Gapping down
In reaction to earnings/guidance:
- AMD -5.5% (lowers Q3 revenue guidance, cites weak PC demand and a significant inventory correction in PC supply chain), LEVI -4.3%, TSM -2.5% (Q3 sales), ACCD -1.8%, ASIX -1% (guidance), NIU -0.8% (Q3 sales)
Other news:
- LNTH -5.6% (to move to S&P MidCap 400 from S&P SmallCap 600)
- CVS -5.2% (Medicare issues 2023 Star Ratings for Medicare Advantage and Part D prescription drug plans; CVS says change in Star Ratings not projected to have any impact on FY22 guidance)
- KTB -4.2% (in sympathy with LEVI earnings)
- LOGI -4.1% (PC-related stocks lower on AMD guidance)
- INTC -3.1% (PC-related stocks lower on AMD guidance)
- LAC -3.1% (confirms oral hearing schedule for the Thacker pass record of decision appeal)
- NVDA -2.9% (PC-related stocks lower on AMD guidance)
- DELL -2.6% (PC-related stocks lower on AMD guidance)
- HPQ -1.5% (PC-related stocks lower on AMD guidance)
- QCOM -0.8% (PC-related stocks lower on AMD guidance)
- WDC -0.7% (PC-related stocks lower on AMD guidance)
- TWTR -0.7% (trial stayed by Delaware court until Oct 28)
- MU -0.7% (PC-related stocks lower on AMD guidance)
- STX -0.7% (PC-related stocks lower on AMD guidance)
- AMLX -0.7% (prices offering of 6693750 shares of its common stock at $32.00 per share)
Analyst comments:
- LYFT -1.9% (downgraded to Sector Perform from Outperform at RBC Capital Mkts)
- SLM -1.4% (initiated with an Underweight at Morgan Stanley)
- NAVI -1.4% (initiated with an Underweight at Morgan Stanley)
- CHRW -1.3% (downgraded to Neutral from Buy at Citigroup)