On this episode of Stock Movers:
- Tesla (TSLA) shares fall in premarket trading after the EV maker saw profit plunge despite a record quarter of vehicle sales, reflecting ongoing strains on the automotive business that Chief Executive Officer Elon Musk is shifting focus away from. Adjusted earnings dropped to 50 cents a share in the third quarter, down 31% from a year ago, the company said Wednesday. Analysts had expected 54 cents on average in estimates compiled by Bloomberg.
- Shares of T-Mobile (TMUS) fluctuated ahead of the New York open after the telecommunications giant reported 1 million new mobile phone subscribers in the third quarter and raised its outlook for the year, buoyed by its recent acquisition of smaller competitor US Cellular. The increase surpassed the 852,000 customer additions that analysts had expected and marked the company’s highest third-quarter result for the category in more than a decade, according to a statement Thursday.
- IBM (IBM) shares slid as much as 8 percent in the premarket session after the company reported third-quarter results that featured a disappointing read for its Red Hat hybrid cloud unit. Third-quarter sales in the hybrid cloud unit that includes Red Hat increased 14%, a slowdown from the previous period and below analysts’ average estimate of 16%. Transaction processing software, which handles commercial data largely on mainframes made by IBM, declined 1%.