General Mills has revised its full-year guidance following a third-quarter financial performance that missed expectations. The company reported revenue of $4.84 billion, falling short of the FactSet estimate of $4.96 billion. Analysts had anticipated earnings of 72 cents per share on revenue of $305.8 million. General Mills attributed the shortfall to inventory headwinds and softer demand. As a result, the company now forecasts organic net sales to decline between 1.5% and 2% for the full year, revising previous expectations for flat sales or a 1% increase.
In the financial sector, Goldman Sachs experienced a slight downturn as its shares ticked nearly 1% lower. This movement followed Oppenheimer's decision to downgrade the investment bank from "outperform" to "perform." The downgrade reflects a more cautious stance on the bank's near-term prospects amidst broader market trends.
In automotive news, Tesla made notable gains after securing approval from the California Public Utilities Commission for a passenger transportation permit. This regulatory green light saw Tesla shares advance by almost 3%, marking a positive development for the company's transportation initiatives.
On the healthcare front, HealthEquity reported non-GAAP earnings per share of 69 cents on revenue of $311.8 million. Despite these figures, the company's shares plummeted by 15% after delivering weaker-than-expected fourth-quarter earnings. This downturn highlights investor concerns regarding HealthEquity's financial outlook.
Meanwhile, Gilead Sciences faced a sell-off amid news that the Health and Human Services Department is considering significant cuts to federal funding for domestic HIV prevention. Gilead Sciences, known for its HIV and AIDS medications, was directly impacted by this potential policy shift, reflecting investor apprehensions over future revenue streams.