After-Market : Redfin gains on Apollo loan, Cadence Design falls following results. Oct-23

After-Market:

After-Market

After-Market active stocks

Gainers

• Redfin Corporation (NASDAQ:RDFN) increased its share price by 9% after announcing that funds managed by Apollo Capital Management, L.P. and its affiliates have agreed to commit up to $250 million in funding for Redfin in the form of a first lien term loan facility.
• Medpace Holdings (NASDAQ:MEDP) is up 5% after reporting Q3 earnings per share of $2.22, $0.17 higher than the market expectation of $2.05. Revenue for the quarter was $492.5 million, compared to the consensus expectation of $475.79 million. Medpace Holdings expects FY2023 earnings per share of $8.54-$8.66, compared to the average of $8.65. Medpace Holdings expects FY2023 revenue of $1.87-1.89 million, compared to the average of $1.864 million.

Losers

• TrueBlue Inc (NYSE:TBI) 14% LOWER; TrueBlue Inc (NYSE:TBI) reported Q3 earnings per share of $0.16, $0.08 less than the analyst estimate of $0.24. Revenue for the quarter was $473 million, compared to the consensus estimate of $488.91 million.
• Cadence Design Systems (NASDAQ:CDNS) is down 4% after reporting Q3 earnings per share of $1.26, $0.06 higher than the average expectation of $1.20. Revenue for the quarter was $1.02 billion, compared to the consensus forecast of $1 billion. Cadence Design Systems expects Q4 2023 earnings per share of $1.30-$1.36, compared to the consensus of $1.37. Cadence Design Systems expects revenue of $1.039-1.079 billion in Q4 2023, compared to the average of $1.072 billion. Cadence Design Systems expects FY2023 earnings per share of $5.07-$5.13, compared to the average of $5.09. Cadence Design Systems expects FY2023 revenue of $4.06-4.1 billion, compared to the consensus of $4.078 billion.

MARKET MOVERS 

Midday-Market movers

GAINERS

• Walgreens (NASDAQ:WBA) stock increased 4.7% after JPMorgan upgraded the pharmacy chain to ‘overweight’ from ‘neutral,’ citing the recent leadership transition, with Tim Wentworth assuming the CEO job, as the start of a new era for the company’s shares.
• Pinterest (NYSE:PINS) gained 3.2% after Stifel upgraded the image-sharing business to ‘buy’ from ‘hold,’ citing significant growth potential outside of the local market.
• Tesla (NASDAQ:TSLA) stock increased 2.2% after the electric vehicle company announced that its capital expenditure for 2023 would exceed the $7 billion to $9 billion target it set earlier this year.
• Apple’s (NASDAQ:AAPL) shares climbed 0.3% following news that Foxconn, a major supplier of Apple’s iPhones, is being investigated for tax evasion in China, according to a report in the state-backed Global Times tabloid.

LOSERS

• Okta (NASDAQ:OKTA) stock slumped 7.9% on Friday after the cybersecurity business announced a breach in its customer support system that allowed some hackers to read files uploaded by specific consumers.
• Roivant Sciences (NASDAQ:ROIV) shares dropped 4.7% in tumultuous trade after Roche agreed to pay the drugmaker an initial $7.1 billion in conjunction with Pfizer (NYSE:PFE), which rose 1.7%, for rights to a new inflammatory bowel disease medicine.
• Hess (NYSE:HES) lost 0.9% and Chevron (NYSE:CVX) fell 3.1% after the oil major announced an all-stock bid to acquire its smaller rival in a $53 billion all-stock deal.
• Salesforce (NYSE:CRM) stock declined 0.3% and Unity Software (NYSE:U) stock fell 1.3% after Piper Sandler reduced both software companies to ‘neutral’ from ‘overweight,’ while Asana (NYSE:ASAN) jumped 0.6% after Piper Sandler lowered it to ‘underweight’ from ‘neutral’.

Earnings Calendar

Monday, Oct. 23  

• Packaging Corporation of America (PKG)
• Brown & Brown (BRO).

Tuesday, Oct. 24 

• Microsoft Corporation (MSFT)
• Alphabet Inc. GOOGL (GOOG)
• Visa Inc. ((V)
• The Coca-Cola Company (KO)
• Danaher Corporation (DHR)
• Texas Instruments Incorporated (TXN)
• Verizon Communications Inc. (VZ)
• General Electric Company (GE)
• Raytheon Technologies Corporation (RTX)

• 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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