U.S. Movers: Alaska Air Group, Moderna, Oxford Industries

Scott Peters
12 Sep, 2024
New York City

Alaska Air Group declined 0.3% to $39.37, and the regional airline lifted its third quarter profit outlook citing strong demand in the summer travel season. 

The company estimated earnings per share to range between $2.15 and $2.25, compared to its previous estimate between $1.40 and $1.60. 

Oxford Industries dropped 3.3% to $80.95 after the parent company of retailer Tommy Bahama reported weaker-than-expected quarterly results. 

Revenue in the quarter edged slightly lower to $419.9 million from $420.1 million, net income dropped to $40.6 million from $51.4 million, and diluted earnings per share eased to $2.57 from $3.22 a year earlier. 

The company declared a cash dividend of 67 cents per share, an increase from 65 cents a year ago. 

The company also tightened its fiscal year revenue to range between $1.51 billion and $1.54 billion, compared to $1.57 billion in the fiscal year 2023. 

The retailer also estimated GAAP earnings per share in the current fiscal year to range between $6.28 and $6.58, compared to $3.82 in the previous fiscal year.

Moderna plunged 18.1% to $65.11 after the drug company announced its plans to slash its expenses by $1.1 billion by 2027. 

The biotech company said it is shifting its priorities after the COVID-19 pandemic and deprioritizing certain drugs, but still anticipates the release of 10 new drugs over the next three years. 

Nvidia rose 2.4% to $119.67, and the company's chief executive said at a conference organized by Goldman Sachs that the demand for its advanced AI chip Blackwell is strong.

CEO Jensen Huang said that the company will start selling the chip in the fourth quarter and scale it in the quarter and into the next year.