The stock market experienced a tumultuous day with several companies posting significant losses. WeBuy Global Ltd (WBUY, Financial) led the pack with a 33% drop, followed by Solaredge Technologies (SEDG, Financial) which fell by 30% due to a big miss on preliminary Q3 sales. Other notable losers included Alpine 4 Holdings (ALPP, Financial), Arcutis Biotherapeutics (ARQT, Financial), Enphase Energy (ENPH, Financial), and SeaStar Medical Holding Corp (ICU, Financial).
On the earnings front, Intuitive Surgical (ISRG, Financial) saw a 6% drop after its Q3 earnings release. However, the week also saw increased dividend payouts from Blackstone (BX, Financial) and Liberty Energy (LBRT, Financial), with declarations from companies like Ford (F, Financial) and Sherwin Williams (SHW, Financial). Next week, industry players such as Dell Technologies (DELL, Financial) and Lowe's (LOW, Financial) will see the ex-dividend dates for their upcoming dividend payments.
Jazz Pharmaceuticals Plc (JAZZ, Financial) is reportedly exploring strategic options, including a potential sale. The company is said to be in talks with advisers to gauge interest. Meanwhile, American Express reported Q3 earnings that topped consensus on strong consumer and healthy credit, with GAAP EPS of $3.30 beating by $0.36, and revenue of $15.38B beating by $20M.
China is tightening its grip on its manufacturing sector, releasing new rules to restrict exports of graphite, a key material used in electric-vehicle batteries. This development pushed the Hong Kong-listed shares of China Graphite Group 12.5% higher. In other international news, Rivian Automotive (RIVN, Financial) confirmed plans to construct a factory in Georgia early in 2024.
Amazon (AMZN, Financial) is set to host a cloud computing conference next month, which is expected to spotlight generative artificial intelligence. The company recently announced a deal to invest up to $4B in AI startup Anthropic. Huntington Bancshares (HBAN, Financial) reported stronger-than-expected Q3 earnings as its net interest income rose sequentially.
