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US stocks look set to open marginally higher in Thursday's trading session as initial jobless claims met analyst forecasts, and investors await additional economic data coming out later in the day.
The Dow Jones Industrial Average futures were up 0.1%, S&P 500 futures were rising 0.3%, and Nasdaq futures were moving 0.4% higher.
Initial jobless claims rose to 232,000 in the week ended Aug. 17 from 228,000 last week, which was in line with analyst forecasts, according to Bloomberg. Manufacturing and services PMIs and existing home sales data will be released later in the morning. Manufacturing PMI is expected to nudge lower to 49.5 in August from 49.6 in July, while services PMI is expected to decline to 54 from 55 the previous month, according to Bloomberg.
Oil prices were moving higher, with front-month global benchmarks Brent crude and West Texas Intermediate crude rising 0.6% and 0.5% respectively.
In other world markets, Japan's Nikkei rose 0.7%, Hong Kong's Hang Seng surged 1.4%, and China's Shanghai Composite was off 0.3%. Meanwhile, in Europe's early afternoon session, the UK's FTSE 100 was flat, while Germany's DAX and France's CAC were each up 0.2%.
On the winning side, shares of Staffing 360 Solutions S soared 155% in Thursday's premarket activity, following a 15% loss on Wednesday. GD Culture Group's shares jumped 63%, adding to a huge 128% gain Wednesday when it said it launched a TikTok account to disseminate artificial intelligence information. Shares of Mobix Labs surged 56%, a day after it reported a narrower fiscal Q3 net loss per share and higher net revenue from a year earlier.
Shares of Air Industries Group advanced 56% after it said Thursday it received a $110 million, seven-year contract to produce thrust struts used in the geared turbo-fan aircraft jet engine. Guardion Health Sciences (GHSI) shares were up 21%, after declaring a $5 per share cash dividend overnight.
On the losing side, shares of Revelation Biosciences (REVB) tumbled 33% after soaring 101% on Wednesday. The company said late Wednesday that it signed a definitive agreement to immediately exercise certain outstanding warrants to purchase up to approximately 2.5 million shares of common stock at a reduced exercise price of $1.50 per share. Cyclo Therapeutics' stock fell 28% after it reported Thursday that it has agreed to merge with Rafael Holdings .
Shares of Virax Biolabs Group fell 5% after it said late Wednesday that it signed a deal to sell and issue approximately 1.1 million common shares at $4.50 per share through a registered direct offering. Advance Auto Parts' shares were down more than 22% after the company reported lower fiscal Q2 results and cut its fiscal 2024 outlook. Urban Outfitters' stock dropped 14% after Telsey Advisory downgraded it to market perform from outperform.
Shares of Wolfspeed, Inc. shares gained 8.2% to $14.62 in pre-market trading after the company reported its fourth-quarter financial results.
Wolfspeed reported quarterly losses of 89 cents per share, missing the consensus estimate of losses of 84 cents per share, and revenue of $200.7 million for the quarter, also missing the Street estimate. Fiscal-year losses of $2.59 per share and full-year revenue of $807.2 million both missed the analyst consensus estimates, as well.
Wolfspeed shares jumped 8.2% to $14.62 in pre-market trading.
Here are some other stocks moving in pre-market trading.
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Mobix Labs, Inc., a leader in advanced connectivity solutions, has released its financial results for the fiscal third quarter ended June 30, 2024. The company reported significant revenue growth and gross margin expansion, alongside strategic acquisitions and increasing customer demand.
Financial Highlights
For the third quarter of 2024, Mobix Labs reported an 80% sequential increase in revenue, reaching $2.1 million, up from $1.1 million in the second quarter. Despite this growth, the company recorded a GAAP loss from operations of $9.3 million, compared to a loss of $8.6 million in the previous quarter. On a non-GAAP basis, the adjusted loss from operations remained steady at $4.1 million.
Business and Operational Highlights
Mobix Labs completed the acquisition of RaGE Systems, enhancing its capabilities in radio frequency and mmWave design and manufacturing services. The company also announced its intent to acquire J-Mark Connectors Inc., which is expected to bolster its sales strategy and improve gross margins, particularly in the military, aerospace, and defense sectors.
Additionally, Mobix Labs issued a private placement of pre-funded warrants, raising $4 million in gross proceeds. The company showcased its technologies at the Leidos Supplier Innovation & Technology Symposium, highlighting its SMART Edge Device product line and new EMI filtered connectors designed for defense and aerospace applications.
Strategic Initiatives and Corporate Developments
Mobix Labs announced a strategic partnership with TalkingHeads Wireless to develop cost-effective, energy-efficient 5G base stations. The company was also selected as a supplier for the Navy’s Standard Missile-6 program and received a BAE Systems ‘Partner 2 Win’ Gold Tier Award for its electromagnetic filtering products.
Management's Perspective
CEO Fabian Battaglia expressed satisfaction with the company's performance, emphasizing the successful acquisition of RaGE Systems and the growing pipeline of M&A opportunities. President and CFO Keyvan Samini highlighted the sequential revenue growth and gross margin expansion, noting the company's pursuit of additional financing to support its acquisition strategy and meet strong customer demand.
Future Outlook
Looking ahead, Mobix Labs expects consolidated revenues to fall within the range of $2.6 to $3.2 million in the fiscal fourth quarter of 2024. The company remains focused on expanding its customer base and product offerings, securing additional financing, and pursuing strategic acquisitions.
SEC Filing: MOBIX LABS, INC [ MOBX ] - 8-K - Aug. 21, 2024
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