Morning Movers
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GPS.NY -20.84%
Gap Inc – The clothing retailer pointed to “significant” supply-chain constraints as to why it was forced to cut its full-year earnings guidance and also reported third-quarter results that fell short of expectations. The apparel retailer is expecting an up to $650 million hit to revenue amid supply chain disruptions that include factory closures in Vietnam and pricey air freight to ship goods. EPS results missed expectations by $0.23/share.

TSLA.NQ -1.18%
Tesla Inc – SEC filings Tuesday showed CEO Elon Musk sold another 934,091 shares of the electric vehicle maker worth $1.05 billion after exercising options to buy 2.15 million shares, the world’s richest person had on Nov. 6 tweeted that he would sell 10% of his stock if users of the social media platform approved. A majority of them had agreed with the sale.

RIVN.NQ -0.62%
Rivian Automotive – Back on watch trading near the key $120 resistance level from yesterday’s session, the FT is reporting Daniel Loeb’s Third Point Capital has made a $300m profit to date from its position in the Rivian IPO.

HPQ.NY 4.69%
HP Inc – The PC-maker’s shares are set to open at their highest level in seven months after the company reported Q4 rev rose 9.3% to $16.68 bln vs Refinitiv-IBES est of $15.4 bln. Q4 profit of 94 cents per share also above est of 88 cents per share. HP said said it expects Q1 profit to be between 92 cents and 98 cents per share vs analysts’ est of 98 cents per share. Wells Fargo out with a positive note saying HP benefited from a sharp increase in PC avg selling price as it directed supply-constrained inventory toward commercial and high-end consumer units.

JWN.NY -26.68%
Nordstrom Inc – Said labor costs pinched its quarterly profit and warned of product shortages at its off-price stores heading into the holiday season, sending its shares down more than 25% in premarket trading. The company said third-quarter net sales at Nordstrom Rack stores fell 8% from 2019 levels, at a time when rivals Macy’s Inc M.N and Kohl’s Corp KSS.N have returned to above pre-pandemic sales levels. Nordstrom maintained its annual revenue growth forecast of more than 35%, while rival Macy’s last week raised its sales expectations to as much as 40%. The company posted a quarterly profit of $64 million, or 39 cents per share, missing estimates of 56 cents, according to Refinitiv IBES data.

ADSK.NQ -13.16%
Autodesk Inc – The design software co’s shares are set to open at their lowest level in around eight months, after posting quarterly results. ADSK beat Q3 revenue and EPS estimates, but forecasts Q4 revenue of $1,185 mln – $1,200 mln, below analysts’ estimates of $1,202 mln – Refinitiv data. Further, the company cites supply chain snags, inflation, labor shortage, and COVID-19 as factors impacting recovery and outlook. ADKS said it now now expects FY22 billings of $4,740 mln to $4,800 mln and FCF of $1,420 mln to $1,460 mln.

LGVN.NQ 17.25%
Longeveron Inc – The now small cap biotech firm continues to attract social media attention because of its 2.9m share free float and is once again very active in premarket trading. The Florida-based company focused on treatments for age-related issues has seen its shares rally more than 300% over the past three-day period. The stock more than doubled in value on Thursday and Monday, and its Friday’s gain stood at ~46%. Recent momentum has propelled the clinical-stage biotech to the small-cap status from a micro-cap valuation at its IPO early this year.

GAME.NQ 30.82%
Engine Game and Media – The Canadian based, micro cap software and online esports company reported better than expected quarterly results. 13m share free float.

OCUP.NQ 76.44%
Ocuphire Pharma – Announced the enrollment of first patients in its second phase 3 pivotal Trial (MIRA-3) for Nyxol in Reversal of Mydriasis. Wainwright initiates coverage with a “Buy” rating and $26 PT.

BFRI.NQ 37.12%
Biofrontera – Nano cap biotech, 3.4m share free float up after announcing it will report quarterly results Nov 30.

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