After-Market: Workhorse wins IRS approval, while Rocket Pharmaceuticals improves its FDA alignment. Sep-12

After-Market:

After-Market

After-Market active stocks

Gainers

• Workhorse Group Inc. (Nasdaq: WKHS) 32% HIGHER; Workhorse Group Inc. (Nasdaq: WKHS) announced that it has achieved IRS clearance as a qualified manufacturer for the Commercial Clean Vehicle Credit, as specified in Internal Revenue Code Section 30D(d)(3). With this approval, Workhorse clients can receive up to a $40,000 credit for all Workhorse vehicle deliveries in 2023 and beyond.
• Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) 29% HIGHER; Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) reported that it has reached an agreement with the Food and Drug Administration (FDA) on the global Phase 2 pivotal study of RP-A501 for Danon Disease. Danon Disease is a deadly hereditary cardiomyopathy that kills the majority of male patients at the age of 20 and the majority of female patients at the age of 40, and for which there are no authorized curative or disease-modifying medications. In the United States and Europe, the condition affects an estimated 15,000 to 30,000 people.

Losers

• Squarespace, Inc. (SQSP) 2% LOWER; General Atlantic intends to offer 5,000,000 shares of the Company’s Class A common stock in a secondary underwritten public offering.

MARKET MOVERS 

Midday-Market movers

GAINERS

WestRock’s (NYSE:WRK) stock increased 3.4% after the business agreed to merge with Smurfit Kappa to form the world’s largest listed paper and packaging company, valued at about $20 billion. Boeing (NYSE:BA) stock was unchanged after SMBC Aviation Capital, the world’s second largest aircraft leasing company, announced an order for 25 Boeing 737 MAX aircraft for more than $3.7 billion at current list prices.

Boeing (NYSE:BA) shares remained unchanged after SMBC Aviation Capital, the world’s second largest aircraft leasing firm, announced an order for 25 Boeing 737 MAX aircraft for more than $3.7 billion at current list prices.

LOSERS

• Acelyrin’s (NASDAQ:SLRN) stock fell more than 58% after the drugmaker’s investigational lead medicine failed to demonstrate adequate efficacy in lowering symptoms of an inflammatory skin illness.
• Sight Sciences (NASDAQ:SGHT) stock dropped more than 47% after the ophthalmic surgical device manufacturer lowered its revenue projection, citing concern about the future of Medicare coverage for its products.
• Oracle (NYSE:ORCL) shares slumped 12.9% after the computer software company missed its sales projection for the current quarter, blaming it on the rapid transition of its recent acquisition Cerner (NASDAQ:CERN) to the cloud.
• United Parcel Service (NYSE:UPS) stock slumped 2.2% after the delivery company announced that a new five-year contract covering around 340,000 Teamsters-represented workers in the United States would boost wage and benefit expenditures at a compound annual growth rate of 3.3% during the term of the deal.
• Apple (NASDAQ:AAPL) stock slumped 1.2% after the iPhone maker launched its latest hardware update in California, an event that is expected to herald the release of the iPhone 15.
• Geron (NASDAQ:GERN) stock declined 1.1% after Goldman Sachs upped its rating to ‘buy’ from ‘neutral,’ highlighting the potential for the company’s new drug application for imetelstat, which is intended to treat lower-risk MDS.

Earnings Calendar

Wednesday, September 13  

Burford Capital Ltd. (BUR), Cracker Barrel Old Country Store (CBRL), and Semtech Corp. (SMTC) 

Thursday, September 14  

Adobe Inc. (ADBE) and Copart Inc. (CPRT)  

for Details

• Workhorse Group Inc. (Nasdaq: WKHS) 32% HIGHER; Workhorse Group Inc. (Nasdaq: WKHS) announced that it has achieved IRS clearance as a qualified manufacturer for the Commercial Clean Vehicle Credit, as specified in Internal Revenue Code Section 30D(d)(3). With this approval, Workhorse clients can receive up to a $40,000 credit for all Workhorse vehicle deliveries in 2023 and beyond.
• Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) 29% HIGHER; Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) reported that it has reached an agreement with the Food and Drug Administration (FDA) on the global Phase 2 pivotal study of RP-A501 for Danon Disease. Danon Disease is a deadly hereditary cardiomyopathy that kills the majority of male patients at the age of 20 and the majority of female patients at the age of 40, and for which there are no authorized curative or disease-modifying medications. In the United States and Europe, the condition affects an estimated 15,000 to 30,000 people.

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