After-Market : US Steel climbs on new bidder, Scholastic drops as a result of results. Sep-21

After-Market:

After-Market

After-Market active stocks

Gainers

• Highpeak Energy Acquisition Corp (NASDAQ:HPK) 7% HIGHER; CEO buys over $8M in stock
• United States Steel Corporation (NYSE:X) 2% HIGHER; Canada’s Stelco Holdings is said to weigh a bid for U.S. Steel, according to Bloomberg, joining other bidders.

Losers

• Scholastic Corp (NASDAQ:SCHL) 12% LOWER; reported Q1 EPS of ($2.20), $1.00 worse than the analyst estimate of ($1.20). Revenue for the quarter came in at $228.5 million versus the consensus estimate of $272.52M.

MARKET MOVERS 

Midday-Market movers

GAINERS

FedEx (NYSE:FDX) stock jumped 4.7% as the delivery giant raised its annual earnings guidance, with cost reduction helping to improve operating performance, albeit this was offset in part by persistent demand weakness.

Frontier Group (NASDAQ:ULCC) shares rose 1.9% after Citi downgraded the carrier to ‘neutral’ from ‘buy,’ citing the company’s recent comments about experiencing more pronounced seasonal weakness, which coincided with data showing a year-over-year decline in December trip bookings.

LOSERS

• Cisco (NASDAQ:CSCO) shares slumped 4.2% after the digital communications company revealed intentions to acquire cybersecurity firm Splunk (NASDAQ:SPLK), which rose 21%, in a $28 billion cash deal.
• KB Home (NYSE:KBH) stock declined 2.4% despite the homebuilder reporting a 3% increase in quarterly revenue, aided by strong demand amid a housing shortage. Nonetheless, the corporation reduced its projected average selling price for the year, indicating troubles ahead.
• Broadcom (NASDAQ:AVGO) stock dipped 1.2% after The Information reported that executives at Alphabet-owned Google (NASDAQ:GOOGL) discussed eliminating the business as a supplier of artificial intelligence processors as early as 2027.
• Marvell (NASDAQ:MRVL) Technology shares dipped 1.2% after The Information reported that Google is looking for a supplier for networking chips used in its data centers.
• Darden Restaurants (NYSE:DRI) stock dipped 0.5% as the Olive Garden parent company maintained full-year sales and profit targets despite exceeding quarterly estimates thanks to higher menu prices.

INSIDER TRADES

The CEO of HighPeak Energy purchases more than $8 million in stock.
HighPeak Energy (HPK), CEO Jack Hightower, and President Michael Hollish announced recent insider purchases in separate Form 4 filings following the close.
Hightower purchased 500,000 common shares between 09/19/23 and 09/20/23 at prices ranging from $16.5498 to $16.55895. The purchases totaled more than $8 million.
Hollis purchased 9,829 common shares between 09/19/23 and 09/20/23 at prices ranging from $16.325 to $16.635. The total cost of the purchases was around $160,000.

The CEO of Saul Centers purchases $370,000 in stock.

Francis Saul II, Chairman and CEO of Saul Centers (BFS), disclosed the purchase of 10,000 common shares between 09/20/23 and 09/21/23 at values ranging from $36.5353 to $37.0773.

The buying price was around $370,000.
Following the new acquisition, Saul now directly owns 135,188 shares as well as millions of other shares indirectly.

Earnings Calendar

No earnings today

• 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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