Tuesday's Market Minute: Tuesday Earnings Recap

General Motors GM is up premarket after beating estimates for its 3Q despite a hit from the ongoing UAW strike. The company says that the strike is draining about $200M a week from its bottom line. It also withdrew its profit outlook for the full year. 

Another interesting note is that GM has dropped a self-imposed target to produce 400K electric vehicles through the next year, citing slackening demand. If it’s not a GM-centric issue, what needs to be done to further strengthen EV adoption? 

Verizon VZ is also higher before the bell after its 3Q earnings report beat Street estimates on the top and bottom line. The company also raised its free cash flow expectations for the year. Verizon added 100K postpaid phone subscribers in the quarter, with 434K broadband net adds.

On the other hand, Spotify SPOT is dropping after a greater-than-expected loss per share. However, Spotify’s subscriber numbers beat expectations, rising to 574M monthly active users, 361M of which were ad-supported. While Spotify is staying dominant in the space and expanding its repertoire, how long will the Street be happy with its growth without profit?

There are some big names reporting postmarket today: Alphabet (GOOGL), F5 Networks (FFIV), Microsoft (MSFT), Snap (SNAP), Texas Instruments (TXN), and Visa (V). Stay nimble as we move further into this earnings season!

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