates of $6.20 billion. — CNBC's Sean Conlon, Michelle Fox, Alex Haring, Fred Imbert, Hakyung Kim, Sarah Min and Jesse Pound contributed reporting.
