Check out the companies making headlines after the bell . Amazon — Shares gained nearly 10% after the e-commerce giant reported fourth-quarter results that exceeded analysts’ expectations . Amazon reported earnings of $1 per share on revenue of $169.96 billion, higher than the 80 cents per share on $166.21 billion expected by analysts, according to LSEG, formerly known as Refinitiv. Meta — The technology stock soared more than 14% after posting better-than-expected fourth-quarter earnings of $5.33 per share on revenue of $40.11 billion. That exceeded the earnings of $4.96 per share on $39.18 billion in revenue LSEG had expected. The company also declared its first-ever dividend payment , pegged at 50 cents. Deckers Outdoor — The footwear stock popped 4.7% after posting fiscal third-quarter earnings of $15.11 per share, exceeding the $11.48 expected by FactSet. Deckers’ revenue of $1.56 billion also surpassed the $1.45 billion LSEG had forecast. Meanwhile, the company announced that CEO Dave Powers will be retiring on Aug. 1, with its Chief Commercial Officer Stefano Caroti stepping into the role. Skechers — The sneaker manufacturer tumbled 10% after reporting mixed fourth-quarter results and issuing light guidance for the full year. Skechers is calling for 2024 revenue of $8.6 billion to $8.8 billion and earnings of $3.65 to $3.85 per share. Analysts polled by LSEG called for $8.9 billion in revenue and earnings of $4.18 per share this year. Clorox — The consumer products manufacturer jumped 7.4% after revenue for the fiscal second quarter surpassed expectations. Clorox posted $1.99 billion, topping the $1.8 billion consensus revenue estimate from analysts polled by LSEG. Coursera — Shares of the online course provider added as much as 4.5% after reporting earnings of 6 cents per share. Analysts had expected the company to break even on per share basis, according to LSEG. Meanwhile, Coursera reported revenue of $168.9 million, higher than the $164.1 million consensus. The company also guided for full-year revenue above analysts’ estimates. Microchip Technology — Shares fell 2.2% after the semiconductor product manufacturer posted a weak outlook for the fiscal fourth quarter. Microchip also reported revenue of $1.77 billion for the fiscal third quarter, in line with analysts’ expectations, per LSEG. Columbia Sportswear — The sportswear manufacturer lost 6% after posting fourth-quarter earnings and revenue that disappointed analysts’ expectations. Columbia also forecast first-quarter and full-year guidance below what FactSet had anticipated. Apple — The tech titan slipped 2% despite a fiscal first-quarter earnings and revenue beat . Apple posted earnings of $2.18 per share versus the $2.10 estimated by LSEG, while its revenue of $119.58 billion also exceeded the $117.91 billion analysts had forecast. But a 13% decline in China sales may have sent shares sliding lower. — CNBC’s Alexander Harring and Darla Mercado contributed reporting.
Clorox Co. shares fell in the extended session Wednesday after the company slashed its outlook stemming from the impact of a cybersecurity attack over the summer.
Clorox CLX, +1.21%
shares fell about 3% after hours, following a 1.2% gain to close the regular session at $131.83. At Wednesday’s close, Clorox shares were down 6.1% for the year, while the S&P 500 index SPX
has gained 11.1%.
The company forecast a loss of 75 cents to 35 cents a share, or a loss of 40 cents to break-even per share on an adjusted basis, for the quarter ending Sept. 30.
Clorox said sales are expected to decrease by 28% to 23% from the year-ago first quarter of $1.74 billion, or in a range between $1.25 billion and $1.34 billion.
Analysts surveyed by FactSet had forecast first-quarter earnings of $1.29 a share on revenue of $1.77 billion.
In a statement late Wednesday, Clorox said the reduced outlook was “due to the impacts of the recent cybersecurity attack that was disclosed in August, which caused wide-scale disruption of Clorox’s operations, including order-processing delays and significant product outages.”
The company said shipment and consumption trends prior to the cyberattack factored in its prior forecast.
In early August, Clorox forecast sales in 2024 would be flat to 2% higher than 2023’s $7.39 billion, and adjusted earnings between $5.60 and $5.90 for the year, while analysts had expected $5.62 a share on revenue of $7.4 billion at the time.
Analysts currently forecast, on average, adjusted earnings of $5.78 a share on revenue of $7.5 billion.
Based on the company’s current assessment, Clorox said it expects “to experience ongoing, but lessening, operational impacts in the second quarter as it makes progress in returning to normalized operations,” and restocking retailers.
