Levi Strauss (LEVI): Shares fell 5% in extended trading after the jeans-maker lowered its full year forecast, citing the strong dollar and supply chain disruptions. Levi sees full-year adjusted earnings per share of $1.44 to $1.49, down from its previous range of $1.50 to $1.56, and 2022 net revenue growth of 6.7% to 7%.
For the third quarter, Levi reported adjusted earnings of 40 cents a share on revenue of $1.52 billion.
Advanced Micro Devices (AMD): The chipmaker fell in after hours trading after the company lowered its guidance for third-quarter venue, noting a weak PC market and “significant” inventory corrections throughout the PC supply chain. AMD now sees 3Q sales of $5.6 billion, down from its previous estimate of $6.71 billion.
Competitors Nvidia (NVDA) and Intel (INTC) fell in the post market on the news.
Tilray (TLRY), Canopy Growth (CGC), Aurora Cannabis (ACB): Cannabis stocks soared ahead of the close and added to gains in extended trading after President Biden pardoned all prior Federal offenses of simple possession of marijuana. Biden also urged Governors to do the same with state offenses and asked the Secretary of Health and Human Services Xavier Becerra and Attorney General Merrick Garland to review how marijuana is classified under federal law.
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UK businesses most downbeat about profits since Q4 2020 – BCC
British companies are the most downbeat about the outlook for their profits since the depths of the COVID-19 pandemic in late 2020 despite widespread plans to raise prices, a major survey showed on Thursday, adding to signs of gloom about the economy. Only one in three businesses are confident their profits will increase in the coming year, while 39% expect a decline, according to the British Chambers of Commerce’s (BCC) quarterly survey, the largest of its kind. Concerns that soaring inflation will become entrenched have spurred the Bank of England to hike interest rates.
The Valens Company to Release Financial Results for the Third Quarter of 2022
The Valens Company Inc. (TSX: VLNS) (Nasdaq: VLNS) (the “Company” “The Valens Company” or “Valens”) a leading manufacturer of cannabis products, is pleased to announce it will issue its third quarter 2022 financial results for the period ended August 31, 2022, on Thursday, October 13, 2022, before market open.
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AMD’s Revenue Misses by a Mile. The Stock Is Falling.
The chip maker warned that revenue for the third quarter would be lower than expected. CEO Lisa Su said that the PC market has “weakened significantly.”
What the Smartest Investors Know About Carnival Stock
Cruise line Carnival (NYSE: CCL) has become a popular comeback story on Wall Street. COVID-19 did a lot of damage to tourism-focused companies like Carnival, which are just now getting their sea legs back under them. Carnival could hit the high seas at full capacity over the next several years.
Why Agenus Stock Rose 18.4% on Thursday
Shares of Agenus (NASDAQ: AGEN), a clinical-stage biopharmaceutical company that specializes in immuno-oncology, saw its shares jump 18.4% on Thursday. First, the company on Wednesday said it planned to present data on botensilimab, a therapy that is being studied for its effectiveness as a combination drug or a monotherapy to active T-cell immune responses in patients who have pancreatic cancer, colorectal cancer, or melanoma, a type of skin cancer. Another move that helped push up the stock was the announcement of inside buying of Agenus stock by some members of the company’s board of directors on Wednesday, including Susan Hirsch, Wadih Jordan, Ulf Wiinberg, and Timothy Wright, totaling more than 30,000 Agenus shares.
Why Ford, Tesla, and Nio Stocks Fell Today
Tic-tac-toe, three in a row, shares of Ford Motor Company (NYSE: F), Tesla (NASDAQ: TSLA), and Nio (NYSE: NIO) are down 2%, 1.9%, and 5.9%, respectively. In the case of electric vehicle (EV) specialists Tesla and Nio, it’s basically Wall Street to blame for today’s declines. Granted, yesterday’s announcement that Elon Musk has apparently decided he will buy Twitter after all is probably still having an effect on Tesla stock — but there’s new news, too.
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