Here’s a look at the companies making headlines in midday trading: Genuine Parts — Shares fell about 20% after the company’s third-quarter earnings fell short of expectations. Genuine Parts earned $1.88 per share, excluding items, in the period, below the $2.42 per share expected by analysts polled by FactSet. It also lowered its full-year forecast. The stock is about to have its worst day ever. General Motors — Shares of General Motors rose more than 9% after the company reported better-than-expected third-quarter results and raised its full-year forecast. During the period, GM had adjusted earnings of $2.96 per share on revenue of $48.76 billion. Analysts had expected LSEG to earn $2.43 per share on revenue of $44.59 billion. Shares were on track for their biggest one-day gain in nearly a year. Verizon Communications — Shares fell 4% after the telecom giant reported third-quarter revenue of $33.33 billion, missing the $33.43 billion expected by analysts polled by LSEG. However, Verizon’s earnings per share of $1.19 were 1 cent above expectations of $1.18. The company also reiterated its full-year outlook. GE Aerospace — Shares of GE Aerospace fell more than 9% after the defense company reported mixed third-quarter results. GE Aviation reported adjusted revenue of $8.94 billion, while analysts polled by London Stock Exchange Group (LSEG) estimated $9.02 billion. Meanwhile, adjusted earnings per share came in at $1.15, just 1 cent above consensus estimates. Philip Morris International — Shares of Philip Morris International rose nearly 9% after the tobacco company reported better-than-expected third-quarter results. Philip Morris also raised its 2024 guidance and demonstrated the strength of its smoke-free business. Lockheed Martin — Shares of Lockheed Martin fell more than 5% after the company’s third-quarter revenue fell short of expectations. Lockheed Martin’s quarterly revenue was $17.1 billion, below the $17.35 billion expected by analysts surveyed by LSEG. However, profits for the period beat expectations and the company raised its full-year forecast. Deckers Outdoor — Shares of Deckers Outdoor fell nearly 3% after BTIG downgraded the footwear and apparel maker to “neutral” from “buy.” The company believes signs of slowing growth are putting the stock price “at risk.” First Solar — shares rose 3.4% after Citi upgraded the company to buy from neutral. Citi said First Solar should benefit no matter who wins the U.S. presidential election in November. Zions Bancorporation — Shares of Zions Bancorporation rose more than 7% after the regional bank reported better-than-expected quarterly results. Zions earned $1.37 per share on revenue of $792 million, while analysts had expected earnings of $1.17 per share on revenue of $779 million, according to LSEG. The bank’s net interest margin also increased compared with the same period last year. Nucor — Shares of Nucor plunged about 8% after the steelmaker said it expects GAAP earnings per share to fall in the current period from the previous quarter. Nonetheless, the company reported third-quarter adjusted profit and revenue. Sherwin-Williams — Shares of Sherwin-Williams fell nearly 4% after the paint maker’s third-quarter results missed expectations. Sherwin-Williams reported adjusted earnings per share of $3.37, excluding items, on revenue of $6.16 billion. That was below analysts’ expectations for earnings of $3.55 per share and revenue of $6.2 billion, according to FactSet. Paccar — Shares of Paccar fell more than 5% after the company reported a drop in deliveries. Global new truck deliveries in the third quarter were 44,900 units, down from 50,100 units in the same period last year. Quest Diagnostics — The stock rose nearly 7% as third-quarter results beat analysts’ expectations. Quest’s adjusted earnings per share were $2.30 on revenue of $2.49 billion. Analysts polled by FactSet expected earnings of $2.26 per share and revenue of $2.43 billion. Norfolk Southern — Shares of Norfolk Southern rose 4% after the freight train operator reported earnings and revenue that beat analysts’ expectations. The move puts Norfolk Southern on track for its best day since July 26, when shares rose 10.9%. —CNBC’s Alex Harring, Samantha Subin, Lisa Kailai Han and Hakyung Kim contributed reporting.
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