Gapping down
In reaction to disappointing earnings/guidance:
- MU -8.4% (in-line Q1, guided down Q2) FDX -7.6% (lowered FY19 EPS, rescinded FY20 profit target, announced new cost initiatives) GIS -3.8%
FDX warning weighing on transports:
- UPS -3% (following FDX earnings), IYT -1.4%, JBHT -0.9%
MU warning weighing on memory/chip stocks:
- LRCX -3.1%, ASML -2%, AMAT -1.6%, SMH -1.4%, ADI -1%, AMD -0.9%, QCOM -0.5%
Other news:
- SURF -19.2% (reduces scope of CD47 program SRF231 and accelerates IND filing for SRF388 (IL-27) into Q4 2019; extends cash runway through 2021 )
- FB -1.6% (NYT reports the company shares more data than it has previously indicated)
Analyst comments:
- UAA -2% (Atlantic Equities downgrades to Underweight)
