Peloton Soars After Strong Results, Naming of CEO

1 hr 5 min ago

Shares of fitness company Peloton Interactive (PTON) soared 25% in early trading Thursday after its fiscal first-quarter results topped analysts’ estimates and it appointed Ford executive Peter Stern as its new CEO.

Peloton reported a net loss of just $1 million, an improvement of $158 million year-over-year and much narrower than the $51.7 million loss expected by analysts polled by Visible Alpha. Revenue of $586.0 million also surpassed projections.

Stern, who currently serves as president of Ford Integrated Services and previously was an executive at Apple (AAPL), will begin his new roles on Jan. 1. In May, Peloton announced Barry McCarthy was stepping down as CEO and that the board had “initiated a comprehensive search process” to find its next leader.

With today's surge, Peloton has gained 35% in 2024, far outpacing the S&P 500's gains.

–Rob McLean

Uber Stock Plunges as Q3 Bookings Numbers Disappoint

1 hr 25 min ago

Uber Technologies (UBER) shares fell sharply early Thursday after the ride-hailing giant posted weaker-than-expected gross bookings in the third quarter.

The company said gross bookings rose 16% year-over-year to $41 billion in the third quarter, below estimates from Visible Alpha of $41.3 billion. Trips grew 17% to 2.9 billion, in line with estimates. 

Uber’s top- and bottom-line results handily beat analysts’ estimates, however. The company reported revenue for the period of $11.19 billion versus the $10.98 billion estimate. Net income of $2.6 billion also beat estimates by a wide margin, although that included a $1.7 billion pre-tax benefit from gains in Uber’s revaluation of its equity investments.

Uber CEO Dara Khosrowshahi noted that the company is continuing “to advance our autonomous strategy.” Uber has announced a number of partnerships with autonomous vehicle companies like Waymo over the last several months.

Uber shares were down 9% in recent trading. The stock, which hit a record high three weeks ago, has gained 17% since the start of the year.

–Nisha Gopalan

Carvana Levels to Watch as Stock Surges After Earnings

2 hr 58 min ago

Carvana (CVNA) shares soared in premarket trading after the online car dealer blew past Wall Street’s third-quarter earnings estimates and raised its full-year outlook.

The stock has recently reclaimed the 200-week moving average and sits poised to break out above the upper trendline of a rising wedge pattern. The stock was up 19% at around $246 about 45 minutes before Thursday's opening bell.

Investors should monitor key overhead price levels on Carvana's chart around $240, $300, and $365.

During retracements, investors should closely monitor the $165 level, a location where the shares would likely attract buying interest near the September 2020 pullback low and January 2022 countertrend high.

Read the full technical analysis piece here.

–Timothy Smith

Stock Futures Point to Lower Open for Major Indexes

3 hr 36 min ago

Futures tied to the Dow Jones Industrial Average were down 0.5%.

S&P 500 futures were down 0.7%.

Nasdaq 100 futures were off 0.8%.

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