Stocks to Watch: MEI Pharma, Powell Indus, Sumo Logic, Herbalife, GitLab
06 Dezember 2022 - 1:34AM
Dow Jones News
By Patrick Chu
MEI Pharma Inc. said it would discontinue development of cancer
treatment zandelisib outside of Japan. The drugmaker and its
partner Kyowa Kirin Co., made the decision after receiving recent
guidance from the Food and Drug Administration. MEI said it plans
to initiate a staggered reduction of about 30% of its workforce.
MEI shares dived 31% in U.S. after-hours trading on Monday.
Powell Industries Inc. said fourth-quarter revenue increased 26%
to $162.7 million boosted by $259 million in new orders. Net income
for the three months ended Sept. 30 rose to $8.7 million, or 73
cents a share, vs. $3.3 million, or 28 cents a share, for the prior
year. Shares of the Houston electrical equipment maker climbed 19%
in after-hours trading.
Sumo Logic Inc. posted third-quarter results that beat
expectations and gave upbeat forecasts for the fourth quarter and
full year. The software-as-a-service provider reported a loss of
$26.3 million, or 22 cents a share, vs. a loss of $30.8 million, or
28 cents a share, in the same quarter last year. Revenue increased
to $79 million from $62 million in the prior-year quarter. Sumo
Logic lost an adjusted 4 cents a share. Analysts polled by FactSet
expected an adjusted per-share loss of 15 cents, on revenue of
$74.2 million. Sumo Logic raised its full-year sales outlook to a
range of between $298 million and $299 million, and forecast a
narrower adjusted per-share loss of between 35 cents and 36 cents.
Sumo shares increased 11.5% in after-hours trading.
Herbalife Nutrition Ltd. said it intends to offer a $250 million
aggregate principal amount of convertible senior notes due 2028 in
a private offering. The common shares declined 10.9% in after-hours
trading.
GitLab Inc. forecast 2023 revenue between $420.5 million to
$421.5 million and an adjusted loss between 55 cents to 56 cents a
share. The code hosting and collaboration platform previously
forecast revenue between $411 million to $414 million and adjusted
loss between 64 cents to 67 cents a share. GitLab also forecast
fourth-quarter revenue between $119 million to $120 million and an
adjusted loss between 14 cents to 15 cents a share. Analysts polled
by FactSet had expected revenue of $119.3 million and an adjusted
loss of 17 cents a share.
Write to Patrick Chu at Patrick.Chu@WSJ.com
(END) Dow Jones Newswires
December 05, 2022 19:19 ET (00:19 GMT)
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