5 Key Market Updates: PepsiCo Misses, Nvidia Climbs, Amazon's Big Deals Start
PepsiCo (PEP) cuts full-year guidance after missing third-quarter earnings estimates, Honeywell (HON) plans to spin off its Advanced Materials division, and a judge rules that Google must offer Play Store alternatives. Meanwhile, Nvidia (NVDA) overtakes Microsoft (MSFT) as the second-largest company by market cap, and Amazon (AMZN) kicks off Prime Big Deal Days. Here’s what investors need to know today:
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1. PepsiCo Misses Q3 Estimates, Cuts FY Outlook
PepsiCo (PEP) shares slipped by about 1% in premarket trading after reporting weaker-than-expected third-quarter earnings. The company posted $23.32 billion in revenue and $2.13 EPS, both missing estimates. CEO Ramon Laguarta lowered the full-year organic revenue outlook to a low-single-digit increase, down from the previously expected 4% growth. This comes after earlier warnings about a weaker consumer outlook.
2. Honeywell to Spin Off Advanced Materials Division
Honeywell International (HON) announced plans to spin off its Advanced Materials division into a new publicly traded company. According to The Wall Street Journal, the spinoff could be valued at over $10 billion. Honeywell shares were up by 2% in premarket trading following the news.
3. Google Must Offer Play Store Alternatives
A U.S. judge has ruled that Alphabet’s (GOOGL) Google must offer alternatives to its Google Play Store on Android devices, stemming from an antitrust suit by Epic Games. The ruling found that Google used monopoly power to dominate the app store market. Despite dropping 2.5% on Monday, Alphabet’s shares are up slightly in premarket trading.
4. Nvidia Becomes the World’s No. 2 Company by Market Cap
Nvidia (NVDA) continues to climb, gaining 2% in premarket trading after overtaking Microsoft (MSFT) in market capitalization to become the second-largest company globally, behind Apple (AAPL). Nvidia’s market cap reached $3.13 trillion following strong demand for AI processors developed with its partner Super Micro Computer (SMCI).
5. Amazon’s Prime Big Deal Days Kick Off
Amazon (AMZN) launched its Prime Big Deal Days today, signaling the start of the holiday shopping season. Other retailers like Walmart (WMT) and Target (TGT) are also hosting simultaneous sales events to attract early shoppers. Amazon’s stock edged up less than 1% in premarket trading, while Walmart and Target shares showed little change.
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