Market Updates
U.S. Movers: Aehr Test Systems, Levi Strauss, Philips, Tesla
Scott Peters
06 Oct, 2023
New York City
Stocks struggled after employers added staff at a brisk pace in September.
The S&P 500 index decreased 0.7% to 4,228.04 and the Nasdaq Composite fell 0.7% to 13,126.42.
The yield on 2-year Treasury notes increased to 5.10%, 10-year Treasury notes inched higher to 4.84% and 30-year Treasury bonds edged down to 5.0%.
Koninklijke Philips NV declined 9.4% to $17.86 after the U.S. FDA said the Dutch medical devices company's sleep apnea product recall fell short of the agency's expectations.
Levi Strauss & Company decreased 1% to $13.08 after the apparel maker reported third-quarter revenue below market's expectations and the company also lowered its full-year revenue outlook.
Tesla Inc fell 2.5% to $255.14 after the electric vehicle maker lowered prices on its Model 3 and Model Y vehicles in the U.S.
The move follows the recent weakness in U.S. sales after the company reported weaker-than-expected sales in the third quarter.
Aehr Test Systems plunged 16.1% to $37.06 despite the company reporting quarterly earnings and revenue ahead of expectations set by analysts.
The semiconductor testing equipment maker said net revenue in the fiscal first quarter ending in August jumped 93% to $20.6 million and net income advanced to $4.7 million from $.0.59 million and diluted earnings per share rose to 16 cents from 2 cents a year ago.
The company reiterated its revenue in the fiscal year 2024 ending in May 2024 of $100 million and net income of $28 million.
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