Companies Such as Tegna, Procter, and more Making Stock Price Moves
In today’s list of companies making stock price moves, Tegna, a famous TV broadcasting company has experienced a rise in share prices. The data shows that Tegna has observed a 3.8% increase in the stock prices in premarket trading. The increase in the share prices was observed after Bloomberg published a report in which it revealed that Byron Allen is aiming to buy Tegna. The report reveals that Byron Allen, a media mogul has already made an offer for the acquisition of Tegna. Allen has reportedly made an offer of paying $23 for each share.
Procter & Gamble is next on the list that has experienced a drop in the stock market. The consumer products giant has reportedly experienced a 1.1% drop in premarket trading. The drop in the share prices was experienced despite the company revealing that it recorded higher-than-expected earnings in the third quarter of 2021. According to analysts’ forecasts from Wall Street, the company was expected to generate earnings worth $1.59 per share. However, the actual earnings generated by Procter & Gamble in the particular quarter were $1.61 per share.
Similar to the earnings, the company’s revenue generation has also been higher than the estimations made by the analysts. The company did reveal that it had recorded a surge in transportation and commodity costs. That might be the reason that the investors have lost their sentiments in the company’s shares.
Johnson & Johnson is next on the list that has experienced a 1% increase in the stock markets. The company experienced the rise after revealing its earnings report for the third quarter of 2021. In the earnings report, J&J revealed that it generated profits worth $2.60 per share. The company revealed that the profits it generated were 25 cents more than what the analysts had estimated in the first place. The estimations made by the analysts were $2.35 per share.
However, the revenue generated by Johnson & Johnson was less than what the analysts had estimated. Witnessing a rise in the profits generated for the third quarter of 2021, J&J has also gone ahead raising its outlook for the rest of the year. The company has revealed that it is expecting a rise in its business and more profits in the upcoming year.
Next on the list is an insurance company known as Travelers that has experienced a significant rise in stock prices. The report suggests that the company has experienced over a 3.3% rise in share prices in premarket trading. The company experienced the rise after it successfully beat the estimations set by the analysts for the third quarter of 2021. The earnings report shared by the company for the quarter was promising.
The earnings the insurance company shared for the third quarter were $2.60 per share. Whereas, the analysts had set the earnings’ estimations to $1.67 per share. This means that the earnings achieved by the insurance company were 93 cents higher than the expectations. The company has revealed that in the recent quarter, it has recorded a tremendous number of investments.