Gapping down
In reaction to disappointing earnings/guidance:
- MSM -1.8%
Select China related names showing weakness:
- GSX -7.4%, EDU -4.6%, BIDU -3.7%, VIPS -3.6%, WB -1.8%, BABA -1.6%, HUYA -1.1%
Other news:
- TAL -9.4% (announced certain employee wrongdoing discovered in the Company's routine internal auditing process), IQ -5.4% (iQIYI responds to short seller report; believes report contains "numerous errors, unsubstantiated statements and misleading conclusions")
- PTCT -3.2% (provide regulatory update on risdiplam for the treatment of spinal muscular atrophy; FDA extends PDUFA date)
- ALGT -2% (updates schedules and strategic measures being implemented; current cash burn is estimated to be $2.0 to $2.5 million per day)
- ZUO -1.2% (light volume; appointed Paolo Battaglini, Chief Accounting Officer, to serve as interim CFO, Principal Financial Officer and Principal Accounting Officer effective on April 5, 2020)
- SAGE -0.6% (announces restructuring and headcount reductions to introduce cost savings)
Analyst comments:
- AMC -5.1% (downgraded to Sell from Hold at Loop Capital)
- W -4.4% (downgraded to Underweight from Neutral at JP Morgan)
- WU -2% (downgraded to Underweight from Equal Weight at Wells Fargo)
- CWH -0.8% (downgraded to Neutral from Buy at Northcoast)
- DIS -0.6% (downgraded to Equal Weight from Overweight at Wells Fargo)