After-Market: Following Q3 beat, gap increases, Applied Materials slides on criminal probe. Nov-16

After-Market:

After-Market

After-Market active stocks

Gainers

• ChargePoint Holdings Inc (NYSE:CHPT) 27% lower; new CEO and weaker third quarter outlook. Q3 sales are expected to be $108–$113 million, down from $150–$160 million.
• Gap (NYSE:GPS) rose 15% after reporting better-than-expected third-quarter results. Retailer EPS was $0.59, $0.42 higher than analyst estimate of $0.17. The consensus was $3.6 billion, while revenue was $3.8 billion.
• Ross Stores (NASDAQ:ROST) rose 6% after reporting Q3 EPS of $1.33, beating the expectation of $1.22. Revenue rose 7.8% to $4.9 billion. The corporation boosted its annual guidance.
• Beazer Homes (NYSE:BZH) rose 3% after reporting strong fourth-quarter results.

Losers

• After reporting better-than-expected fourth quarter results, Applied Materials, Inc. (NASDAQ:AMAT) fell 7% on rumors it is under US criminal investigation for exports to China’s SMIC.

MARKET MOVERS 

Midday-Market movers

GAINERS

• Macy’s (NYSE:M) stock jumped 4.5% after the department store operator posted a large fiscal third-quarter earnings beat, aided by margins, and raised its full-year guidance.

LOSERS

• Cisco (NASDAQ:CSCO) stock fell 11.4% after the tech company lowered its full-year revenue and profit expectations, indicating declining networking equipment demand.
• Alibaba (NYSE:BABA) ADRs fell 9.4% after the Chinese e-commerce giant chose not to spin off its core cloud operation due to increased U.S. limits on advanced computer chip and semiconductor manufacturing equipment exports to China.
• Walmart (NYSE:WMT) stock slumped 7.4% after warning about consumer pressure ahead of the holiday season, despite a third-quarter earnings and sales beat.
• Amazon (NASDAQ:AMZN) announced that Hyundai (OTC:HYMTF) will be the first car dealer to sell vehicles through its shop next year, sending Carvana Co (NYSE:CVNA) shares down more than 7%.
• Bath & Body Works (NYSE:BBWI) stock slumped 6.3% after lowering its annual sales projection due to decreasing demand ahead of the holiday season.
• Palo Alto Networks (NASDAQ:PANW) stock slumped 5.8% after the cybersecurity business provided below-estimated second-quarter and full-year billing forecasts after strong first-quarter earnings
• Catalent (NYSE:CTLT) stock dipped 1.1% after Baird upgraded it to ‘outperform’ from ‘neutral’, citing its favorable value.
• Eli Lilly (NYSE:LLY) stock declined 0.9% after Reuters reported that it will develop a new plant in western Germany.

Earnings Calendar

Thursday, Nov 16

Walmart (WMT), Alibaba Group (BABA), Applied Materials Inc. (AMAT), NetEase Inc. (NTES), Ross Stores (ROST), Warner Music Group (WMG), NICE Ltd. (NICE), Bath & Body Works (BBWI), The Gap Inc. (GPS), Macy’s (M), and Spire Inc. (SR)

Friday, Nov 17

BJ’s Wholesale Club (BJ), Atkore Inc. (ATKR), and Spectrum Brands Holdings (SPB)

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Citigroup (NYSE:C) declined 0.8% after agreeing to sell its retail wealth management portfolio in mainland China to HSBC (NYSE:HSBC), which lost 2.3%.

• Bristol-Myers Squibb (NYSE:BMY) stock dipped 0.8% after the pharmaceutical company announced a $5.8 billion acquisition of cancer medicine Mirati Therapeutics (NASDAQ:MRTX), down 4.6%, to diversify its oncology business.
• United Airlines (NASDAQ:UAL) stock fell 5%, American Airlines (NASDAQ:AAL) stock fell 4.7%, and Delta Air Lines (NYSE:DAL) stock fell 4.5%, as several airlines canceled or reduced flights to Israel in response to the escalation of violence between the country’s forces and the Palestinian group Hamas.
• The stock of Spotify (NYSE:SPOT) slumped 2.5% after Redburn-Atlantic cut its rating on the audio streaming service to ‘neutral’ from ‘buy,’ expecting that the company’s new audiobook offer will be gross margin dilutive.

• 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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