After-Market : Victoria’s Secret rises on renewed forecast, while Microsoft falls on a large tax bill. Oct-12

After-Market:

After-Market

After-Market active stocks

Gainers

• Genetron Holdings Ltd (NASDAQ:GTH) is up 15% after entering into a definitive Agreement and Plan of Merger (with New Genetron Holding Limited) in a transaction assuming a US$126.0 million equity value for the company.
• Neogen Corp (NASDAQ:NEOG) is up 4%; CFO purchases $150,000 in stock.
• Victoria’s Secret & Co (NYSE:VSCO) 2% UP; reiterating earlier guidance for full-year 2023, which predicts net sales to fall in the low-single digits compared to last year and an adjusted operating income rate of 5% to 6% of net sales.
• Dynatrace Inc. (NYSE:DT) 2% HIGHER; DA Davidson raised Dynatrace Inc. (NYSE:DT) from Neutral to Buy.

Losers

• Microsoft (NASDAQ:MSFT) 1% LOWER;  The IRS alleges Microsoft (NASDAQ:MSFT) owes $28.9 billion in overdue taxes, plus penalties and interest.

MARKET MOVERS 

Midday-Market movers

GAINERS

• Plug Power (NASDAQ:PLUG) stock increased 3.4% after the alternative energy firm forecasted a significant increase in revenue, up to $6 billion by 2027 and $20 billion by 2030, compared to approximately $1.2 billion in 2023.
• Pioneer Natural Resources (NYSE:PXD) stock jumped 1.2% after Exxon Mobil (NYSE:XOM) announced plans to acquire its rival in an all-stock deal for just under $60 billion, in what would be the year’s largest corporate transaction.
• The stock of Walgreens Boots Alliance (NASDAQ:WBA) increased 0.6% after the pharmacy chain operator named Tim Wentworth as CEO, banking expectations on the healthcare industry veteran to reverse a recent decrease in profitability.
• Amazon (NASDAQ:AMZN) stock increased 0.6% after the online retail giant announced Prime Big Deal Days, which aimed to entice customers with bargains on limited-quantity items.

LOSERS

• Birkenstock Holding ltd (NYSE:BIRK) shares declined 8.7% after the company began trading in an initial public offering (IPO) that raised approximately $1.5 billion at a share price of $46.
• The stock of Arista Networks (NYSE:ANET) slumped 3.6% after Piper Sandler downgraded the cloud networking solutions provider to ‘neutral’ from ‘overweight,’ citing a lack of immediate catalysts.
• The ADRs of LVMH Moet Hennessy Louis Vuitton (OTC:LVMUY) are down 2.9% after the French luxury goods retailer reported a slowdown in sales in the third quarter, with organic revenue growth of 9%, down from 17% in the previous three-month period.
• Polestar (NASDAQ:PSNY) stock slumped 2.9% as the EV maker revealed plans to raise up to $1 billion in order to combat ongoing cash burn.
• Humana (NYSE:HUM) stock slumped 2.2% after the health insurer revealed that CEO Bruce Broussard will step down next year after serving in the position for 11 years.
• Morgan Stanley (NYSE:MS) stock dipped 1.5% after UBS downgraded the banking behemoth to ‘neutral’ from ‘buy,’ citing little upside from present levels in light of the tough environment.

Earnings Calendar

Thursday, Oct. 12  

• UnitedHealth Group (UNH)
• JPMorgan Chase (JPM)
• BlackRock (BLK)
• Progressive Corp. (PROG)
• Citigroup (C)
• Wells Fargo (WFC)
• PNC Financial Services (PNC)

• 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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