After Hours Summary: BBWI +22.4%, CSCO +3.6%, SONO +2.5%, NVDA +0.9% higher on earnings; KLIC -12.7%, GLBE -12.1%, BOWL -6.2% lower on earningsAfter Hours Gainers:
Companies trading higher in after hours in reaction to earnings/guidance: BBWI +22.4%, CPA +6.1%, CSCO +3.6%, SONO +2.5% (also authorizes new repurchase program of up to $100 mln; names new CFO), CPRT +1.9%, PNNT +1.5% (also increases dividend), NVDA +0.9%
Companies trading higher in after hours in reaction to news: KKR +3.2% (will lead a US$68 mln Series B funding round in Advanced Navigation), KULR +2.1% (launches CubeSat), CTRM +1.5% (to effect a spin-off of its tanker fleet), TSLA +0.5% (James Murdoch says Musk has identified a potential successor as CEO, according to Reuters), HOOD +0.4% (reports October operating data), PBR +0.4% (cutting liquefied petroleum gas sales prices for distributors), FSLR +0.3% (selects site in Alabama for its fourth PV solar module manufacturing facility), UBER +0.3% (NYC pitching a minimum wage of $23.82/hr by 2025 for app-based delivery workers, according to Bloomberg), ARNC +0.1% (authorizes new $200 mln share repurchase program), DASH +0.1% (NYC pitching a minimum wage of $23.82/hr by 2025 for app-based delivery workers, according to Bloomberg)
After Hours Losers:
Companies trading lower in after hours in reaction to earnings/guidance: KLIC -12.7% (also increases dividend), GLBE -12.1%, BOWL -6.2%, SBLK -3.3%, HP -0.4%
Companies trading lower in after hours in reaction to news: TNYA -21.6% ($75 mln stock offering), DZSI -7.6% (stock offering), ORA -5.2% (commences 3.5 mln share offering on behalf of ORIX Corp.), MKL -4.7% (Thomas Gayner to be become sole CEO upon retirement of Richard Whitt on Jan 1), DLO -1.3% (responds to short seller report; says report contains "numerous inaccurate statements, groundless claims, and speculation"), UEC -1% (files mixed securities shelf offering), MOG.A -0.3% (names new CEO), POST -0.1% (names new CFO and COO)
Fed's Waller (voter): Fed still has a ways to go on raising rates; Could become more comfortable downshifting to a 50bps hike but that would still be a significant move
- To early to make a decision on Dec meeting will need to see more data
- Economy and wage growth need to slow down, incoming data will determine how long FED raises rates
- Further half point rate rises could be warranted if economy stays strong
- Labor market is very tight despite signs of some cooling
- Inflation is being driven primarly by demand as bottlenecks have eased, recent CPI inflation
report was welcome news
- A 50bps hike would still be significant tightening, backs continued rate hikes to restrain demand
- Won't make a judgement on Dec move until see more data
- Seen some progress to dampen demand, but not yet enough