Friday headlines include: Weak guidance from Sandisk; earnings from Morgan Stanley, General Electric and Google; and Panera Bread planning to adopt Apple Pay.
Memory chip maker Sandisk (SNDK) said Thursday that it earned $1.09 per share in the third quarter, or $1.45 on an adjusted basis. Revenue was $1.75 billion. Analysts had expected $1.33 per share on $1.77 billion in revenue. Looking forward, the company said it expects revenue between $1.80 billion and $1.85 billion in the fourth quarter. The mean analyst estimate had been $1.88 billion.
Investment bank Morgan Stanley (MS) earned 84 cents per share in the third quarter. The mean analyst estimate was for 54 cents per share, however those two figures may not be directly comparable. Bond trading revenue rose by more than 19% in the quarter as market volatility surged in the last month of the quarter.
Industrial conglomerate General Electric (GE) said Friday that it earned 35 cents per share in the third quarter, or 38 cents per share on an adjusted basis. Revenue was $36.17 billion. Analysts had expected the company to earn 37 cents per share on $36.79 billion in revenue. Margins at the company's industrial business were 19.3 percent, 0.9 percentage points higher than in the year-ago quarter.
Internet giant Google (GOOGL) reported earnings of $4.09 per share on revenue of $16.52 for the third quarter. On an adjusted basis, the company earned $6.35 per share on $13.17 billion in revenue. Analysts had expected the company to earn $6.53 per share on adjusted revenue of $13.22 billion. The company's average cost per click fell by 2 percent, while “aggregate paid clicks” rose by 17 percent from the year-ago period.
Restaurateur Panera Bread (PNRA) plans to adopt the new Apple Pay system from Apple (AAPL) in its restaurants. An executive from the company discussed the system in a television interview Thursday and described how customers can use their phones to pay for orders at the restaurant in multiple ways, including some secured by the thumbprint scanners found in newer Apple devices.