The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all saw significant gains on 10-30-2023, with increases of 1.19%, 1.55%, and 1.15% respectively. The 10-year Treasury yield also rose by 0.31% to 4.892.
Pinterest (PINS, Financial) saw an 8% increase in early postmarket action following a strong third-quarter earnings report. The company exceeded expectations on both top and bottom lines, with revenues reaching $763M, about $20M higher than anticipated. Global monthly active users also rose by 8% to 482M, surpassing the expected 473.5M. The company's CEO, Bill Ready, attributed the strong performance to robust revenue performance, global MAU growth, and substantial margin expansion.
Arista Networks (ANET, Financial) also saw a postmarket rise of 4.7% after reporting a better-than-expected forecast. The company's fourth-quarter revenue of $1.5B to $1.55B surpassed the average analyst estimate of $1.47B. Non-GAAP net income rose to $581.4M, or $1.83 per diluted share, compared to $391.9M, or $1.25 per diluted share in the third quarter of 2022.
Simon Property Group (SPG, Financial) announced a Q3 FFO of $3.20, beating the consensus of $2.97. The company also reported a revenue of $1.41B, a 6.8% Y/Y increase, beating the estimate by $140M. The company also raised its net income estimate for the year ending December 31, 2023, to a range of $6.67 to $6.77 per diluted share.
Realty Income (O, Financial) announced an agreement to acquire Spirit Realty Capital (SRC, Financial) in an all-stock transaction with an enterprise value of ~$9.3B. The deal is expected to diversify Realty Income's portfolio and add more than 2.5% to annualized adjusted FFO per share.
Other notable market movements include Crestwood Equity Partners (CEQP, Financial) approving Energy Transfer's (ET, Financial) acquisition of the company, V.F. Corp (VFC, Financial) missing Q2 Non-GAAP EPS by $0.02, and Wolfspeed (WOLF, Financial) forecasting revenue ahead of expectations.
