Pre-Open Movers: FedEx Sinks on Warning, Applied Optoelectronic Up on Asset Sale

Pre-Open Stock Movers:

Applied Optoelectronics, Inc. (AAOI) 27% HIGHER; announced today that it has entered into a definitive agreement (the Agreement) with Yuhan Optoelectronic Technology (Shanghai) Co., Ltd. (the Purchaser or Yuhan) for the sale of its manufacturing facilities located in the Peoples Republic of China and certain assets related to its transceiver business and multi-channel optical sub-assembly products for the internet datacenter, telecom, and FTTH markets for a purchase price of $150 million, less a holdback amount. The Company anticipates that the transaction will be completed in 2023 and is subject to customary closing conditions and regulatory approvals.

FedEx Corp. (FDX) 22% LOWER; warned for the first quarter and withdrew guidance for the year. They see Q1 non-GAAP EPS of $3.44, down from $4.37 last year and well below the consensus of $5.14.

NCR Corporation (NCR) 19% LOWER; announced its Board of Directors has 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 whole company could not be completed due to the financing market.

During Huntsman’s (HUN) 7% LOWER; second quarter earnings conference call, the Company provided third quarter adjusted EBITDA guidance of between approximately $310 million and $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 discontinued operations following the announced agreement to sell the division to Archroma, a portfolio company of SK Capital Partners.

United Parcel Service, Inc. (UPS) 6% LOWER; falls after FedEx’s profit warning.

General Electric Company (GE) 5% LOWER; discussed continued supply chain problems at today’s conference.

Uber’s (UBER) 5% LOWER; computer network was breached Thursday, leading it to take several internal communications and engineering systems offline, according to a report overnight from the New York Times.

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

Core & Main, Inc. (CNM) 4% LOWER; announced the launch of an underwritten secondary public offering of 10,000,000 shares of its Class A common stock by certain selling stockholders.

Bowlero Corp. (BOWL) 3% HIGHER; reported Q4 revenue of $267.7 million versus the consensus estimate of $195.2 million.

Amazon.com, Inc. (AMZN) 2% LOWER; falls on FedEx’s warning.

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

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