Analysts also forecast second-quarter earnings of $1.18 a share on revenue of $1.77 billion.
Clorox said it was “in the process of assessing the impact of the cybersecurity attack on fiscal-year 2024 and beyond,” and said it would provide an update during its first-quarter earnings call scheduled in November.
It was past midnight when Alessandra Millican and a friend entered the Bellagio hotel room that was costing them hundreds of dollars a night, but unexpected noises made them stop cold.
“We started hearing grunts,” she said. “It’s somebody waking up — we were halfway through the room and we realized there’s somebody sleeping in here.”
Colorox brand toilet bowl cleaner sits on display at a supermarket in Princeton, Ill.
Daniel Acker | Bloomberg | Getty Images
Clorox on Monday warned of a material financial hit from ongoing production disruptions caused by a cyberattack last month.
The company, which produces its namesake bleach products and Pine-Sol, among other household items, also said it doesn’t have an estimate for when it will be able to resume full operations.
The cybersecurity breach will impact fiscal first quarter results due to product outages and delays, Clorox said.
Nonetheless, the company said it believes the threat is contained. It expects to start bringing systems back up to speed next week, and will ramp up to full production “over time.”
Clorox had disclosed the attack Aug. 14, saying that its systems had been breached. After learning of the attacks, the company took systems offline and involved law enforcement.
Now, a month later, the attack is still causing “widescale disruption” to the companies operations, according to a Clorox securities filing. While systems are being repaired, the company has had to go manual on many of its procedures. As a result, the company has scaled back its order processing, meaning fewer products are making their way onto store shelves.
The breach at Clorox comes as Las Vegas casino companies MGM and Caesars reckon with their own cyberattacks. MGM also warned of a potential material impact on its finances.
Equity analysts have slashed estimates and price targets over recent days as companies continue to report disappointing third-quarter results. CNBC Pro screened almost 1,500 large and mid-cap global stocks and found a number of major companies with sell or underweight ratings from investment banks. Thirteen of these stocks — all part of the MSCI World Index — have median analyst price targets below their current share price, according to FactSet data. Equity analysts at investment banks and research firms rate stocks as sell or underweight if they believe the shares will perform poorly over the next 12 months. There are currently five U.S.-listed stocks on the list that analysts expect to fall below current levels. AMC Entertainment The world’s largest movie theater company once again features at the top of the list. With analysts maintaining their price targets, the rally in AMC ‘s shares over the past two weeks means downside risks to its share price has risen to more than 60%, according to FactSet data. “Structural shifts might be necessary to achieve reasonable profitability, be it a material reduction in sector screen counts, reduced operating lease levels, or incremental support from the studios via improved film splits or longer exclusive theatrical windows,” analysts at Credit Suisse Equity Research said in a note to clients on Oct. 27. They expect the stock to fall to $0.95 – an 85% drop. “With little visibility as to the extent any of these might be achieved near-to-mid term, we maintain our Underperform rating.” T. Rowe Price Group The global investment management firm headquartered in Maryland had either a sell or hold rating by all 9 analysts covering the stock, according to FactSet. Despite shares in the company being down by 44% this year, the median analyst price target of $95.5 means there could be further pain ahead for investors. “While T. Rowe has historically had best-in-class performance, results more recently have deteriorated,” said analysts at J.P. Morgan, who have an underweight rating on the stock. “Furthermore, organic growth continues to weaken with recent results representing some of the slowest organic growth seen for the company.” With a price target of $93 per share, they expect the stock to drop by 14.7% by December next year. Franklin Resources The parent company of fund manager Franklin Templeton also does not have a single buy rating from any of the analysts covering the stock, according to FactSet data. Franklin , which has $1.3 trillion worth of assets under management, is expected to deliver a year-on-year decline in earnings on lower revenues when it reports third-quarter results on Nov. 1, according to Zacks Equity Research. Shares in the company, which suffers from some of the same problems troubling its competitor TROW, have fallen by nearly 30% this year. Global stocks Other stocks with price targets below current trading levels include Japanese multinational retailer AEON , U.S.-listed Clorox , and U.K. financial services company Abrdn plc. German energy giant Uniper — which the German government has agreed to nationalize — and Spanish energy utilities Naturgy Energy also made the list. The European utility sector faces major headwinds as natural gas prices remain more than four times higher than their decade-long average. Shares in Australian corporate giants Fortescue Metals and the Commonwealth Bank of Australia are also trading higher than their projected price targets. France’s Aeroports de Paris , Japanese electronics manufacturer Sharp Corporation , and U.S.-listed energy giant Consolidated Edison were some of the other stocks with the smallest price difference between current share price and median analyst price targets. Four stocks — Amerco , Isracard, Loews , and Erie Indemnity — were excluded from our filter due to a lack of analyst ratings or price targets within the past 100 days.
