After Hours Summary: MU +12.8% higher on earnings; WDC +4.8%, STX +2.4% higher in sympathy; CNXC -13.7%, FUL -9.6%, WS -5.3% lower on earnings; House passes funding bill
After Hours Gainers:
Companies trading higher in after hours in reaction to earnings/guidance: MU +12.8%, NRG +6.5% (raises FY24 adjusted EBITDA guidance)
Companies trading higher in after hours in reaction to news: WDC +4.8% (in sympathy with MU earnings), AOUT +3.7% (authorizes new $10 mln share repurchase program), STX +2.4% (in sympathy with MU earnings), ZETA +2% (unveils Zeta Media Engine, powered by Snowflake), INTC +1.2% (in sympathy with MU earnings), MRVL +1.2% (in sympathy with MU earnings), AMD +1.1% (in sympathy with MU earnings), AIR +1% (signs extension with Singapore Airlines), NVDA +0.7% (in sympathy with MU earnings), ARMN +0.5% (files mixed shelf securities offering)
After Hours Losers:
Companies trading lower in after hours in reaction to earnings/guidance: CNXC -13.7% (also increases dividend by 10%; releases iX Hello), FUL -9.6%, WS -5.3%, JEF -0.4%
Companies trading lower in after hours in reaction to news: PGY -16.1% (to offer $125 mln exchangeable notes), AHH -4.7% (commences 7 mln share offering), AMTB -1.6% (stock offering), OMCL -1.3% (names new COO), BBWI -0.7% (Retail President steps down, position eliminated; reaffirms guidance), GATO -0.6% (provides updated mine data), PFE -0.4% (voluntarily withdraws all lots of OXBRYTA for sickle cell disease), MSFT -0.3% (OpenAI CTO Mira Murati leaving co, according to Bloomberg; also OpenAI removing non-profit control, giving CEO equity, according to Reuters), NXPI -0.1% (in sympathy with MU earnings), TXN -0.1% (in sympathy with MU earnings)
Meta Connect 2024 kicks off today at 10 a.m. PT, with a keynote from CEO Mark Zuckerberg. The developer event is set to focus on Meta’s XR (VR and AR) platforms, the metaverse, and the Facebook parent’s open source generative AI platform, Llama. Some new hardware, including the Meta Quest 4, updates to the Meta Ray-Bans, and a glimpse at the new “Orion” AR headset could maybe get some time in the California sunshine.
There are a few ways to stream the presentation live. The simplest way is by bookmarking the Meta Connect site, where you can register for free. Meta will also stream it through its developer Facebook page. If you really want to feel like like you’re in Menlo Park from the comfort of your own living room, you can also access the keynote through Horizon Worlds via your Meta Quest headset.
As with last year’s event, Meta will be streaming via YouTube. We’ll add that link to this post once it’s live. Further developer panels will also be made available through YouTube and Facebook, as the event runs through Thursday. You can find the full schedule for Meta Connect 2024 at this link.
As ever, TechCrunch will be bringing you the news as it breaks.
>>> Up
* Air France-KLM Raised to Overweight at JPMorgan; PT 12 euros
* DoorDash Raised to Overweight at KeyBanc; PT $177
* Elecnor Raised to Add at AlphaValue/Baader (++)
* OKEA Raised to Buy at ABG; PT 27 kroner
* Orion Raised to Buy at Jefferies; PT 63 euros
* Petrobras ADRs Raised to Overweight at JPMorgan; PT $19
* Petrobras ADRs Raised to Overweight at JPMorgan; PT $19
* Reach Subsea Raised to Buy at SpareBank; PT 8.50 kroner (++)
* Tenaris ADRs Raised to Neutral at Grupo Santander; PT $35
* Tenaris Raised to Buy at Equita; PT 17 euros (++)
>>> Down
>>> Down
* Addlife Cut to Market Perform at Handelsbanken; PT 195 kronor (+)
* Aubay Cut to Add at IDMidcaps; PT 45 euros (+)
* Aurubis Cut to Hold at Bankhaus Metzler; PT 65 euros (++)
* AXA Cut to Neutral at CIC; PT 40 euros (+)
* Bekaert Cut to Reduce at AlphaValue/Baader
* BioMerieux Cut to Hold at TP ICAP Midcap; PT 117 euros (++)
* Ecopetrol ADRs Cut to Underweight at JPMorgan; PT $8.50
* Enento Group Cut to Hold at SEB Equities; PT 21 euros
