After-Market : Novo rises but DaVita falls as Ozempic is efficient in a renal trial. Oct-10

After-Market:

After-Market

After-Market active stocks

Gainers

• Novo Nordisk (NYSE:NVO) is up 2% after a good outcome in the kidney study of blockbuster medicine Ozempic (Semaglutide).

Losers

• Silk Road Medical, Inc. (NASDAQ:SILK) has dropped 33% and issued a profit warning for the third quarter and fiscal year. Revenue for the third quarter is expected to be $44.4 million, compared to the expectation of $46 million. The company expects FY revenue of $170-$174 million, compared to the consensus of $182 million. In addition, the CEO stated his intention to resign.
• E2open Parent Holdings Inc (NYSE:ETWO) is down 13% after reporting Q2 earnings per share of $0.04, $0.01 less than the analyst estimate of $0.05. Revenue for the quarter was $158.2 million, compared to the consensus estimate of $159.66 million. Reduced its EBITDA forecast.
• DaVita Inc (NYSE:DVA) is down 12% after Novo’s blockbuster medicine Ozempic (Semaglutide) was found to be effective in a kidney trial.
• Northern Oil & Gas Inc (NYSE:NOG) is down 3% today after announcing an underwritten public offering of 6,500,000 shares of common stock.

MARKET MOVERS 

Midday-Market movers

GAINERS

• Lexicon Pharmaceuticals (NASDAQ:LXRX) stock surged 12.5% after the company said that its heart failure medicine has received preferred status at Express Scripts, Cigna’s (NYSE:CI) pharmacy benefits management unit.
• Rivian (NASDAQ:RIVN) shares increased 5.6% after UBS raised its rating on the EV manufacturer to ‘buy’ from ‘neutral,’ citing a potential buying opportunity following the recent selloff.
• PepsiCo (NASDAQ:PEP) stock jumped 2% after the soft drinks conglomerate upped its annual profit prediction for the third time this year, with stronger pricing helping to offset a dip in sales.
• Unity Software (NYSE:U) stock climbed 1.7% after the video-game software firm announced that CEO John Riccitiello would step down following a contentious pricing shift that irritated many creators.
• Honeywell (NASDAQ:HON) shares climbed 0.1% after the industrial conglomerate announced intentions to restructure its business operations into three sectors rather than four in order to increase sales growth and reallocate cash.

LOSERS

• Corning (NYSE:GLW) stock dipped 0.5% after JPMorgan downgraded the technology business from ‘overweight’ to ‘neutral,’ citing significant downside to current consensus earnings projections.
• Juniper Networks (NYSE:JNPR) stock dipped 1.5% after JPMorgan downgraded the networking hardware manufacturer to ‘neutral’ from ‘overweight,’ calling it the most challenged among its networking peers on a relative basis.

Pre-market Movers

gainers

• The stock price of Lexicon Pharmaceuticals (NASDAQ:LXRX) went up 9% after the company said that its heart failure drug had been given preferred status by Express Scripts, which is part of Cigna (NYSE:CI).
• Unity Software (NYSE:U) stock went up 5.6% after the company said its CEO, John Riccitiello, would step down because of a controversial change in prices that many creators didn’t like.
• Stock in Rivian (NASDAQ:RIVN) went up 3% after UBS changed its rating on the electric vehicle (EV) maker from “neutral” to “buy,” seeing a possible buying chance after the recent drop.
• Honeywell (NASDAQ:HON) stock went up 1.2% after the industrial conglomerate said it was going to split its business into three parts instead of four in order to increase sales and move money around.
• PepsiCo (NASDAQ:PEP) stock went up 0.8% after the soft drink giant raised its yearly profit forecast for the third time this year. This was because higher prices helped make up for a drop in volume sales.

Losers

• Juniper Networks (NYSE:JNPR) stock dropped 3.5% after JPMorgan lowered its rating on the networking gear maker from “overweight” to “neutral.” The bank said that Juniper Networks was the most challenged of its networking peers on a relative basis.
• Corning (NYSE:GLW) stock dropped 2.4% after JPMorgan lowered its rating on the tech company from “overweight” to “neutral,” indicating that current consensus earnings expectations are likely to be much lower than expected.

Earnings Calendar

Tuesday, Oct. 10  

• PepsiCo. (PEP)
• Neogen Corp. (NEOG)

• 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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