Levi Strauss (LEVI): Shares fell 5% in extended trading after the jeans-maker lowered its full year forecast, citing the strong dollar and supply chain disruptions. Levi sees full-year adjusted earnings per share of $1.44 to $1.49, down from its previous range of $1.50 to $1.56, and 2022 net revenue growth of 6.7% to 7%.
For the third quarter, Levi reported adjusted earnings of 40 cents a share on revenue of $1.52 billion.
Advanced Micro Devices (AMD): The chipmaker fell in after hours trading after the company lowered its guidance for third-quarter venue, noting a weak PC market and “significant” inventory corrections throughout the PC supply chain. AMD now sees 3Q sales of $5.6 billion, down from its previous estimate of $6.71 billion.
Competitors Nvidia (NVDA) and Intel (INTC) fell in the post market on the news.
Tilray (TLRY), Canopy Growth (CGC), Aurora Cannabis (ACB): Cannabis stocks soared ahead of the close and added to gains in extended trading after President Biden pardoned all prior Federal offenses of simple possession of marijuana. Biden also urged Governors to do the same with state offenses and asked the Secretary of Health and Human Services Xavier Becerra and Attorney General Merrick Garland to review how marijuana is classified under federal law.
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