Rent a runway, Oracle, Wolfspeed and more
Check out the companies that make headlines before the alarm goes off:
Rent a runway – Shares drop 22% after fashion rental company says lay off 24% of the company’s workforce. Additionally, Rent the Runway says it is cutting $25 million to $27 million in fixed costs to deal with the uncertain macro backdrop.
Succinct Shares fell 1.8% after Credit Suisse downgraded OFast to neutral from better, saying rising inflation in Europe and Asia will hurt the food company’s competitiveness Swedish milk substitute.
Dow The Dow Jones Industrial Average fell 0.9 percent after Jefferies lifted a ban on the chemical company’s purchases, citing supply and demand outweighing risk.
Nintendo – Games shares rose 5% after Nintendo said its new title beat domestic sales records. Sales of the action shooting game Splatoon 3 topped 3.45 million copies in Japan.
Wolfspeed – Semiconductor stocks rose 1.6% in money markets after Evercore ISI started covering the stock with better ratings, saying Wolfspeed “is one of the best ways to invest in transition Electric vehicles are happening now.”
Oracle – Shares jumped 1.6% in pre-market trading after Oracle reported revenue that matched expectations. Revenue increased by 18% in the most recent quarter from a period of one year ago, spurred by a recent acquisition in software maker Cerner.
Twilio – Shares rose 1.1% after KeyBanc Capital Markets continued to cover the stock with an overrated rating, saying the media software company was “well positioned” to use its engagement strategy to increase gross profit margin.
Twitter – Shares of social media close to 1% as Twitter accuser, formerly chief executive officer, is prepared to testify about his claims of security lapses at company before a US Senate committee on Tuesday. Twitter shareholders are also expected to vote on Elon Musk’s acquisition of the company.
Adobe Shares fell 0.4% after BMO Capital Markets downgraded Adobe to market from better, saying there are concerns about the long-term durability of Adobe’s Creative Cloud.