Gapping down
In reaction to earnings/guidance:
- HZO -9.5%, LC -9.4%, SHW -8.9%, WOLF -6.7%, DEO -6.2%, AZPN -5.3%, SAP -4.1%, BOOT -4%, MKC -3.7%, VIRT -3.4%, CCI -3.3%, DOW -3.3% (also outlines series of targeted actions aligned to its previously stated plan to achieve $1 bln in cost savings in 2023), PLXS -2.9%, TER -2.8% (also authorizes new $2 bln share repurchase program), CLS -2.7%, LUV -2.3%, IBM -2% (also will cut about 3,900 jobs, according to Bloomberg), WBS -2%, LRCX -1.5% (also commences 7% workforce reduction), NOW -1.4%, VLY -1.4%, LCII -1.2%, CSX -1.2%, FLEX -1.1%, TROW -0.8%, CMCSA -0.7%, BX -0.7%, JBLU -0.7%
Other news:
- FNA -10.9% (prices offering of 6.5 mln shares of common stock at $17.00 per share)
- SNX -7.4% (prices secondary offering of 4.5 mln shares of common stock at $97.00 per share)
Analyst comments:
- LC -9.5% (downgraded to Neutral from Buy at Janney)
- BPOP -0.8% (downgraded to Mkt Perform from Outperform at Keefe Bruyette)
- H -0.7% (downgraded to Equal Weight from Overweight at Wells Fargo)
