Pre-Open Movers: Amylyx Surges on FDA Panel Backing, American Eagle Falls Post EPS

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Pre-Open Movers: Amylyx Surges on FDA Panel Backing, American Eagle Falls Post EPS
Credit: © Reuters.

Pre-Open Stock Movers:

Amylyx Pharmaceuticals Inc (NASDAQ: AMLX ) 75% HIGHER; announced today that the U.S. Food and Drug Administrations (FDA) Peripheral and Central Nervous System Drugs Advisory Committee (PCNSDAC) voted (7 yes votes and 2 no votes) that the available evidence of effectiveness is sufficient to support approval of AMX0035 (sodium phenylbutyrate and taurursodiol [also known as ursodoxicoltaurine]) for the treatment of amyotrophic lateral sclerosis (ALS).

Asana Inc (NYSE: ASAN ) 23% HIGHER; reported Q2 EPS of ($0.34), $0.05 better than the analyst estimate of ($0.39). Revenue for the quarter came in at $134.9 million versus the consensus estimate of $127.27 million. Asana sees Q3 2023 EPS of ($0.33)-($0.32), versus the consensus of ($0.32). Asana sees Q3 2023 revenue of $138.5-139.5 million, versus the consensus of $137.6 million. In addition, CEO Dustin Moskovitz bought $350 million in stock in a private placement.

American Eagle Outfitters (NYSE: AEO ) 14% LOWER; reported Q3 EPS of $0.04, $0.10 worse than the analyst estimate of $0.14. Revenue for the quarter came in at $1.2 billion versus the consensus estimate of $1.2 billion. Pausing quarterly cash dividend to provide additional financial flexibility.

Torrid Holdings Inc (NYSE: CURV ) 12% LOWER; reported Q2 EPS of $0.22, $0.02 worse than the analyst estimate of $0.24. Revenue for the quarter came in at $340.9 million versus the consensus estimate of $340.77 million. Torrid Holdings Inc. sees Q3 2022 revenue of $290-305 million, versus the consensus of $306.8 million. Torrid Holdings Inc. sees FY2022 revenue of $1.26-1.3 billion, versus the consensus of $1.31 billion.

GameStop (NYSE: GME ) 11% HIGHER; GameStop reported Q2 EPS of ($0.35), $0.07 better than the analyst estimate of ($0.42). Revenue for the quarter came in at $1.14 billion versus the consensus estimate of $1.27 billion. Also, announced that it has entered into a partnership with FTX US.

Rivian Automotive Inc (NASDAQ: RIVN ) 10% HIGHER; Mercedes‑Benz Vans, full-range provider of electric private and commercial vans, and electric vehicle manufacturer Rivian, have today announced the signing of a Memorandum of Understanding to initiate a strategic partnership. The partnership will enable the companies to cooperate on the production of electric vans.

Grid Dynamics Holdings Inc (NASDAQ: GDYN ) 8% LOWER; announced the pricing of an underwritten public offering of 5,714,286 shares of its common stock at a price to the public of $17.50 per share

Wayfair Inc (NYSE: W ) 7% LOWER; intends to offer $600 million aggregate principal amount of convertible senior notes due 2027 (the notes) in a private offering (the offering) to qualified institutional buyers.

McCormick & Company Inc (NYSE: MKC ) 4% LOWER; warns for Q3, sees EPS of $0.65 versus the consensus of $0.83. Sales are expected to increase by approximately 3%.

Franklin Resources (NYSE: BEN ) 2% LOWER; BofA Securities downgraded from Neutral to Underperform with a price target of $25.00 (from $28.00).

Moderna (NASDAQ: MRNA ) 1% HIGHER; Deutsche Bank (ETR: DBKGn ) upgraded from to Buy with a price target of $165.00 (from $155.00).

AMD (NASDAQ: AMD ) 1% HIGHER; Stifel initiates coverage with a Buy rating and a price target of $122.00.

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