Charter, AutoNation, Enphase Energy: Trending Tickers
Charter Communications (CHTR) shares fall Friday morning despite topping third-quarter earnings, pointing to its linear TV dispute with Disney (DIS) as cutting into video revenue. AutoNation (AN) reports sales growth for the first time in 8 quarters. Lastly, Enphase Energy (ENPH) shares continue to slide after reporting mixed earnings on Thursday and projecting slowing sales for solar products through first-quarter 2024.
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Video Transcript
SEANA SMITH: I'm Seana Smith alongside Diane King Hall at the NASDAQ market site here in New York City. We're just about 30 minutes into the trading day. Let's take a look at how things are shaping up.
When you take a look at the broader market, stocks are higher. After a big week of earnings, we have Amazon and Intel leaving investors with a prettier picture for Big Tech than some of the other Giants that reported earlier this week. Plus, the Fed's preferred inflation gauge PCE grew in line with expectations, a positive sign ahead of the Fed's next meeting.
Taking a look at some of the individual movers this morning. Charter Communications, shares are falling. We're looking at losses of just about 5% despite beating the Street's expectations in his third-quarter results. Now the spectrum owner was hit hard in its Video Division-- revenue falling 8.6% from a year ago due to a quote, "Higher mix of lower-priced video packages within Charter's video customer base, as well as $63 million of credits that were offered to customers who temporarily lost access to Disney."
Now that outage came amid the dispute between the two companies. Charter lost about 6% of its total video customers in the quarter. We're also watching AutoNation. It's on the move this morning after its third-quarter results show that the company's first year-over-year growth in total unit sales in eight quarters.
The auto retailer reported double-digit year-over-year growth in the new vehicle sales as well as strong growth in used vehicle volume. Still, though, earnings for the quarter were down about 8% from a year ago. We're looking at losses of just about 3/10 of a percent.
We're also taking a look at Enphase stock here extending its losses. Now you're looking at shares of just about 14%. They have released third-quarter results after the market closed Thursday.
The company forecasting fourth-quarter sales between $300 million and $350 million that was well below the Street's expectations for $579 million. Enphase also projecting that the slowdown in solar product sales would last through the first quarter of 2024.
