SunPower Q3 Results Top Estimates; Stock Up 13%

Take-Two Interactive Stock Down 9% On FY Outlook Cut

Shares of Take-Two Interactive Software, Inc. (TTWO) are down nearly 9% on Tuesday morning after the video game developer lowered its fiscal-year outlook, reflecting its more cautious view of the current macroeconomic backdrop, among other factors.

TTWO is currently trading at $98.81, down $9.59 or 8.85%, on the Nasdaq, on a volume of 3.8 million, above average volume of 1.9 million. The stock opened its trading at $108.60 after closing Monday’s trading at $108.40. The stock has traded between $90.00 and $189.89 in the past 52-week period.

The company now expects revenues of $5.41 to $5.51 billion, net loss of $674 to $631 million and loss per share of $4.22 to $3.95.

Previously, the company expected revenues of $5.73 to $5.83 billion, net loss of $438 to $398 million and loss per share of $2.75 to $2.50.

Analysts polled by Thomson Reuters currently expect earnings of $4.83 per share on revenues of $5.89 billion. Analysts’ estimates typically exclude one-time items.

“Our reduced forecast reflects shifts in our pipeline, fluctuations in FX rates, and a more cautious view of the current macroeconomic backdrop, particularly in mobile,” said CEO Strauss Zelnick.

MoneyGram Enables Crypto Transactions Via Mobile App For US Customers

MoneyGram International has rolled out a new service enabling consumers to buy, sell and hold cryptocurrency via the MoneyGram mobile app. This new feature will enable MoneyGram customers to trade and store Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) through its mobile app across most of the U.S. states.

The company is providing this new feature through its existing partnership with Coinme, a licensed crypto exchange and API-driven crypto-as-a-service provider.

MoneyGram and Coinme have partnered to expand access to crypto by creating thousands of new locations in the U.S. for consumers to buy and sell bitcoin with cash since 2021.

MoneyGram said it is expected to expand its future selection of crypto coins as the Company explores expansion to other markets in 2023, as global regulations allow.

The company said this is the latest crypto-related service launch from a company bringing real-world cryptocurrency and blockchain use cases to life.

MoneyGram initially offered digital wallet service through partnerships with Coinme, Stellar and G-Coin as well as cross-border blockchain-enabled payment settlement through Circle’s USD Coin (USDC) for near-instant backend settlement.

SolarEdge Technologies Shares Spike On Q3 Revenue Growth

SolarEdge Technologies, Inc. (SEDG) shares are trading more than 18 percent higher on Tuesday morning trade after the company reported a surge in third-quarter revenues.

The quarterly revenue climbed to $836.72 million from $526.40 million a year ago. Wall Street analysts were looking for $856.78 million.

Currently, shares are at $251, up 18.79 percent from the previous close of $211.30 on a volume of 934,636.

Indonesia Q3 GDP Growth Improves Less Than Expected

Indonesian economic growth improved at a slower-than-expected pace in the three months ended September, official data revealed on Monday.

Gross domestic product advanced 5.72 percent year-over-year in the third quarter, slightly faster than the 5.45 percent rise in the second quarter, Statistics Indonesia reported. This was the biggest expansion since the second quarter of 2021.

However, that was below the 5.89 percent rise expected by economists.

On the expenditure-side, household consumption grew 5.39 percent annually in the September quarter and gross fixed capital formation rose 4.96 percent.

Exports registered a positive growth of 21.64 percent and imports posted 22.98 percent expansion. Meanwhile, government final consumption declined 2.88 percent.

On a quarterly basis, GDP climbed 1.81 percent in the third quarter, following a 3.72 percent rise in the second quarter. The expected growth was 1.62 percent.

The better-than-expected GDP report should give the central bank some space to tighten aggressively, especially with the recent slide in the rupiah, Nicholas Mapa, an economist at ING said.

Capital Economics’ economist Gareth Leather said lower commodity prices, tighter monetary policy and elevated inflation are likely to drag on growth over the coming quarters.

The economist forecasts Indonesia’s economic growth to slow from around 6.5 percent this year to 5.5 percent in 2023.

Novavax BA.1 Vaccine Candidate Meets Primary Strain-change Endpoint

Novavax, Inc. (NVAX) said the topline results from phase 3 boosting trial for COVID-19 showed that the BA.1 vaccine candidate met the primary strain-change endpoint. The BA.1 vaccine candidate neutralizing responses in those not previously exposed to COVID-19 were greater than those of the prototype vaccine.

“Today’s results show that use of our prototype vaccine as a booster induces cross-reactive responses to a broad range of variants with the potential to protect against future strains,” said Gregory Glenn, President of Research and Development, Novavax.

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iRobot Corp. Q3 Earnings Summary

Below are the earnings highlights for iRobot Corp. (IRBT):

Earnings: -$128.37 million in Q3 vs. $57.22 million in the same period last year.
EPS: -$4.71 in Q3 vs. $2.06 in the same period last year.
Excluding items, iRobot Corp. reported adjusted earnings of -$48.54 million or -$1.78 per share for the period.

Analysts projected $1.68 per share
Revenue: $278.19 million in Q3 vs. $440.68 million in the same period last year.

SunPower Q3 Results Top Estimates; Stock Up 13%

SunPower Corp. (SPWR) announced Tuesday that net income attributable to stockholders for the third quarter was $139.41 million or $0.74 per share, compared to a net loss of $84.38 million or $0.49 per share in the prior-year quarter.

Excluding items, adjusted net income from continuing operations for the quarter was $0.13 per share, compared to $0.12 per share last year.

Total revenue for the quarter soared to $475.71 million from $283.31 million in the same quarter last year. Adjusted revenue was $469.82 million.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.08 per share on revenues of $428.0 million for the quarter. Analysts’ estimates typically exclude special items.