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Stocks Moving After Earnings Today: SPOT, TREE, W

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U.S. stocks notched their second consecutive day of gains on Wednesday, fueling optimism that investors had found a bottom to the recent bout of selling. October was certainly a month that Wall Street will want to forget, but with some external headwinds cooling down, traders are once again meeting the positives—such as strong earnings results—with bullishness.

It has been another busy week for earnings announcements, with several key companies posting impressive numbers at just the right time. Notably, Facebook managed to relieve fears about its future, while General Motors (GM - Free Report) tallied sturdy sales of SUVs and trucks. Both stocks surged in the wake of their reports.

One company moving higher after reporting before the bell Thursday is LendingTree (TREE - Free Report) . The online financial services firm reported adjusted earnings of $1.92 per share, beating the Zacks Consensus Estimate of $1.78 and improving 64% from the year-ago quarter. Revenue in the period was $197.1 million, which marked year-over-year growth of 15%.

LendingTree also raised its full-year 2018 guidance. The company now expects revenue to be in the range of $765 million to $775 million, up from the prior range of $745 million to $765 million. Investors loved this beat-and-raise quarter, and LendingTree was up more than 18% in early morning trading today.

However, not every pre-marker reporter was moving in a positive direction Thursday. One notable company selling off after its earnings announcement is Spotify (SPOT - Free Report) . The music streaming giant recorded quarterly revenue of 1.35 billion euros ($1.54 billion), which did edge out Street estimates of 1.33 billion euros.

Spotify also reported that its monthly subscribers, which account for about 90% of its revenue, increased to 87 million from 83 million in the previous quarter. However, the Swedish company narrowed its expectations for full-year monthly active listeners slightly, and Wall Street was not impressed. Shares of Spotify opened more than 10% lower this morning.

Another trendy stock making a sharp move to the downside in early trading is Wayfair (W - Free Report) . On an adjusted basis, Wayfair saw a quarterly loss of $1.28 per share, which was wider than the $1.12 loss expected by the Zacks Consensus.

Revenue was slightly higher than expectations, coming in at $1.71 billion against a consensus estimate of $1.67 billion. Active users were up a healthy 35%, but Wayfair’s earnings miss underscored fears that the e-commerce marketplace will struggle to turn profitable with its current business model.

Looking ahead, investors still have a number of marquee earnings announcements to prepare for in this Q3 report season, including that of Apple (AAPL - Free Report) —due out this afternoon. While today’s pre-market results were mixed, Wall Street will be hoping that the overall trend is positive as earnings season winds down.

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