Stocks making the biggest moves premarket: American Express, AutoNation, CSX and more

PUBLISHED FRI, JUL 21 2023

Stocks in the News: American Express, AutoNation, Sunnova Energy, CSX, Capital One Financial, PPG Industries, Intuitive Surgical, Knight-Swift Transportation, and Scholastic

American Express faced a 3% decline in its stock value as it reported revenue for the previous quarter that fell short of expectations. Despite beating earnings per share projections, the company's second-quarter earnings stood at $2.89 per share on revenue of $15.05 billion, while analysts had anticipated $2.81 per share on revenue of $15.48 billion, as per Refinitiv.

AutoNation also experienced a 3% drop in its shares, even though the company exceeded expectations with its second-quarter results. It outperformed both on the top and bottom lines, revealing adjusted earnings of $6.29 per share on revenue of $6.89 billion, compared to analysts' projection of $5.91 per share on revenues of $6.78 billion.

Sunnova Energy saw a 2% decline after being downgraded to a "market perform" rating from "outperform" by BMO. The downgrade was attributed to the challenging macro backdrop for residential solar and concerns regarding Sunnova's debt issuances, which might put pressure on the stock.

CSX encountered a 4% decrease in its stock value as the transportation company missed revenue expectations in the second quarter. The company reported revenue of $3.7 billion, falling short of the Refinitiv consensus estimate of $3.74 billion. However, earnings per share met the consensus at 49 cents.

Capital One Financial experienced a slight rise in its stock value after posting better-than-expected earnings for the latest quarter. The company's adjusted earnings were reported at $3.52 per share, surpassing the Refinitiv estimate of $3.23 per share. Nevertheless, its revenue missed expectations, and total deposits decreased by 2% at the end of the second quarter.

PPG Industries faced a 2% decline in its stock value despite reporting strong second-quarter results. The supplier of paints, coatings, and other materials revealed adjusted earnings of $2.25 on revenue of $4.87 billion, surpassing analysts' forecast of $2.14 per share on revenue of $4.84 billion. The company also raised its current-quarter and full-year earnings guidance.

Intuitive Surgical suffered a 4% drop in its stock value as the health-care firm reported weaker-than-expected systems revenue in the second quarter. Systems revenue stood at $392.7 million, lower than the $415.9 million StreetAccount consensus estimate. Nevertheless, the company outperformed analysts' expectations with adjusted earnings of $1.42 per share on revenue of $1.76 billion, surpassing Refinitiv's forecast of $1.33 per share on revenue of $1.74 billion.

Knight-Swift Transportation witnessed a decline of more than 2% in its stock value after reporting lower-than-expected earnings in the second quarter and providing weak guidance. The company reported adjusted earnings of 49 cents per share and $1.55 billion in revenue, falling short of analysts' expectations of 55 cents in earnings per share and a quarterly revenue of $1.60 billion, according to Refinitiv. The firm attributed the decline to soft demand and a modest rise in driver turnover.

Scholastic enjoyed a 6% rise in its stock value after surpassing earnings-per-share expectations and announcing a $100 million increase in its share repurchase program. The publisher posted $2.26 earnings per share, exceeding the forecast of $1.70 according to a survey conducted by StreetAccount. However, revenue came in lower than expected at $428.3 million, compared to the projected $541.8 million.