On this episode of Stock Movers:
- Meta (META) shares slid after the Facebook parent reported third-quarter results and gave an outlook. Analysts have increasing concern over the company’s heavy spending, with at least two downgrading the stock.
- Chipotle (CMG) shares plummeted after the fast-casual chain cut its outlook for a third time this year as diners pulled back from eating out, a fresh warning sign for consumer spending. The burrito chain now sees sales for the full year slipping in the low-single digit range from a year earlier. It earlier projected that performance would be flat.
- Comcast (CMCSA) shares fell after the cable and media company reported its 10th straight quarter of losses in broadband customers and said it doesn’t expect the trend to turn around in the near future. Philadelphia-based Comcast shed 104,000 net broadband subscribers in the third quarter, though that was fewer than the loss of 140,000 predicted by analysts. In the connectivity unit that includes broadband, Comcast’s biggest by far, revenue fell 1.4% and adjusted earnings before interest, taxes, depreciation and amortization declined 3.7%.
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