Equity analysts have slashed estimates and price targets over recent days as companies continue to report disappointing third-quarter results.
CNBC Pro screened almost 1,500 large and mid-cap global stocks and found a number of major companies with sell or underweight ratings from investment banks.
Thirteen of these stocks — all part of the MSCI World Index — have median analyst price targets below their current share price, according to FactSet data.
Sell-rated stocks with targets below their share price
Name
Ticker
Price target
Downside risk
AMC Entertainment
AMC-USA
2.57 USD
-61.3%
T. Rowe Price Group
TROW-USA
95.50 USD
-12.4%
AEON Co., Ltd.
8267-TKS
2400.00 JPY
-12.2%
Uniper SE
UN01-ETR
2.75 EUR
-11.1%
Franklin Resources, Inc.
BEN-USA
21.00 USD
-10.4%
Clorox Company
CLX-USA
128.00 USD
-9.5%
Commonwealth Bank of Australia
CBA-ASX
94.57 AUD
-7.7%
Naturgy Energy Group
NTGY-MCE
23.70 EUR
-6.0%
Aeroports de Paris SA
ADP-PAR
125.00 EUR
-5.8%
Fortescue Metals Group
FMG-ASX
15.14 AUD
-5.8%
Sharp Corporation
6753-TKS
850.00 JPY
-5.3%
Abrdn plc
ABDN-LON
1.50 GBP
-3.4%
Consolidated Edison, Inc.
ED-USA
83.00 USD
-3.2%
Source: CNBC, FactSet
Equity analysts at investment banks and research firms rate stocks as sell or underweight if they believe the shares will perform poorly over the next 12 months.
There are currently five U.S.-listed stocks on the list that analysts expect to fall below current levels.
The world’s largest movie theater company once again features at the top of the list. With analysts maintaining their price targets, the rally in AMC‘s shares over the past two weeks means downside risks to its share price has risen to more than 60%, according to FactSet data.
“Structural shifts might be necessary to achieve reasonable profitability, be it a material reduction in sector screen counts, reduced operating lease levels, or incremental support from the studios via improved film splits or longer exclusive theatrical windows,” analysts at Credit Suisse Equity Research said in a note to clients on Oct. 27.
They expect the stock to fall to $0.95 – an 85% drop. “With little visibility as to the extent any of these might be achieved near-to-mid term, we maintain our Underperform rating.”
The global investment management firm headquartered in Maryland had either a sell or hold rating by all 9 analysts covering the stock, according to FactSet. Despite shares in the company being down by 44% this year, the median analyst price target of $95.5 means there could be further pain ahead for investors.
“While T. Rowe has historically had best-in-class performance, results more recently have deteriorated,” said analysts at J.P. Morgan, who have an underweight rating on the stock. “Furthermore, organic growth continues to weaken with recent results representing some of the slowest organic growth seen for the company.” With a price target of $93 per share, they expect the stock to drop by 14.7% by December next year.
The parent company of fund manager Franklin Templeton also does not have a single buy rating from any of the analysts covering the stock, according to FactSet data.
Franklin, which has $1.3 trillion worth of assets under management, is expected to deliver a year-on-year decline in earnings on lower revenues when it reports third-quarter results on Nov. 1, according to Zacks Equity Research.
Shares in the company, which suffers from some of the same problems troubling its competitor TROW, have fallen by nearly 30% this year.
Other stocks with price targets below current trading levels include Japanese multinational retailer AEON, U.S.-listed Clorox, and U.K. financial services company Abrdn plc.
German energy giant Uniper— which the German government has agreed to nationalize — and Spanish energy utilities Naturgy Energy also made the list. The European utility sector faces major headwinds as natural gas prices remain more than four times higher than their decade-long average.
France’s Aeroports de Paris, Japanese electronics manufacturer Sharp Corporation, and U.S.-listed energy giant Consolidated Edison were some of the other stocks with the smallest price difference between current share price and median analyst price targets.
Four stocks — Amerco, Isracard, Loews, and Erie Indemnity — were excluded from our filter due to a lack of analyst ratings or price targets within the past 100 days.
