Check out the companies making headlines after the bell : T-Mobile U.S. — The telecommunications giant rose about 3% after posting a third-quarter earnings surprise to the upside. T-Mobile reported earnings per share of $2.61 on $20.16 billion in revenue, while analysts polled by LSEG had been looking for earnings of $2.42 per share on revenue of $20.01 billion. Tesla — Shares leapt 9%. The electric vehicle manufacturer reported third-quarter adjusted earnings of 72 cents per share, beating Wall Street’s estimates of 58 cents, per LSEG. Revenue came in slightly below expectations at $25.18 billion, while analysts were looking for $25.37 billion. Mattel — The toymaker added 3% after adjusted earnings came in at $1.14 per share for the third quarter. That’s well ahead of the consensus forecast of 95 cents from analysts polled by LSEG. On the other hand, Mattel saw $1.84 billion in revenue for the quarter, slightly below the $1.86 billion estimate from analysts. International Business Machines — The tech giant fell 3% on Wednesday after reporting mixed third-quarter results. While the company’s adjusted earnings of $2.30 per share outpaced the consensus estimate of $2.23 per share reported by LSEG, revenue fell short. IBM said revenue rose 1.5% to $14.97 billion from a year ago, but that was shy of the $15.07 billion. The company has been seeing strong AI demand, but its consulting revenue was flat. Las Vegas Sands — The casino operator added nearly 3% despite disappointing analysts’ expectations on both the top and bottom lines. Las Vegas Sands reported adjusted earnings of 44 cents per share, while analysts had expected 53 cents, per LSEG. The company’s $2.68 billion revenue also fell short of the expected $2.78 billion figure. Lam Research — The semiconductor company climbed nearly 5% after reporting fiscal first-quarter adjusted earnings and revenue that beat the Street’s estimates. Lam Research also issued strong guidance for earnings and revenue in the current quarter. Viking Therapeutics — The biopharmaceutical company added less than 1% after reporting a third-quarter loss of 22 cents per share, which was narrower than the FactSet consensus estimate of 24 cents per share. The company’s third-quarter R & D expense of $22.8 million was also less than the expected $24.9 million. LendingClub — The financial services firm jumped 6% after posting third-quarter earnings of 13 cents per share, almost double the 7 cents per share analysts were seeking, according to FactSet. LendingClub’s revenue of $201.9 million also exceeded the expected $190.4 million. ServiceNow — Shares slipped about 1% after the software company posted its third-quarter results. ServiceNow reported adjusted earnings of $3.72 per share on revenue of $2.80 billion. That topped Wall Street’s estimates for $3.46 per share in earnings and $2.74 billion in revenue, per LSEG. Western Union — The money transfer service provider saw shares tick up by 1%. Western Union narrowly topped estimates in the third quarter, reporting adjusted earnings of 46 cents per share on revenue of $1.04 billion. Analysts were looking for 44 cents per share in earnings and revenue of $1.03 billion. The upper end of its full-year guidance came in slightly higher than consensus estimates. Whirlpool — The home appliance company climbed more than 3% after reporting third-quarter earnings that topped expectations. Whirlpool reported $3.43 in adjusted earnings per share, while Wall Street analysts were looking for $3.19, according to LSEG. Net sales were down year over year for the firm. Newmont — The gold mining company tumbled nearly 6%. Newmont reported adjusted earnings of 81 cents per share in the third quarter, while analysts polled by FactSet sought 86 cents per share. Revenue also missed the mark, arriving at $4.61 billion, versus the Street’s expectation for $4.67 billion. Molina Healthcare — Shares surged 10% after the managed care company posted third-quarter earnings results that beat analysts’ expectations on the top and bottom lines. Molina Healthcare posted adjusted earnings of $6.01 per share, better than the LSEG consensus estimate of $5.81 earnings per share. Revenue of $10.34 billion exceeded the forecasted $9.91 billion. Peloton — Peloton shares were down more than 1% in extended trading. However, during the regular session, the connected fitness company’s stock spiked 11% after Greenlight Capital’s David Einhorn told investors at a conference that the stock was undervalued , a person familiar with the hedge fund manager’s remarks told CNBC. — CNBC’s Christina Cheddar-Berk, Alex Harring, Darla Mercado, Sarah Min and Jesse Pound contributed reporting.
