Despite posting strong quarterly results, shares of Facebook (FB) were down by nearly 5% in early trading Thursday. Earnings of $1.09 per share on revenue of $7.01 billion surpassed Wall Street's forecast for earnings of $0.97 per share on revenue of $6.92 billion. Ad revenue increased 59% to $6.82 billion.
But investors were not keen about the social media giant's forecast for ad sales growth, which CFO Dave Wehner said will "come down meaningfully" next year. (Facebook is a holding in Jim Cramer's Action Alerts PLUS portfolio).
Credit Suisse (CS) shares were also under pressure before the bell after the lender added to its litigation reserves in the third quarter. The Zurich, Switzerland-based company posted a profit of Sfr41 million for the three months ending in September, but set aside Sfr357 million to cover potential litigation. The move comes as more European lenders prepare for potential fine from the U.S. Department of Justice for mortgage bond sales during the financial crisis.
Meanwhile, Cigna (CI) shares were rising in premarket trading after reporting better-than-expected third-quarter results. Earnings of $1.94 per share beat analysts' estimates of $1.90 per share. Revenue rose 5% to $9.88 billion year over year, and also topped Wall Street's forecast of $9.87 billion. For the full year the health insurance provider expects earnings per share between $7.80 and $8.05.
Shares of Chesapeake Energy (CHK) jumped by more than 6% after the natural gas company posted top- and bottom- line beats for the fiscal third quarter. Earnings of $0.09 surpassed analysts' expectations for a loss of $0.04 per share. Total revenue of $2.28 billion for the period also beat estimates of $2.18 billion.
Finally, the Chicago Cubs are World Series Champions for the first time since 1908, outlasting the Cleveland Indians 8-7 in a 10-inning Game 7 thriller complete with a rain delay.