Breaking News
Sep 15, 2023
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Adobe Inc declined 3.5% to $533 after the graphic design software developer reported fiscal third quarter results that matched investor expectations.
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Nucor Corporation declined 2.1% to $162.05 after the specialty steelmaker forecasted third quarter earnings to decline primarily because of lower prices and falling volumes.
Nucor expects third quarter earnings per share to be in the range of $4.10 to $4.20 per diluted share, second quarter net earning was $5.81 and $6.50 in the third quarter of 2022. -
Arm Holdings increased 3.6% to $65.89 and extended gains for the second day in a row after the advanced chip design company priced its initial public offer at $51 a share and raised $4.9 billion.
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General Motors, Ford Motor Company and Stellantis NV were in focus after 12,700 United Auto Workers decided to strike at three key assembly plants asking for higher wages and other benefits.
The union workers decided to strike at General Motors midsize truck manufacturing plan and full-size van production facility in Wentzville, Missouri.
Workers also walked out at Jeep manufacturing plant in Toledo, Ohio and Ford Ranger midsize pickup and Bronco SUV manufacturing plant in Wayne, Michigan.
Workers also went on strike at Ford Ranger midsize pickup and Ford Bronco SUV plant in Wayne, Michigan and the Jeep assembly plant in Toledo, Ohio.
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AMC Entertainment Holdings Inc gained 3.3% to $8.52 after the company said it completed secondary stock offering announced few weeks ago.
AMC raised $325.5 million through the sale of 40 million shares at an average price of $8.14. -
Semtech Corp jumped 4.6% to $23.90 after the company reported better-than-expected quarterly results and current quarter forecast.
The company estimated fiscal third quarter revenue in the range between $190 million and $210 million and loss per share between 9 cents and 22 cents. -
Delta Air Lines, Inc decreased 0.8% to $39.22 after the company joined other airlines and lowered its profit estimate citing higher operating and fuel costs.
The airline said third quarter adjusted earnings per share to fall between $1.86 and $2.05 compared to the previous estimate between $2.20 and $2.50.
The airline however raised its revenue growth estimate to be closer to its upper end of the range between 11% and 14%, because of the strong demand for transatlantic travel.
The company also reiterated its full-year adjusted earnings per share to fall between $6 and $7. -
American Airlines Group Inc declined 4.5% to $13.42 after the international carrier said higher crude oil prices are expected to hurt quarterly profit.
The airline estimated third quarter adjusted earnings per share between 20 cents and 30 cents, citing higher fuel prices and a new compensation terms with pilot unions. -
Spirit Airlines Inc dropped 3.3% to $16.70 after the discount carrier lowered its third quarter operating margin of as much as -15.5% from the previous estimate of between -5.5% and -7.5%.
The discount airline lowered its third quarter revenue range between $1.245 billion and $1.255 billion from the previous estimate between $1.30 billion and $1.32 billion. -
WestRock agreed to merge with Smurfit Kappa and form one of the largest packaging companies in the world.
Smurfit WestRock, the newly formed holding company will be headquartered in Dublin, Ireland and will be listed on the London Stock Exchange and the New York Stock Exchange.
WestRock stockholders will receive one Smurfit WestRock share and $5 cash and Smurfit Kappa shareholders will receive one share of the newly formed company.
Smurfit Kappa shareholders will own 50.4% of the newly merged company.
The combined packaging company will have about $34 billion in annual sales with about 65% of the revenue located in the Americas.
WestRock jumped 7.7% to $36.75 and Smurfit Kappa Group Plc declined 8.0% in London trading to 2,824.0 pence.
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