Laser Photonics Stock Tanks 27% As It Postpones Q4, FY Earnings Results Release
Shares of Laser Photonics Corporation (LASE) are slipping over 27% on Thursday morning after the company postponed its fourth quarter and full-year 2022 earnings conference call that was scheduled to take place on March 30, 2023.
LASE is currently trading at $4.4600, down $1.6700 or 27.2431%, on the Nasdaq.
CEO Wayne Tupuola said, “We are working diligently to complete our audit as quickly as possible. Over the past week, we have been reviewing the classification of certain expenses incurred during the fourth quarter related to our IPO. We will move forward with reporting our full results and filing our 10-K once the audit has been completed.”
Semtech Slides 21% After Reporting Q4 Loss
Semtech Corp. (SMTC) shares are declining more than 21 percent on Thursday morning trade after the company announced fourth-quarter loss of $51.01 million or $0.80 per share compared to profit of $22.75 million or $0.54 per share last year. Net sales declined to $167.51 million from $177.62 million last year.
Currently, shares are at $25.07, down 21.92 percent from the previous close of $32.11 on a volume of 3,363,432.
Kawasaki Motors Recalls 33,100 Engines Sold Lawn Mowers
Kawasaki Motors has recalled about 33,100 engines sold on Ferris and SCAG riding lawn mowers due to risk of catching fire.
The company has recalled Kawasaki FT730V-EFI lawn mower engines. According to the Consumer Product Safety Commission, the high-pressure fuel line can get damaged by contact with the fuel pump cover, causing a fuel leak that poses burn and fire hazards.
Kawasaki said it has received four reports of incidents involving the high-pressure fuel lines leaking including one fire. However, no injuries have been reported.
The company has asked its customers to immediately stop using mowers with the recalled engines and contact Kawasaki or a dealer to schedule a free repair. Kawasaki is contacting all known purchasers directly.
The recalled engines were sold at
Kawasaki, Ferris, and SCAG dealers nationwide from November 2017 through September 2022 for between $8,000 and 13,000 for mowers with Kawasaki FT730V-EFI engines.
Avidity Biosciences Stock Tanks 21%
Shares of Avidity Biosciences, Inc. (RNA) are slipping over 21% on Thursday morning after the company said discussions with the FDA ongoing for AOC 1001 data from the MARINA trial.
RNA is currently trading at $15.78, down $4.42 or 21.88%, on the Nasdaq, on a volume of 1.3 million shares, above average volume of 0.9 million. The stock opened its trading at $20.40 after closing Wednesday’s trading at $20.20. The stock has traded between $9.83 and $25.74 in the past 52-week period.
The company said discussions are ongoing with the FDA regarding the partial clinical hold on new participant enrollment as Avidity continues to provide new AOC 1001 data as it emerges from the MARINA trial. AOC 1001 consists of a proprietary monoclonal antibody that binds to the transferrin receptor 1 (TfR1) conjugated with a siRNA targeting DMPK mRNA.
In September 2022, the FDA placed a partial clinical hold on new participant enrollment in the Phase 1/2 MARINA clinical trial after reviewing information provided by Avidity related to a serious adverse event reported in a single participant in the 4 mg/kg cohort of the MARINA study.
Fluence Energy Gains After Rating Change By Goldman Sachs
Fluence Energy, Inc. (FLNC) shares are progressing more than 13 percent on Thursday morning trade, after Goldman Sachs upgraded the stock to buy from neutral. The shares have been continuing an uptrend since March 28.
Currently, shares are at $18.62, up 14.58 percent from the previous close of $16.25 on a volume of 892,380.
European Economic News Preview: Germany Flash Inflation Data Due
Flash inflation from Germany and economic confidence survey results from euro area are the top economic news due on Thursday, headlining a busy day for the European economic news.
At 3.00 am ET, Spain’s statistical office INE publishes flash consumer and harmonized prices for March. Consumer price inflation is forecast to ease sharply to 3.8 percent from 6.0 percent in February.
In the meantime, Switzerland’s KOF leading index is due. The index is seen at 100.5 in March compared to 100.0 in February.
At 4.00 am ET, Italy’s ISTAT publishes unemployment data for February. Economists forecast the jobless rate to rise marginally to 8.0 percent from 7.9 percent in January.
At 5.00 am ET, the European Commission publishes euro area economic sentiment survey results. The economic confidence index is expected to rise slightly to 99.8 in March from 99.7 in February.
At 8.00 am ET, preliminary consumer price estimates are due from Germany. Economists expect consumer price inflation to ease notably to 7.3 percent in March from 8.7 percent in February.
Woman dead, man jailed after fatal shooting near Cherry Creek Reservoir
A woman is dead and a man is in jail Thursday morning following a fatal shooting in south metro Denver, Arapahoe County authorities said.
The woman died at the scene of the shooting in the 52000 block of South Geneva Way — near the Cherry Creek Reservoir, Arapahoe County Sheriff’s deputies said in a Twitter posting.
A man who fled the scene later was caught near East Orchard Road and South Havana Street, deputies said.
Kohl's Continue To Gain
Kohl’s Corp. (KSS) shares are up 7 percent on Thursday morning trade, continuing an uptrend since March 24. There have been no corporate announcements today so far that could drive up the stock.
Currently, shares are at $23.58, up 6.93 percent from the previous close of $22.05 on a volume of 3,776,994.