PPG Cuts Q3 Sales Outlook, Withdraws Guidance; Stock Down

Pre-market Movers: IRNT, MTL, IFRX, FWP, JAGX, IPHA…

The following are some of the stocks making big moves in Tuesday’s pre-market trading (as of 6.10 A.M. EDT).

In the Green

IronNet, Inc. (IRNT) is up over 110% at $35.00

Mechel PAO (MTL) is up over 36% at $4.36

InflaRx N.V. (IFRX) is up over 25% at $3.24

Match Group, Inc. (MTCH) is up over 14% at $169.00

ZIOPHARM Oncology, Inc. (ZIOP) is up over 13% at $1.87

Sinopec Shanghai Petrochemical Company Limited (SHI) is up over 12% at $27.65

Valneva SE (VALN) is up over 12% at $53.69

Comstock Mining Inc. (LODE) is up over 11% at $3.59

uniQure N.V. (QURE) is up over 10% at $34.44

SharpLink Gaming Ltd. (SBET) is up over 5% at $6.15

In the Red

Forward Pharma A/S (FWP) is down over 18% at $6.43

Jaguar Health, Inc. (JAGX) is down over 17% at $0.96

Innate Pharma S.A. (IPHA) is down over 15% at $5.20

NRx Pharmaceuticals, Inc. (NRXP) is down over 6% at $14.00

Borr Drilling Limited (BORR) is down over 5% at $0.76

Markets end flat; HDFC jumps over 2.50 %

HDFC was the top gainer in the Sensex pack.

Equity benchmarks Sensex and Nifty ended with mild losses on Tuesday after investors rushed to profit booking at higher levels amid weak cues from European markets.

The 30-share BSE Sensex settled 17.43 points or 0.03 % lower at 58,279.48. Similarly, the broader NSE Nifty fell 15.70 points or 0.09 % to 17,362.10.

HDFC was the top gainer in the Sensex pack, rising 2.56 %, followed by Bharti Airtel, IndusInd Bank, ITC, UltraTech Cement, Nestle India and Asian Paints.

On the other hand, Sun Pharma, Tech Mahindra, Axis Bank, HCL Tech, Infosys and Tata Steel were among the laggards.

In Asia, bourses in Shanghai, Tokyo and Hong Kong ended with gains, while Seoul settled in the red.

Equities in Europe were trading on a negative note in mid-session deals.

Meanwhile, international oil benchmark Brent crude rose 0.54 % to $ 72.61 per barrel.

Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth ₹ 589.36 crore on Monday, as per provisional exchange data.

Oil Prices Fall On Demand Woes

Oil prices fell on Tuesday as investors weighed positive economic data from China against demand woes after Saudi Arabia cut crude prices for Asian customers.

Benchmark Brent crude futures dipped 0.4 percent to $71.92 a barrel, while U.S. West Texas Intermediate crude futures were down 1.1 percent at $68.50.

Saudi Arabia’s sharp cuts in crude contract prices for Asia sparked fears over slower demand, but data showing a strong rebound in China’s imports and exports capped losses.

Chinese exports advanced 25.6 percent year-on-year in August, bigger than the economists’ forecast of 17.1 percent and July’s 19.3 percent increase. Imports increased 33.1 percent annually after rising 28.1 percent in July. Economists had forecast an increase of 26.8 percent.

As a result, the trade balance showed a surplus of $58.34 billion, which was above the expected level of $51.05 billion.

The supply disruptions in the U.S.in the aftermath of Hurricane Ida also helped limit the downside to some extent.

According to the US Bureau of Safety and Environmental Enforcement, 83.9 percent of the current oil production and 80.8 percent of the natural gas production in the Gulf of Mexico have been shut in.

KKR-backed ForgeRock targets nearly $2 billion valuation in U.S. IPO

(Reuters) – ForgeRock Inc, a digital identity management company backed by an affiliate of private equity firm KKR & Co, is aiming for a valuation of nearly $2 billion in a U.S. initial public offering (IPO).

The company plans to raise up to $264 million through the IPO, according to a regulatory filing on Tuesday. (bit.ly/38KKhi7)

State Street to buy Brown Brothers Harriman's unit for $3.5 billion

(Reuters) – State Street Corp said on Tuesday it would buy investment bank Brown Brothers Harriman & Co’s (BBH) investor services business for $3.5 billion in cash.

The deal will include BBH’s custody, accounting, fund administration, global markets and technology services operations, State Street said.

New to the American Melting Pot, and Finding Its Taste Bittersweet

In her memoir, “Beautiful Country,” Qian Julie Wang gives readers a child’s-eye view of what it’s like to find your way in a strange land.

By Elisabeth Egan

KKR-backed ForgeRock targets nearly $2 bln valuation in U.S. IPO

Sept 7 (Reuters) – ForgeRock Inc, a digital identity management company backed by an affiliate of private equity firm KKR & Co, is aiming for a valuation of nearly $2 billion in a U.S. initial public offering (IPO).

The company plans to raise up to $264 million through the IPO, according to a regulatory filing on Tuesday. (bit.ly/38KKhi7)

RenovoRx Gets New 510(k) Clearance For RenovoCath Delivery System; Stock Up

RenovoRx, Inc. (RNXT) has received a new 510(k) clearance from the FDA for RenovoCath Delivery System for targeted treatment of solid tumors. The company said the new design provides more targeted delivery of therapy which it believes can translate into more effective treatment with fewer side effects for cancer patients. RenovoRx received initial 510(k) for the RenovoCath delivery system in 2014.

RenovoCath Delivery System is the device component of the company’s initial product, RenovoGem. This drug/device combination used in the company’s RenovoTAMP therapy platform is a dual-balloon infusion catheter delivering chemotherapy directly to tumors via arteries.

Shares of RenovoRx were up 55% in pre-market trade on Tuesday.

PPG Cuts Q3 Sales Outlook, Withdraws Guidance; Stock Down

PPG (PPG) said its sales volumes are being impacted by the increasing disruptions in commodity supplies; further reductions in customer production due to certain parts shortages such as semi-conductor chips; and continuing logistics and transportation challenges in many regions. As a result, the company lowered its third quarter sales volume outlook. Also, PPG withdraw its guidance for the third quarter and full-year 2021.

The company now expects third quarter sales volumes will be lower by $225 million to $275 million, compared to what it anticipated at the start of the third quarter.

PPG noted that raw material inflation for the third quarter is trending higher than previously communicated by about $60 million to $70 million.

Shares of PPG were down nearly 5% in pre-market trade on Tuesday.