* Enento Group Cut to Hold at SEB Equities; PT 21 euros
* Enento Group Cut to Hold at Danske Bank Markets; PT 20 euros (++)
* Fortrea Cut to Hold at Jefferies; PT $21
* Hexpol Cut to Hold at Nordea; PT 132 kronor
* Highlight Comms Cut to Sell at DZ Bank; PT 1 euro
* Iberdrola downgraded to Neutral from Outperform at Oddo BHF
* Melexis Cut to Hold at Kepler Cheuvreux
* Osmosun Cut to Hold at TP ICAP Midcap; PT 3.60 euros (++)
* Pexip Cut to Hold at Carnegie (+)
>>> Initiation
>>> Initiation
* Akzo Nobel Rated New Buy at Redburn; PT 80 euros
* Alm Brand Rated New Buy at DNB Markets; PT 15 kroner (++)
* Baloise Reinstated Underweight at JPMorgan; PT 155 Swiss francs
* EDP Renovaveis Rated New Neutral at Kempen & Co; PT 17 euros
* Genovis Rated New Buy at SEB Equities; PT 30 kronor
* Helvetia Rated New Overweight at JPMorgan; PT 170 Swiss francs
* Hexagon Rated New Buy at Stifel; PT 130 kronor
* Hexagon Rated New Buy at Stifel; PT 130 kronor
* KPN Rated New Buy at KBC Securities; PT 4.20 euros (+)
* Novonesis Reinstated Buy at Jyske Bank; PT 575 kroner (+)
* Osmosun Cut to Hold at TP ICAP Midcap; PT 3.60 euros '+)
* OVH Rated New Buy at Kepler Cheuvreux; PT 9 euros
* Swiss Life Reinstated Neutral at JPMorgan; PT 720 Swiss francs
>>> Call
>>> Call
* AXA Drops as CIC Downgrades, Sees Limited Upside After Rally (++)
* CITI STRATEGISTS RAISE EUROPE BASIC RESOURCES STOCKS TO NEUTRAL (+)
* Corbion Gains As Kepler Hikes Target, Cites Algae Unit Growth (++)
* Air France-KLM Double-Upgraded as JPMorgan Warms to Airlines (+)
* China’s Stimulus May Cause ‘Pain Trade’ for Cyclicals: Barclays (+)
* Helvetia Jumps as JP Morgan Sees More Earnings Potential; New PT (++)
* Iberdrola Upside Now More Limited, Cut to Neutral at Oddo BHF
* Iberdrola Upside Now More Limited, Cut to Neutral at Oddo BHF
* Melexis Slides as Kepler Cheuvreux Downgrades, Slashes Estimates (++)
* Orion Raised at Jefferies on Stronger Nubeqa Peak Sales Outlook
Uber will soon offer WeRide robotaxis in Abu Dhabi
Uber is on an autonomous vehicle partnership spree.
The ride-hail and delivery giant announced Wednesday a deal to bring WeRide’s robotaxis to the Uber platform starting in Abu Dhabi later this year.
The WeRide tie up is Uber’s latest push to lock in AV partnerships. Waymo vehicles joined the Uber app in Phoenix in October 2023, and that partnership will expand into Austin and Atlanta in early 2025. Cruise robotaxis will also join the Uber app next year, and Uber is working with U.K.-based Wayve, as well.
WeRide secured a license to test its vehicles in the United Arab Emirates in July, part of a growing movement among Chinese AV and EV companies to look to the Middle East — with its friendly regulations and ample funding — to go to market.
WeRide is attempting to go public in the United States, but its IPO has been delayed.
Radian Aerospace completes ground tests of prototype space plane
Radian Aerospace has moved one step closer to achieving the “holy grail” of spaceflight: a reusable space plane that can take-off from an airfield and land on a runway like a conventional airplane. The startup just announced completion of a series of ground tests in Abu Dhabi earlier this summer.
The tests were completed with a sub-scale prototype flight vehicle that the company is calling PFV01. The main purpose of the testing was to generate data on how the vehicle would fly and handle, and to compare this data to simulations the company’s been doing over the last several years. While the vehicle did not fly, it did perform a series of small hops on the runway, executives told TechCrunch in a recent interview.
PFV01 is much smaller than the final vehicle at around 15 feet long, but the data still helps inform key pieces of the final design and flight control systems, like where the landing gear should be located, or where the center of gravity should be to maximize stability midair, cofounder CTO Livingston Holder explained.
