After-Market : A10 Networks falls on a warning, while Intel climbs on spinoff plans. Oct-03

After-Market:

After-Market

After-Market active stocks

Gainers

• Palantir (NYSE:PLTR) 3% HIGHER; According to Bloomberg, Palantir (NYSE:PLTR) is closing in on the contentious UK Health Data contract.
• Intel (NASDAQ:INTC) is up 3% after announcing its intention to spin off its Programmable Solutions Group (PSG) activities into a separate company.

Losers

• A10 Networks (NYSE:ATEN) is 14% LOWER; sales in the third quarter of 2023 is expected to be between $56.5 million and $58.5 million, below the consensus of $74.65 million.
• Cal-Maine Foods (NASDAQ:CALM) is down 12%; it reported $0.02 EPS in the first quarter, $0.31 less than the analyst forecast of $0.33. Revenue for the quarter was $459.3 million, compared to the consensus estimate of $473.37 million.
• B&G Foods (NYSE:BGS) 3% LOWER; Piper Sandler reduced B&G Foods (NYSE:BGS) from Neutral to Underweight with a price objective of $8.00 (down from $14.00).

MARKET MOVERS 

Midday-Market movers

GAINERS

• Point Biopharma (NASDAQ:PNT) shares increased by 85% after Eli Lilly & Co (NYSE:LLY) announced a $1.4 billion acquisition of the cancer company to expand its oncology medications into radioligand treatments, which deliver radiation to tumor cells at a closer range.
• ALX Oncology (NASDAQ:ALXO) stock jumped 50.9% after the company revealed interim mid-stage data from a trial of its medication for advanced stomach cancer.
• Oddity Tech Ltd. (NASDAQ:ODD) stock rose 6% after Truist Securities upgraded the beauty and wellness platform’s rating to buy from hold, citing its “compelling” pricing.
• HP (NYSE:HPQ) shares increased 2.5% after Bank of America analysts upgraded the stock’s rating to buy from underperform.
• Fiverr International (NYSE:FVRR) shares increased 0.9% after Roth MKM analysts changed their rating to buy from neutral, stating that corporate purchasers and freelancers have a little more optimistic stance on gig platforms than earlier in the year. 
• Warner Music Group (NASDAQ:WMG) shares rose 0.7% after UBS analysts upgraded the entertainment company’s rating to buy from neutral.

LOSERS

• McCormick (NYSE:MKC) stock fell 8.7% after the spice maker reported lower-than-expected net revenues and a larger-than-expected reduction in product volume, owing in part to slowing demand in its Asia-Pacific business.
• Airbnb (NASDAQ:ABNB) shares tumbled 5.8% after KeyBanc Capital Markets downgraded the short-term home rental business, citing a slowdown in post-pandemic tourism activity.

Earnings Calendar

Wednesday, Oct. 4  

RPM International Inc. (RPM),  

Acuity Brands Inc. (AYI),  

 Helen of Troy Ltd. (HELE)  

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.

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