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    • Breaking News
    Aug 14, 2023
    • PayPal Inc increased 1.7% to $62.52 after the payment processing company's board appointed Intuit executive Alex Chriss as the new chief executive replacing long-time chief executive Dan Schulman in September. 

      Schulman plans to remain as a director till the end of May 2024. 
      • Aug 11, 2023
      • Savers Value Village Inc jumped 9.5% to $25.73 after the online platform for second hand merchandise reported better-than-sales in the second quarter. 
        • Illumina, Inc decreased 4% to $177.53 after the company said in a regulatory filing that the U.S. Securities and Exchange Commission is investigating the company over its acquisition of cancer test developer Grail. 
          • UBS Group AG jumped 4.5% to $23.24 after the Swiss bank voluntarily terminated its loss protection agreement signed at the time of Credit Suisse purchase with the Swiss National Bank and Swiss government saying the bank does not need it. 

            Separately, the bank said Credit Suisse fully repaid an emergency liquidity loan of 50 billion Swiss francs to  the Swiss National Bank. 
            • Maxeon Solar Technologies Ltd dropped 32.5% to $15.05 after the company missed its own sales outlook for the second quarter and forecasted even lower sales in the third quarter. 

              The clean energy company reported second quarter revenue of $348 million compared to $228 million a year ago and forecasted revenue between $280 million and $320 million in the third quarter. 

              Maxeon guided full-year 2023 sales between $1.25 billion and $1.35 billion and adjusted operating earnings between $80 million and $100 million and capital expenditure between $150 million and $170 million. 

              Net loss in the quarter declined to $1.5 million from $87.5 million and diluted loss per share shrank to 3 cents from $2.15 a year ago. 

              Solar shipments increased to 807 MW from 521 MW a year ago and the Singapore headquartered company guided between 700 MW and 740 MW in the third quarter. 
              • Aug 10, 2023
              • Six Flags Entertainment Corp decreased 1.9% to $22.45 after the amusement park operator reported  weaker-than-expected quarterly results. 

                The company reported revenue of $444 million and earnings of 25 cents a share and the company blamed the decline in earnings to higher reserves for self insurance. 
                • Tapestry Inc dropped 12.5% to $36 after the apparel company agreed to acquire Capri Holdings, the parent of Versace, for $8.5 billion or $57 a share in cash. 

                  Capri Holdings jumped 56.5% to $54.20. 
                  • Aug 9, 2023
                  • Lyft Inc declined 6.9% to $10.76 after the ride-hailing company released its quarterly results. 

                    Stock jumped after the company reported adjusted earnings per share of 16 cents and revenue of $1.02 billion, meeting estimates set by some analysts. 

                    But the stock turned lower after investors reassessed the company's fiscal fourth quarter revenue outlook which fell short of some analysts' estimates. 

                    Revenue increased 3% to $1.02 billion from $990.7 million and net loss shrank to $114.2 million from $377.2 million and diluted loss per share fell to 30 cents from $1.08 a year ago. 

                    Active riders in the second quarter rose 8.2% to 21.5 million from 19.9 million and average revenue per active rider fell 4.8% to $47.51 from $49.89 a year ago. 
                    • Rivian Automotive Inc was nearly unchanged at $24.80 after the maker of electric vehicles narrowed its quarterly loss and revised higher its production target. 

                      Rivian said second quarter revenue jumped to $1.1 billion from $364 million and net loss shrank to $1.2 billion from $1.7 billion and diluted pre share declined to $1.27 from $1.89 a year ago. 

                      The company forecasted 2023 production target of 52,000 from the previous estimate of 50,000 and higher than 25,000 from a year ago. 

                      The company delivered 12,640 vehicles in the second quarter, sharply higher than 4,467 vehicles a year ago. 
                      • WeWork Inc plunged 9.9% to 19 cents after the company said in an SEC filing that it may consider restructuring its debt including bankruptcy amid weak membership rates. 

                        Consolidated revenue in the second quarter rose to $844 million from $815 million and net loss shrank to $349 million from $577 million and diluted loss per share was 21 cents from 76 cents a year ago. 

                        Average revenue per physical member increased 4% to $502 in the second quarter and physical membership declined to 587,000 from 589,000 but occupancy rate rose to 72% from 70% a year ago. 

                        Company management is struggling to improve liquidity and profitability over the next year by cutting operating and capital expenditures, renegotiating lease payments and control churn rate and seek new capital through debt and securities sales. 

                        On May 5, 2023, the Company closed on its previously announced debt exchange and restructuring transactions. 

                        As of June 30, the company had $680 million of liquidity, consisting of $205 million of cash and $475 million of capacity under its delayed draw, first lien notes, of which $175 million were drawn in July.
                        • WE