Crocs, IBM, and more Companies Making Stock Price Moves
In the list of companies making stock price moves, the first company is Crocs that have experienced an 11.1% increase in premarket trading. It was due to the release of the earnings report that Crocs shared for the third quarter of 2021. Crocs have revealed that the earnings it generated in the third quarter of 2021 were higher than the analysts’ estimates. The analysts had set the earnings estimations for the third quarter of 2021 to $1.88 per share. On the other hand, the earnings generated by Crocs in the third quarter of 2021 were $2.47 per share.
According to data, the company has successfully generated earnings that are 59 cents per share higher than the estimations. Crocs also reportedly beat the estimations for revenue. The footwear manufacturer revealed that compared to the third quarter of 2020, its sales have increased by 69% in the third quarter of 2021.
IBM comes next in the list that has also recently shared its earnings report for the third quarter of 2021. In the report, IBM reported that it successfully beat the estimates that the analysts had made for the company’s third-quarter earnings performance. IBM revealed that in the third quarter of 2021, it was expected to generate earnings worth $2.50 per share but the company generated earnings worth $2.52 per share. Despite achieving higher than expected earnings, IBM failed to meet the revenue estimations set by the analysts.
While sharing results from the earnings report, IBM revealed that the lower revenue generation was due to the cloud business weakness that the company has faced. Furthermore, IBM has also reported that its clients have also pulled back on their investments in the company. As a result of the company’s earnings results, it has ended up experiencing over a 5% drop in the share prices in the premarket trading.
CSX is the next company that has experienced a 3.9% rise in share prices in premarket trading. The company has reported its earnings report for the third quarter of 2021. In the report, CSX has reported that it has achieved earnings worth 43 cents per share. For the third quarter of 2021, CSX revealed that the estimations set by the analysts were 38 cents per share. The company has achieved earnings that are 5 cents per share higher than the expectations.
The officials have also revealed the reason behind the rise in earnings. They revealed that in the third quarter of 2021, the volumes of shipping have grown higher. They revealed that compared to Q3 2020, the company’s shipping has increased over 3%. According to analysts, the company is going to perform even better in the upcoming quarter of 2021.