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Pre-Open Stock Movers 06/29: Bed Bath & Beyond Sinks Following Results/CEO Change; Pinterest Gains on CEO Change (more...)

June 29, 2022 9:17 AM EDT

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Pre-Open Stock Movers:

Aspen Aerogels, Inc. (NYSE: ASPN) 28% LOWER; announced that it intends to offer $225 million of common stock (the "Shares") and $150 million aggregate principal amount of green convertible senior notes due 2027 (the "Notes") in separate concurrent public offerings registered under the Securities Act of 1933, as amended (the "Securities Act"). In addition, the Company intends to grant the underwriters of each offering a 30-day option to purchase up to an additional 15% of the applicable securities solely to cover over-allotments.

Beyond Air, Inc. (NASDAQ: XAIR) 15% HIGHER; announced that the U.S. Food and Drug Administration (FDA) has approved LungFit® PH to treat term and near-term neonates with hypoxic respiratory failure (often referred to as persistent pulmonary hypertension of the newborn or PPHN) (prescription use only). LungFit PH is the initial device from the LungFit therapeutic platform of nitric oxide generators that use our patented Ionizer technology and is the first FDA-approved product for Beyond Air.

LiveOne (NASDAQ: LVO) 15% HIGHER; reported Q4 EPS of ($0.11), $0.02 better than the analyst estimate of ($0.13). Revenue for the quarter came in at $23.4 million versus the consensus estimate of $20.36 million.

Bed Bath & Beyond (NASDAQ: BBBY) 15% LOWER; reported Q1 EPS of ($2.83), $1.51 worse than the analyst estimate of ($1.32). Revenue for the quarter came in at $1.46 billion versus the consensus estimate of $1.53 billion. CEO Mark Tritton,to leave.

Upstart Holdings Inc (NASDAQ: UPST) 11% LOWER; ​Morgan Stanley downgraded from Equalweight to Underweight with a price target of $19.00 (from $88.00).

AeroVironment (NASDAQ: AVAV) 10% LOWER; reported Q4 EPS of $0.30, $0.09 worse than the analyst estimate of $0.39. Revenue for the quarter came in at $132.6 million versus the consensus estimate of $135.3 million. AeroVironment sees FY2023 EPS of $1.35-$1.65, versus the consensus of $1.75. AeroVironment sees FY2023 revenue of $490-520 million, versus the consensus of $513 million.

Altria (NYSE: MO) 4% LOWER; Barclays downgraded from Equalweight to Underweight with a price target of $36.00 (from $53.00).

Pinterest, Inc. (NYSE: PINS) 5% HIGHER; co-founder and CEO Ben Silbermann is stepping down. He will transition to a newly created position of Executive Chairman of the board. Silbermann will be replaced by Bill Ready, who comes from Alphabet Inc. (NASDAQ: GOOGL), where he had been president of commerce since 2020.

McCormick & Co. (NYSE: MKC) 4% LOWER; reported Q2 EPS of $0.48, $0.18 worse than the analyst estimate of $0.66. Revenue for the quarter came in at $1.54 billion versus the consensus estimate of $1.62 billion. McCormick & Co. sees FY2022 EPS of $3.03-$3.08, versus the consensus of $3.17, and as compared to previously reported guidance of $3.17 to $3.22.

Qorvo Inc (NASDAQ: QRVO) 4% LOWER; BofA Securities downgraded from Neutral to Underperform with a price target of $95.00.

Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) 3% LOWER; entered into a binding term sheet with Bally's Corporation (NYSE: BALY) to acquire the real property assets of Ballys Twin River Lincoln Casino Resort and Ballys Tiverton Casino & Hotel for $1 billion.

Crown Castle (NYSE: CCI) 3% LOWER; Deutsche Bank from Buy to Hold with a price target of $183.00 (from $204.00).

Skyworks Solutions (NASDAQ: SWKS) 3% LOWER; BofA Securities downgraded from Neutral to Underperform with a price target of $105.00.

Huntsman (NYSE: HUN) 2% HIGHER; said in talks to sell textiles unit to SK Capital, Bloomberg News reported.



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