“This vehicle gives us the ability to adjust the center of gravity forward and aft, up and down, it gives us the ability to adjust the location of the landing gear. Those adjustments give us real world feedback into what our analytical data says,” he said. “Wherever there’s ambiguity… that’s one of the things that the PFV really gives us the opportunity to do, is drive uncertainty down so that we have better fidelity with our analytical processes as we go faster with the vehicle and do more flights.”
The plan is for the Radian One space plane to take off from a roughly two mile-long rail sled, ignite engines on orbit, then return to Earth back on a normal runway. The concept is considered a holy grail because removing the necessity for a launch vehicle makes space, in a way, as accessible to space vehicles as the upper atmosphere is to airplanes.
The economics are promising, too: a reusable space plane could take trips to and from space on a daily basis or even more frequently, and with better margins to boot. It’s been tried before; one of the most notable examples is NASA’s X-33 program to develop a suborbital space plane. Holder led Boeing’s X-33 effort.
“The least interesting thing this system has the potential to do is launch satellites,” Radian cofounder and CRO Jeff Feige said. “What’s really impressive about Radian is that it’s a system that can do a wide, wide range of missions so it basically accesses a much larger market than a traditional rocket. Not only could you potentially launch something, but you can service it, you can recover it. We can bring entire payloads or satellites down from space. We can carry people up. We can dip in the atmosphere and theoretically, either drop things or observe things on the planet. So there’s just a much wider range of capability.”
The design is dramatically different from a vertical rocket, and this means the development process differs as well, noted Feige: “You have to retire a lot of risk early.” So while rocket companies must build full-scale vehicles, the stepwise fashion of spaceplane development more closely resembles how an airplane is developed.
The Seattle-based startup isn’t disclosing any technical specs of the tests, like the top speeds of the vehicle or how long it was taxiing for, but Holder did say PFV01 “reached its velocity for takeoff.” Now the company will spend some time analyzing all the data it collected from the tests before embarking on a series of higher-speed taxi tests and the start of actual flight testing. Parallel to that, the company will be working on getting regulatory approval to operate out of a different UAE-based airport and fly there.
Company executives say they are hoping to start full scale flights of the Radian One space plane in 2028. The company has raised $27.5 million to date in known funding from investors including Fine Structure Ventures, EXOR, The Venture Collective, Helios Capital, SpaceFund, Gaingels, The Private Shares Fund, Explorer 1 Fund, and Type One Ventures.
Gapping down
In reaction to earnings/guidance:
In reaction to earnings/guidance:
- SFIX -27.7%, KBH -6%, WOR -4.3%
Other news:
- TH -33.3% (provides business update - disbands special committee; reaffirms FY24 guidance)
- HUMA -4.4% (Humacyte and and Lincoln Park Capital entered into a purchase agreement and a registration rights agreement)
- MOV -3.2% (to be removed from S&P SmallCap 600)
- RITM -2.9% (prices offering of 30.0 mln shares of common stock for gross proceeds of ~$342.9 million)
- WVE -1.8% (commences $175 mln stock offering)
- NKTR -1.7% (Announces Multiple Presentations for Rezpegaldesleukin at EADV 2024)
- KYMR -1.2% (Presents Preclinical Data for KT-621, a Potent, Selective, First-In-Class, Oral STAT6 Degrader at the EADV Congress)
- ORAN -1% (intends to voluntarily delist from the NYSE and deregister with the SEC)
- DHI -0.8% (in sympathy with KBH earnings)
Gapping up
In reaction to earnings/guidance:
In reaction to earnings/guidance:
- PRGS +6.7%
Other news:
- LWLG +5.6% (collaboration with Polariton)
- TRIB +4% (Announces Acquisition of Metabolomics Diagnostics to Grow Presence in Maternal Health Market)
- FMAO +3.3% (increases dividend)
- RTO +3.2% (announced the appointment of Brian Baldwin (Head of Research of Trian Fund Management) to its Board as a Non-Executive Director with effect from 1 October 2024)
- ARQT +3% (presents new data showing ZORYVE (Roflumilast) Cream 0.15% Provided Consistent Improvement of Atopic Dermatitis in Individuals With Diverse Skin Types)
- AHR +2.8% (acquires remaining minority membership interest in Trilogy REIT Holdings; becomes sole owner)
- CRBP +2% (Cormorant Asset Management disclosed the purchase of 350,000 shares at $17.00 - $22.50 worth more than $7.0 mln)
- CVLT +1.9% (to acquire Clumio; reiterates Q2 guidance)
- DASH +1.8% (judge declares NYC law requiring food delivery cos to share data with restaurants unconstitutional, according to Reuters)