Before the opening bell, let’s take a look at the companies that are making headlines. The Cheesecake Factory saw its shares increase by over 3% after activist investor JCP Investment Management acquired a stake in the company and urged it to consider spinning off three of its brands into a separate entity. General Motors’ shares were slightly down despite the automaker reporting third-quarter results that surpassed analyst expectations. The company earned an adjusted $2.96 per share on revenue of $48.76 billion, beating the $2.43 per share profit and $44.59 billion revenue forecasted by analysts. GM also raised its full-year outlook. SAP’s U.S.-listed shares, the enterprise software provider, gained more than 3% after posting third-quarter earnings and revenue that exceeded expectations. SAP also raised its full-year cloud and software revenue guidance. GE Aerospace, the defense company, experienced a nearly 5% drop after falling short on revenue in the third quarter. GE Aerospace reported adjusted revenue of $8.94 billion, below analysts’ $9.02 billion estimate. Adjusted earnings per share of $1.15 beat consensus forecasts by just 1 cent. Deckers Outdoor, the footwear and apparel maker, saw its stock decline by 2.9% following a downgrade at BTIG to neutral from buy. The firm expressed concerns about moderating growth putting shares at risk. First Solar’s shares rose by 1.8% following Citi’s upgrade to buy from neutral. Citi believes First Solar will benefit regardless of the outcome of the upcoming U.S. presidential election. AppLovin, the application technology stock, gained 1% after Loop Capital initiated coverage with a buy rating. Analyst Rob Sanderson highlighted the company’s essential role in the mobile gaming industry and its potential as a key investment for those interested in big data and artificial intelligence. 3M’s shares surged by 5% after the industrial company reported third-quarter earnings of $1.98 per share on revenue of $6.07 billion, surpassing analysts’ expectations. Zions Bancorporation, the Utah-based regional bank, saw its shares rise by over 2% following a stronger-than-expected quarterly report. Zions reported earnings per share of $1.37 on $792 million of revenue, exceeding analysts’ expectations. Nucor, the steel production firm, experienced a nearly 3% drop after forecasting a decline in GAAP earnings per share for the current period compared to the previous quarter. However, the company reported a third-quarter adjusted earnings and revenue beat. Danaher’s shares rose by 1.8% after the life sciences and diagnostics company posted third-quarter results that exceeded expectations, citing positive momentum in its bioprocessing business. Sherwin-Williams, the paint manufacturer, saw its shares decline by 6.5% after reporting disappointing third-quarter results. The company’s adjusted earnings of $3.37 per share fell below StreetAccount’s estimate of $3.55 per share, while its $6.16 billion revenue missed the $6.20 billion Wall Street estimate. – CNBC’s Sean Conlon, Michelle Fox, Alex Harring, Fred Imbert, Hakyung Kim, Sarah Min and Jesse Pound contributed to this report.
