FedEx sinks on warning, Applied Optoelectronic increases on asset sale


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Pre-opened stock movers:

Applied Optoelectronics, Inc. (NASDAQ: AAOI) 27% HIGHER; today announced that it has entered into a definitive agreement (the Agreement) with Yuhan Optoelectronic Technology (Shanghai) Co., Ltd. (the buyer or Yuhan) for the sale of its manufacturing facilities located in the People’s Republic of China and certain assets related to its transceiver business and its multi-channel optical subassembly products for the data center markets Internet data, telecommunications and FTTH for a purchase price of $150 million, less a holdback amount. The Company expects the transaction to close in 2023 and is subject to customary closing conditions and regulatory approvals.

FedEx Corp. (NYSE: FDX) 22% LOWER; cautioned for the first quarter and withdrew its guidance for the year. They see first-quarter non-GAAP EPS of $3.44, down from $4.37 last year and well below the consensus of $5.14.

NCR Corporation (NYSE:NCR) 19% LESS; announced that its board of directors had unanimously approved a plan to separate NCR into two independent, publicly traded companies – one focused on digital commerce, the other on ATMs. The sale of the entire company could not be completed due to the financing market.

During Huntsman’s (NYSE: HUN) 7% LESS; Second quarter earnings conference call, the Company provided third quarter adjusted EBITDA guidance of approximately $310 million to $355 million, excluding Textile Effects. The Company now expects third quarter adjusted EBITDA from continuing operations to be between $260 million and $280 million. As previously announced, Huntsman will begin reporting Textile Effects as a discontinued operation following the announced agreement to sell the division to Archroma, a portfolio company of SK Capital Partners.

United Parcel Service, Inc. (NYSE:UPS) 6% LESS; falls after FedEx earnings warning.

General Electric Company (NYSE: GE) 5% LESS; discussed ongoing supply chain issues at today’s conference.

Uber (NYSE: UBER) 5% LESS; The computer network was hacked on Thursday, causing it to take several internal communications and engineering systems offline, according to a New York Times report.

Pegasystems Inc. (NASDAQ: PEGA) 4% LESS; Appian (NASDAQ: APPN) today announced that the Fairfax County, Virginia Circuit Court has entered a final judgment awarding it $2.036 billion in damages from Pegasystems Inc. (NASDAQ: PEGA ) for misappropriation of trade secrets.

Core & Main, Inc. (NYSE: CNM) 4% LESS; announced the launch of a secondary secured public offering of 10,000,000 Class A common shares by certain selling shareholders.

Bowlero Corp. (NYSE: BOWL) 3% HIGHER; reported fourth-quarter revenue of $267.7 million versus the consensus estimate of $195.2 million., Inc. (NASDAQ: AMZN) 2% LOWER; comes across the warning from FedEx.

Shoals Technologies Group (NASDAQ: SHLS) 2% HIGHER; Cowen moved from Market Perform to Outperform with a price target of $37.50 (was $29.00).


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