After-Market : Levi falls following EPS, AMC gains on Taylor Swift sales. Oct-05

After-Market:

After-Market

After-Market active stocks

Gainers

• Sutro Biopharma (NASDAQ:STRO) is up 6%; Oppenheimer commences coverage with an Outperform rating and a $10.00 price target.
• AMC Entertainment (NYSE:AMC) 2% HIGHER:-TAYLOR SWIFT | THE ERAS TOUR concert film had sold more than $100 million in advance tickets globally as of October 4, according to AMC Entertainment (NYSE:AMC). TAYLOR SWIFT | THE ERAS TOUR concert film will be released on October 13 in the majority of the confirmed 8,500 theaters across 100 countries.

Losers

• Levi Strauss & Co Class A (NYSE:LEVI) is down 3% after reporting Q3 earnings per share of $0.28, $0.01 higher than the analyst expectation of $0.27. Revenue for the quarter was $1.5 billion, compared to the consensus forecast of $1.54 billion. Levi forecasts FY2023 EPS at the low end of $1.10-$1.20, compared to the consensus of $1.12.
• Aehr Test Systems (NASDAQ:AEHR) is down 11% after reporting Q3 earnings per share of $0.18, $0.02 higher than the average expectation of $0.16. Revenue for the quarter was $20.6 million, compared to the consensus estimate of $19.23 million.

MARKET MOVERS 

Midday-Market movers

GAINERS

• The shares of Nvidia (NASDAQ:NVDA) climbed 0.9% after Evercore ISI labeled the semiconductor a “top play” as earnings season approaches. The stock has a ‘overweight’ rating and plenty of room for growth.

LOSERS

• Rivian (NASDAQ:RIVN) stock plunged 20% after the electric vehicle manufacturer revealed intentions to sell $1.5 billion in convertible green notes expiring in October 2030.
• Blackberry (TSX:BB) stock slumped 9.3% after the technology giant announced plans to separate its Internet of Things and cybersecurity business groups, with a subsidiary initial public offering for the IoT business planned for next fiscal year.
• Clorox (NYSE:CLX) stock slumped 7.2% after the cleaning product producer warned it expects to lose money in the first quarter following a cyberattack in August that caused product outages and disrupted supplies and operations.
• Polestar (NASDAQ:PSNY) stock dipped 3.4% after the EV maker said that it delivered 13,000 vehicles in the third quarter and was on track to deliver 60,000-70,000 vehicles this year.
• Constellation Brands (NYSE:STZ) stock declined 3.3% despite the beverage conglomerate upping its annual profit estimate after exceeding sales projections in the second quarter. This year, the stock has increased almost 8%.
• Exxon (NYSE:XOM) stock dipped 2.1% after the oil giant said it will report a third-quarter operating profit of $8.3 billion to $11.4 billion, down from the previous year’s record but up from the second quarter.
• ConAgra Foods (NYSE:CAG) stock dipped 1.3% as the packaged food company reported weakening demand for its products, despite the fact that it turned a profit in the first quarter thanks to numerous rounds of price increases.

Earnings Calendar

Thursday, Oct. 5  

Constellation Brands (STZ),  

Lamb Weston Holdings (LW),  

ConAgra Brands (CAG) 

Levi Strauss & Co. (LEVI)  

• 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.

After-Market: After-Market: After-Market: After-Market: After-Market: After-Market: After-Market: After-Market: After-Market: After-Market: