Stocks making the biggest moves after hours: Tesla, IBM, Alcoa and more

Market Insider

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A general view shows the Tesla logo on the Gigafactory in Gruenheide near Berlin, Germany, August 30, 2022.
Annegret Hilse | Reuters

Check out the companies making headlines after hours.

Tesla — Shares dropped 3.7% after the electric vehicle maker reported third-quarter revenue that missed analyst expectations. Tesla reported earnings of $1.05 per share, compared with expectations of 99 cents adjusted earnings per share, according to analysts surveyed by Refinitiv. Revenue came in at $21.45 billion, less than the $21.96 billion expected.

IBM — Shares jumped 3.9% after IBM beat analyst expectations in its third-quarter earnings results and raised its full-year growth outlook. The tech company reported adjusted earnings of $1.81 per share, greater than the $1.77 per share expected by analysts, according to Refinitiv. Revenue came in at $14.11 billion, or more than the forecasted $13.51 billion.

Lam Research — The stock rose 2.1% after the semiconductor company surpassed profit and sales expectations in its most recent quarter. Lam Research reported adjusted earnings of $10.42 per share on revenue of $5.07 billion. Analysts expected earnings of $9.54 per share on revenue of $4.91 billion, according to Refinitiv.

Kinder Morgan — Shares fell 1.8% after the oil and gas pipeline operator reported third-quarter earnings results that fell short of earnings per share expectations, according to consensus estimates on FactSet. Kinder Morgan otherwise beat on revenue forecasts.

Alcoa — Shares dropped 6.9% after the aluminum producer reported a miss on third-quarter results, and lowered its 2022 shipment projections for alumina and bauxite. Alcoa reported a loss of 33 cents per share, compared to expectations of a gain of 8 cents per share, according to consensus estimates on FactSet. The company reported revenue of $2.85 billion, compared with expectations of $2.96 billion.

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