Biggest stock movers Tuesday: SNOW, LNW, and more

Stock futures were slightly higher Tuesday morning, following the S&P 500 and Dow Jones reaching record closing highs in the previous session.

Here are some of Tuesday’s biggest stock movers:

Biggest stock gainers

• AAR (NYSE:AIR) shares rose over 4% following the company’s strong FQ1 results, which saw a 20% Y/Y revenue increase due to 20 growth in both its commercial and government segments. Adjusted operating margin improved from 7.3% in the prior year quarter to 9.1%, mainly due to contributions from the recently acquired Product Support business and better execution. CEO John M. Holmes expressed optimism for further margin expansion as the company continues to grow its higher-margin activities and fully integrate Product Support, noting strong demand for services and anticipated growth across both commercial and government businesses.

Biggest stock losers

• Snowflake (NYSE:SNOW) shares fell nearly 3% following the announcement of a $2B convertible note offering. The offering includes two tranches: $1B due in 2027 and another $1B due in 2029. Snowflake plans to use the net proceeds from this offering to repurchase up to $575M of common stock and for general corporate purposes. Additionally, the company intends to grant the initial purchasers of the notes the option to acquire up to an additional $150M of the 2027 notes and the 2029 notes each.
• Light & Wonder (NASDAQ:LNW) shares plunged 16% after the U.S. District Court for Nevada granted Aristocrat a preliminary injunction over L&W’s Dragon Train game. The company disagrees with the decision and plans to appeal while continuing to defend itself in court. Despite this setback, Light & Wonder reaffirmed its 2025 $1.4B targeted consolidated AEBITDA, noting that Dragon Train was expected to contribute less than 5% of that figure. The company emphasized its diversified portfolio of successful game franchises, including top performers like ULTIMATE FIRE LINK™ and Huff N’ Puff®, which continue to drive strong growth. CEO Matt Wilson expressed confidence in the company’s future, citing new games and a solid financial foundation while also highlighting ongoing capital management strategies, including share repurchases and investments.
• Hawaiian Electric Industries (NYSE:HE) shares slipped as much as 11%, following the pricing of its previously announced public offering of approximately 54M shares at $9.25 per share. The offering is scheduled to close on September 25, 2024. Underwriters of the offering have the option to purchase an additional 8,108,108 shares at the public offering price, less underwriting discounts and commissions. Hawaiian Electric intends to use the net proceeds from this offering to contribute to the expected Maui wildfire tort litigation settlement and for general corporate purposes.