Shares in fabless chipmaker Ambarella Inc. (NASDAQ:AMBA) were down 18%, at $62.20, following a disappointing post-bell earnings call on Tuesday. Revenues for the six months ending July 31, 2023, came to $124.3 million, down 27% from $171.2 million year on year. Gross margins fell to 61.1% in the past six months from 62.9% in the same period in 2022. Read more
MasterCraft Boat Holdings (NASDAQ:MCFT) stock plunged 12%, at $21.92, after the speedboat maker warned investors of significant uncertainty over demand amidst the economic downturn. Read more
Jack Daniels owner Brown-Forman (NYSE:BF.B) dropped in Wednesday deals, losing 4.4% to $65.98, as it reported a 3% improvement in sales $1.0 billion though operating income was down 4% to $327 million. Sales were led by strong demand for tequila brands, but comparatives were ‘difficult’ year-over-year. Read more
Johnson & Johnson (NYSE:JNJ) stock gave up 1.75%, to trade at $163.10, after it released newly restated results previous quarters to strip out the Kenvue consumer-health unit that was recently hived off into a new company. J&J, which is now focused on its pharmaceutical and medical technology businesses, said its own second-quarter sales were $21.52 billion, up 6.5% from a year ago. The drug maker now expects full-year reported sales of $83.2 billion to $84.0 billion, down from previous guidance of $98.8 billion to $99.8 billion. Read more
Outlook Therapeutics Inc (NASDAQ:OTLK) stock collapsed, losing 83% of its value, to 23 cents per share, after the drug discovery firm’s potential treatment for eye disease was rejected by the US Food and Drug Administration. The FDA denied the company’s license application for a treatment for wet age-related macular degeneration (AMD), telling the company that it is unable to approve the drug in its current form and that further clinical evidence would be required. Read more
FibroGen Inc (NASDAQ:FGEN) plummeted 24% lower, to 97 cents per share, after revealing that its intended treatment for Duchenne muscular dystrophy failed to achieve primary and secondary endpoints in a clinical study. Read more
Avricore Health (TSX-V:AVCR, OTC:AVCRF) was up, 18% at 17 cents per share, said it expects to surpass financial targets, strike partnerships, and develop new markets as it brings its turnkey solution for point-of-care testing HealthTab to additional pharmacies across Canada and internationally. Read more
Avalon GloboCare Corp (NASDAQ:ALBT), up 8.5% at $1.02, told investors that its 40%-owned Laboratory Services MSO (LSM) business is now offering an in-house laboratory developed test (LDT) to detect tuberculosis (TB) using a patient’s sputum sample. Read more
Early movers
Sluggish demand hits HP Inc (NYSE:HPQ) with its shares down 7.65%, at $28.97, after last night’s quarterly earnings report revealed sluggish demand for PCs and printers. Read more
Calvin Klein and Tommy Hilfiger parent PVH Corp. (NYSE:PVH) saw its shares rise 2.97%, at $83.22 in premarket deals, on better-than-expected second-quarter earnings and sales. Read more
Box Inc (NYSE:BOX) shares were down 9.25%, tumbling to $27.95 in early deals, after the cloud content management firm gave investors weaker-than-expected full-year guidance. Read more