Check out the companies making headlines in midday trading: McDonald’s — The fast-food stock pulled back more than 5% after the U.S. Centers for Disease Control and Prevention said an E. coli outbreak was tied to the chain’s Quarter Pounder burgers . The outbreak led to 10 hospitalizations and one death, the CDC said. Walmart — The retail stock advanced almost 1% to reach a fresh all-time high on Wednesday, breaking with the broader market’s trend lower. Shares of Walmart have outpaced the S & P 500 in 2024, up 57% compared to the index’s nearly 22% jump. Boeing — The troubled aerospace stock slipped nearly 3% after reporting its largest quarterly loss since 2020 . Boeing reported a loss of more than $6 billion in the third quarter, and it lost more than $4 billion in its commercial airplane sector alone. Qualcomm , Arm Holdings — Qualcomm declined nearly 3% after Bloomberg reported that British chip designer Arm planned to cancel its license agreement with the company. Shares of Arm were 6% lower. Stride — The stock soared more than 33%. The educational tech company posted fiscal first-quarter net income of $40.9 million and revenue of $551.1 million. In the year-earlier period, the company reported net income of $4.9 million and revenue of $480.2 million. Hilton Worldwide Holdings — The hotel giant lost 2.7% after reporting third-quarter revenue of $2.87 billion, under the $2.91 billion figure expected from analysts polled by LSEG. On the other hand, Hilton posted adjusted earnings of $1.92 per share, which was 7 cents above the consensus forecast. But the company also issued weak guidance for current-quarter adjusted earnings. Spirit Airlines — Shares surged 35% after The Wall Street Journal , citing people familiar, reported Frontier Airlines is seeking to renew a bid for Spirit Airlines. Enphase Energy — The green energy stock tumbled 13% after a weaker-than-expected earnings report. Enphase said it had 65 cents in adjusted earnings per share on $380.9 million of revenue. Analysts surveyed by LSEG had penciled in 77 cents per share and $392 million of revenue. Enphase’s fourth-quarter revenue guidance was also below expectations. AT & T — Shares advanced 4% after third-quarter earnings surpassed analysts’ estimates. AT & T reported adjusted earnings of 60 cents per share, while analysts polled by LSEG were looking for 57 cents. Revenue missed Wall Street’s forecast. Texas Instruments — The semiconductor company gained more than 3% after beating analysts’ estimates on the top and bottom lines in the third quarter. Texas Instruments reported $1.47 per share and revenue of $4.15 billion, while analysts surveyed by LSEG forecast $1.38 per share and $4.12 billion in revenue. Coca-Cola — Shares fell 2% after the company said it expects currency headwinds to hurt its results next year . Still, Coca-Cola beat analysts’ estimates on the top and bottom lines for the third quarter. Seagate Technology — Shares were about 8% lower in midday trading. The data storage company issued revenue guidance for the fiscal second quarter that was about in line with the Street’s expectations. Expected earnings in the current quarter of $1.85 per share surpassed the estimated $1.72 per share from analysts polled by LSEG. Winnebago Industries — The recreational vehicle stock tumbled nearly 9%. Fiscal fourth-quarter adjusted earnings of 28 cents per share missed the 89 cents per share forecast by analysts polled by FactSet. — CNBC’s Sarah Min, Lisa Han, Alex Harring, Sean Conlon and Jesse Pound contributed reporting.
Apple CEO Tim Cook introduces the Apple Card during a launch event at Apple headquarters in Cupertino, California, on March 25, 2019.
Noah Berger | AFP | Getty Images
The Consumer Financial Protection Bureau ordered Apple and Goldman Sachs on Wednesday to pay more than $89 million for mishandling consumer disputes related to Apple Card transactions.
The bureau said Apple failed to send tens of thousands of consumer disputes to Goldman Sachs. Even when Goldman Sachs did receive disputes, the CFPB said the bank did not follow federal requirements when investigating the cases.
Goldman Sachs was ordered to pay a $45 million civil penalty and $19.8 million in redress, while Apple was fined $25 million. The bureau also banned Goldman Sachs from launching new credit cards unless it can provide an adequate plan to comply with the law.
“Apple and Goldman Sachs illegally sidestepped their legal obligations for Apple Card borrowers. Big Tech companies and big Wall Street firms should not behave as if they are exempt from federal law,” said CFPB director Rohit Chopra.
Apple Card was first launched in 2019 as a credit card alternative, hinged on Apple Pay, the company’s mobile payment and digital wallet service. The company partnered with Goldman Sachs as its issuing bank, and advertised the card as more simple and transparent than other credit cards.
That December, the companies launched a new feature that allowed users to finance certain Apple devices with the card through interest-free monthly installments.
But the CFPB found that Apple and Goldman Sachs misled consumers about the interest-free payment plans for Apple devices. While many customers thought they would get automatic interest-free monthly payments when they bought Apple devices with an Apple Card, they were still charged interest. Goldman Sachs did not adequately communicate to consumers about how the refunds would work, which meant some people ended up paying additional interest charges, according to the CFPB.
It also meant some consumers had incorrect credit reports, the agency said.
“Apple Card is one of the most consumer-friendly credit cards that has ever been offered. We worked diligently to address certain technological and operational challenges that we experienced after launch and have already handled them with impacted customers,” Nick Carcaterra, vice president of Goldman Sachs corporate communications, told CNBC. “We are pleased to have reached a resolution with the CFPB and are proud to have developed such an innovative and award-winning product alongside Apple.”
Representatives from Apple did not immediately respond to CNBC’s request for comment.
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Rohit Chopra, director of the Consumer Financial Protection Bureau, will speak Wednesday at DC Fintech Week in Washington, D.C.
The bureau finalized its personal financial data rights rule on Tuesday, a measure that would require financial services firms to unlock an individual’s personal financial data and then transfer it for free to another provider at the request of the customer.
The rule would apply to data associated with a range of products, spanning from bank accounts and credit cards to payment apps and mobile wallets. The bureau said it would also allow customers to comparison shop more easily for favorable rates on deposits or credit.
“By allowing consumers to permission their personal financial data, and make it over time more seamless, people can more easily sign up, switch accounts, and take their financial history with them,” Chopra said Tuesday in prepared remarks at the Federal Reserve Bank of Philadelphia.
The CFPB’s new rule garnered mixed reviews from trade groups. The American Bankers Association raised concerns around data security, while the Financial Technology Association – whose members include Plaid and PayPal – said the regulation “will increase competition, improve consumers’ choices, and drive momentum for future innovations that benefit customers.”