When it comes to making moves in the stock markets, the first company on the list is the United Parcel Service (UPS). The parcel delivery giant has reportedly experienced a significant rise in its share prices in the premarket trading. The data shows that the United Parcel Service’s stock prices have experienced over a 5% rise in premarket trading.
The reason behind the company’s rise in share prices is the earnings report it recently shared for the third quarter of 2021. In the earnings report, UPS has revealed that it has generated earnings worth $2.71 per share. The earnings generated by UPS are 16 cents higher than what the analysts had predicted in the first place. The parcel delivery giant has also reported a strong revenue outcome for the respective quarter. Based on the recent performance it has given, UPS has upgraded its outlook for the upcoming quarters of 2021.
The United Parcel Service executives have revealed that in recent quarters, a tremendous rise in demand for products through e-commerce platforms has been recorded. It is because of this rise in demand for products that the number of parcel deliveries has surged.
Corning is the next company on the list that has experienced a drop in share prices in premarket trading. The maker of glass and specialty materials has reportedly experienced a 3.4% drop in share prices in the premarket trading. The company experienced a drop after it shared its earnings report for the third quarter of 2021. In the earnings report, Corning revealed that its sales slowed down due to the supply chain delays that were being reported by the automotive industry.
In the earnings report, the glass and specialty materials make have revealed that it missed out on its earnings by 2 cents per share. The company was required to achieve earnings worth 56 cents per share but it only achieved earnings worth 54 cents per share.
Eli Lilly is next on the list that has experienced a 1% increase in its share prices in the premarket trading. The drug-making company recorded a rise after sharing its earnings for the recently completed quarter of 2021. In the report, Eli Lilly reported that it generated profits worth $1.94 per share, while the analysts had predicted that the company would achieve $1.90 per share.
Eli Lilly has also reported that it also recorded higher than expected revenue for the third quarter of 2021. The drug-making company has revealed that it could have generated even more revenue but it spent a lot of resources on research and development. Keeping its recent quarter performance in mind, the company has upgraded its outlook for the full year.