After-Market : US Steel climbs on new bidder, Scholastic drops as a result of results. Sep-22

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

BABA (NYSE: BABA) Following news that the Chinese conglomerate’s logistics business Cainiao intends to register for a Hong Kong IPO as soon as next week, ADRs gained 4.9%.

Shares of Ford (NYSE:F) are up 2.5% after the United Auto Workers stated the two were making progress in contract negotiations to terminate a strike, although the UAW increased its strikes against rival automakers General Motors Company (NYSE:GM) and Stellantis NV (NYSE:STLA). GM shares declined 0.2%, while Stellantis rose 0.4%.

Activision Blizzard (NASDAQ:ATVI) stock rose 1.7% after the U.K. competition regulator indicated that Microsoft’s (NASDAQ:MSFT) revised proposal to buy the games maker, which included the sale of cloud rights to Ubisoft (EPA:UBIP) for existing games such as the popular “Call of Duty,” could be approved.

Wayfair (NYSE:W) climbed 1.4% after Bernstein upgraded the home goods company from ‘underperform’ to’market perform,’ noting improved revenue growth and margin remarks.

Charter Communications (NASDAQ:CHTR) stock rose 0.3%: Wells Fargo raised Charter Communications (NASDAQ:CHTR) to ‘overweight’ from ‘equal weight,’ citing the likelihood of expanding stock repurchases.

Ralph Lauren (NYSE:RL) stock increased 0.2% after Raymond James initiated coverage with a ‘outperform’ rating, citing significant improvements in enhancing its brand, optimizing wholesale distribution, strengthening its direct-to-consumer business, and increasing gross profit margins.

LOSERS

• Citigroup (NYSE:C) stock dropped 0.7% after Reuters reported, citing an internal memo, that the company has alerted U.K.-based staff of the possibility of layoffs affecting hundreds of positions in the country.
• The stock of Roku (NASDAQ:ROKU) dipped 0.6% after CFRA improved its rating on the video streaming firm to ‘hold’ from’sell,’ noting shifts in TV viewership from linear networks to streaming.

PRE-MARKET MOVERS

Gainers

• Activision Blizzard, Roku, Wayfair and Citi rise premarket; Ford falls
• Alibaba (NYSE:BABA) ADRs rose 3.8% following a report the Chinese conglomerate’s logistics arm Cainiao is planning to file for a Hong Kong IPO as soon as next week.
• Wayfair (NYSE:W) stock rose 2.7% after Bernstein upgraded the home goods retailer to ‘market perform’ from ‘underperform’, citing improving revenue growth and margin commentary.
• Activision Blizzard (NASDAQ:ATVI) stock rose 1.8% after the U.K. competition regulator indicated that Microsoft’s (NASDAQ:MSFT) revised proposal to buy the games maker, including the divestment of cloud rights for existing games, including the popular “Call of Duty”, to Ubisoft (EPA:UBIP), could be approved.
• Charter Communications (NASDAQ:CHTR) stock rose 1.8% after Wells Fargo upgraded the cable services provider to ‘overweight’ from ‘equal weight’, citing the possibility of increasinging stock repurchases.
• Roku (NASDAQ:ROKU) stock rose 1.4% after CFRA upgraded its stance on the video streaming company to ‘hold’ from ‘sell’, citing TV viewing shifts from linear networks to streaming.
• Ralph Lauren (NYSE:RL) stock rose 0.8% after Raymond James initiated coverage of the clothing retailer with an ‘outperform’ rating, citing significant improvements in enhancing its brand, optimizing wholesale distribution, strengthening its direct-to-consumer business and boosting gross profit margins.
• Citigroup (NYSE:C) stock rose 0.7% following a Reuters report, citing an internal memo, stating that the lender has warned U.K.-based employees of the likelihood of redundancies affecting hundreds of jobs in the country.

Losers

Ford (NYSE:F) stock fell 0.2% after U.S. auto safety regulators said they are investigating about 240,000 of the auto giant’s 2018-2021 EcoSport vehicles after complaints alleging oil pump failure.

Upgrades

Roku has been upgraded to Hold.
CFRA boosted its price objective on Roku (NASDAQ:ROKU) to $75.00 from $65.00 and upgraded it to Hold from Sell. As a result, shares gained more than 1% in pre-market trading today.

Wayfair gains as a result of Bernstein’s upgrade
Wayfair (NYSE:W) stock rose more than 2% in pre-market trading today after Bernstein upgraded the business to Market Perform from Underperform and boosted its price objective to $65.00 from $60.00.

Ralph Lauren (NYSE: NYSE:RL) was begun with an Outperform rating and a price target of $135.00 by Raymond James. Today’s pre-market gains were roughly 1%.

Charter Communications (NASDAQ:CHTR) shares gained more than 1% in pre-market trading today after Wells Fargo upgraded the firm to Overweight from Equal Weight and increased its price objective to $550.00 from $450.00.

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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