After-Market: Oracle falls after earnings, Hasbro falls due to job layoffs. Dec-11

After-Market:

After-Market

After-Market active stocks

Gainers

• Blue Bird Corporation (NASDAQ:BLBD) is up 8% after beating on both the top and bottom lines in the fourth quarter and raising its 2024 outlook.

Losers

• Oracle (NYSE:ORCL) is down 8% after missing the consensus sales number for the second quarter.
• SilverBow Resources, Inc. (NYSE:SBOW) has dropped by 6% and will offer 1.7 million shares to selling stockholders.
• Kinetik Holdings Inc (NYSE:KNTK) will offer 6,000,000 shares to selling stockholders, a 6% decrease.
• Hasbro, Inc. (NASDAQ:HAS) is down 4% and plans to lay off 1,000 workers due to sluggish sales.
• Mattel, Inc. (NASDAQ:MAT) declines 3% in sympathy with Hasbro.
• Lucid Group, Inc. (NASDAQ:LCID) is down 3% after announcing that CFO Sherry Hous

MARKET MOVERS 

Midday-Market movers

GAINERS

• Macy’s (M) stock rose 19% on news of a $5.8 billion purchase deal from real estate-focused investing firm Arkhouse Management and global asset management Brigade Capital Management.
• Cigna (NYSE:CI) shares rose 16% after the company apparently abandoned discussions to purchase Humana (NYSE:HUM), putting a stop to a merger that would have created a $140 billion insurance giant. Cigna also announced an extra $10 billion in share repurchases.
• Nike (NYSE:NKE) stock rose 2.5% after Citi upgraded the sports clothing company’s recommendation to “buy” from “neutral,” noting hints of margin recovery amid a “choppy” macroeconomic environment.
• Shares of Snap (SNAP) rose 4.6% after Wells Fargo analysts upgraded the social media platform to “overweight” from “equal-weight.”
• Citi upgraded Broadcom (NASDAQ:AVGO) to Buy and set a price objective of $1,100. According to analysts, the AI tailwinds outweighed the semiconductor slump.

LOSERS

• Affimed (NASDAQ:AFMD) shares fell 7%, erasing previous gains, after the company announced that participation in two trial cohorts for its AFM24-102 lung cancer medication will be discontinued.
• Sea Ltd ADRs (NYSE:SE) fell 6.2% after ByteDance’s TikTok announced a merger with GoTo’s Tokopedia in Indonesia. The statement raised fears about greater competition for the tech conglomerate’s Indonesian e-commerce unit.
• After the full results of the SURMOUNT-4 research were published in The Journal of the American Medical Association, Eli Lilly (NYSE:LLY) fell 4%. Following the lead-in phase, those on Zepbound who were assigned to placebo reported a 14.8% weight regain at 88 weeks.

WEEKLY EARNINGS CALENDAR

Monday DEC 11

Casey’s General (CASY), FuelCell Energy (FCEL), Oracle (ORCL)

 Tuesday, DEC 12

Transcontinental

Wednesday, Dec 13

Adobe (ADBE), ABM Industries (ABM), Cognyte Software (CGNT), Nordson (NDSN), Photronics (PLAB), REV Group (REVG)

Thursday, Dec 14

Costco Wholesale (COST), Jabil (JBL), Lennar LEN

Friday, Dec 15

Steel Dynamics, Darden Restaurants

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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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