After-Market :Pinterest gains following earnings, Lattice Semiconductor falls Oct-30

After-Market:

After-Market

After-Market active stocks

Gainers

• Pinterest (NYSE:PINS) is a social media platform. 12% UP; reported Q3 earnings per share of $0.28, $0.07 higher than the market expectation of $0.21. Revenue for the quarter was $763 million, compared to the consensus expectation of $743.94 million. We anticipate sales growth of 11-13% year on year in Q4 2023. Non-GAAP operating expenses* are expected to fall 9-13% year on year in Q4 2023. Please keep in mind that our operational expense forecast excludes revenue costs.
• Wolfspeed (NYSE:WOLF) is 10% higher; the company posted Q1 earnings per share of ($0.53), $0.14 higher than the analyst expectation of ($0.67). Revenue for the quarter was $197.4 million, compared to the consensus estimate of $196.21 million. Wolfspeed forecasts Q2 2024 earnings per share of ($0.56)-($0.70), compared to the consensus of ($0.69). Wolfspeed anticipates revenue of $192-222 million in Q2 2024, compared to the consensus of $221.31 million.
• Zynex , Inc. (NASDAQ:ZYXI) 7% HIGHER; Bloomberg News reported that Zynex, Inc. (NASDAQ:ZYXI) is considering various possibilities, including a possible sale.
• Shopify (NYSE:SHOP) is up 1%; Wells Fargo launches coverage with an Overweight rating and a $65.00 price target.

Losers

• Lattice Semiconductor (LSCC) 16% LOWER; Lattice Semiconductor (LSCC) reported Q3 earnings per share of $0.53, $0.01 higher than the analyst estimate of $0.52. Revenue for the quarter totaled $192.17 million, compared to the consensus estimate of $192.08 million. The company predicts sales in the region of $166-$186 million in Q4, falling short of the consensus expectation of $195.81 million.
• Catalent, Inc. (NYSE:CTLT) is down 16% after customer Sarepta Therapeutics, Inc. (NASDAQ:SRPT) announced that its EMBARK Study did not meet the primary endpoint, but data showed robust, statistically significant results.
• V.F. Corp. (NYSE:VFC) is down 6%; it posted $0.63 EPS in the second quarter, $0.02 less than the analyst forecast of $0.65. Revenue for the quarter was $3 billion, compared to the consensus forecast of $2.99 billion. As the company executes Project Reinvent efforts, it is retracting its FY24 revenue and earnings projection and updating its FY24 free cash flow guidance.
• Chegg (NYSE:CHGG) is down 5% after reporting Q3 earnings per share of $0.18, $0.01 higher than the analyst expectation of $0.17. Revenue for the quarter was $157.9 million, compared to the consensus estimate of $152.18 million. Chegg anticipates revenue of $185-187 million in Q4 2023, compared to the consensus of $186.4 million.

MARKET MOVERS 

Midday-Market movers

GAINERS

• Coherus Biosciences (NASDAQ:CHRS) stock increased by more than 14% after the FDA approved the biotech’s treatment for nasopharyngeal cancer.
• McDonald’s (NYSE:MCD) stock rose 1.8% after the burger giant beat third-quarter profit and sales estimates on Monday, and also increased its quarterly cash dividend by 10%, fueled by new launches as well as steady demand from diners struggling with still-high food prices for its cheaper burgers and fries.
• Southwest Airlines (NYSE:LUV) stock climbed 0.1%, rebounding from Friday’s severe losses, despite the carrier indicating that the US Transportation Department may levy a fine in connection with the wide-scale operational disruptions the airline experienced in December last year.

LOSERS

• HSBC (NYSE:HSBC) ADRs dipped 1.9% as the banking behemoth announced an additional $3 billion in share buybacks, bringing its total returns to shareholders this year to $7 billion, after reporting a pretax profit of $7.7 billion in the third quarter, up from $4.5 billion in the same time previous year.
• Ford (NYSE:F) stock dipped 1.3% after the automaker negotiated a tentative labor agreement with the United Auto Workers union, which would stop long-running strikes at some of the company’s operations. After reaching an agreement, General Motors Company (NYSE:GM) shares increased 0.2%, while Stellantis NV (NYSE:STLA) fell 0.1%.
• Cisco (NASDAQ:CSCO) stock dipped 0.4% after Raymond James downgraded the tech business to’market perform’ from ‘outperform,’ forecasting a decline in campus sales, which are estimated to account for roughly one-third of the sales decline expected in 2024.

Earnings Calendar

Friday, Oct. 27  

• Exxon Mobil Corporation (XOM)
• Chevron Corporation (CVX)
• AbbVie Inc. (ABBV)

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.

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