Biggest stock movers Thursday: LEVI, STLA, and more

Stock futures dipped early Thursday morning as investors eagerly awaited a crucial jobs report due later in the week. Additionally, heightened tensions in the Middle East contributed to the market’s cautious sentiment.

Here are some of Thursday’s biggest stock movers:

Biggest stock losers

• Stellantis N.V. (STLA) shares fell more than 4% after its North American division, FCA US—historically known as Chrysler—reported a 20% Y/Y decline in U.S. Q3 sales, totaling 305,294 vehicles. Adding to the pressure, Barclays downgraded Stellantis to equal weight following the company’s recent profit warning, citing missteps in recognizing its U.S. inventory issues and declining market share in both the EU and U.S. Barclays also slashed its price target from €23 to €12.5.
• Levi Strauss (LEVI) shares plunged over 12% after the company revised down its full-year revenue growth guidance following mixed FQ3 results. The company also revealed it is exploring strategic options for its Dockers brand, including a possible sale, which saw a 15% revenue decline in the latest quarter and an 8.4% drop for the nine months ending August 25. For FY24, Levi’s lowered its sales growth forecast to +1%, down from the previous 1% to 3% range, implying revenue of $6.26B, below the $6.32B consensus estimate. Adjusted earnings guidance remained unchanged at $1.17 to $1.27 per share, a midpoint of $1.22 slightly below the $1.25 consensus.
• U.S.-listed Chinese stocks retreated after Hong Kong’s six-day rally fizzled as enthusiasm surrounding China’s economic stimulus package waned. Key declines included NIO (NIO) down 4%, JD.com (JD) down 3%, XPeng (XPEV) down 4%, Dada Nexus (DADA) down 7.5%, Bilibili (BILI), down 7%, UP Fintech (TIGR) down 6%, and ZEEKR Intelligent (ZK), which fell 5%.