Morgan Stanley appoints new emerging markets equity head -memo

NEW YORK, Nov 11 (Reuters) – Morgan Stanley has appointed Amy Oldenburg as head of emerging markets equity, replacing Ruchir Sharma who is retiring after a 25-year stint at the bank, according to an internal memo seen by Reuters.

Oldenburg has spent over 20 years in Morgan Stanley’s asset management business and has been chief operating officer overseeing its emerging markets platform since 2013. She will take up the position immediately, the memo said.

Flowers Foods Q3 Profit, Revenues Beats Street View; Lifts FY Outlook

Flowers Foods Inc. (FLO), Thursday reported third-quarter net income of $38.9 million or $0.18 per share, up from $44.3 million or $0.21 per share last year.

Adjusted net income per share for the quarter was $0.30, compared to $0.29 last year.

Sales for the quarter rose to $1.03 billion from $989.7 million last year.

Analysts polled by Thomson Reuters estimated earnings of $0.25 per share on revenues of $1.01 billion for the quarter.

“I’m pleased to report another record third quarter,” said Ryals McMullian, Flowers Foods’ president and CEO. “We generated sales and earnings above our strong year-ago results as our leading brands gained market share and our non-retail business steadily recovers from the effects of the pandemic.”

Looking forward to the full year 2021, the company lifted its outlook. The company now expects sales of about $4.300 billion to $4.344 billion, and earnings of about $1.22 to $1.26 per share.

Previously, the company expected sales of $4.256 billion to $4.300 billion and earnings of $1.17 to $1.22 per share.

Analysts currently estimate earnings of $1.19 per share on revenues of $4.28 billion for the full year.

Stocks making the biggest moves after hours: Blink Charging, Lordstown Motors and more

Check out the stocks making headlines in extended trading on Thursday.

Blink Charging – The electric vehicle charging stock rose 5% after Blink announced that its revenue grew faster than expected in the third quarter. The company reported $6.4 million in revenue, well ahead of the $4.7 million expected by analysts, according to Refinitiv. Losses were wider than expected, however.

Lordstown Motors – Shares of the auto startup were down 7% in extended trading after the company reported another quarter with no revenue. Lordstown said it plans to produce and deliver its Endurance truck in the third quarter of 2022. The company's loss-per-share was smaller-than-expected in its most recent quarter, according to Refinitiv.

WM Technology – The software stock tied to the cannabis industry fell 12% after third-quarter results missed expectations on the top and bottom lines for the third quarter, according to StreetAccount. WM Technology's fourth-quarter guidance also came in under expectations.

Luminar – Shares of the lidar sensor company fell 1% after Luminar's third-quarter revenue came in short of expectations. The company reported $8 million in revenue, below the $8.9 million expected by analysts, according to Refinitiv.

Opinion | The Awesome Importance of Imagination

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Magazine Luiza's Q3 profit plummets on Brazil's high inflation, rates

SAO PAULO, Nov 11 (Reuters) – Brazilian retailer Magazine Luiza on Thursday posted a sharp decrease in its third-quarter profit as higher interest rates and inflation weighed on the purchase of durable goods, the company said.

Its recurring net income plummeted to 22.6 million reais ($4.18 million) from 216 million reais a year earlier. Still, total sales rose 12%, to 13.8 billion reais.

Opinion | History Says Don’t Panic About Inflation

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Array Technologies Q3 Loss Widens

Array Technologies, Inc. (ARRY), Thursday reported third-quarter net loss of $31.0 million or $0.24 per share, wider than last year’s loss of $7.2 million or $0.06 per share.

Adjusted net loss was $9.8 million or $0.07 per share, compared to adjusted net income of $12.4 million or $0.10 per share last year.

Revenues increased 38% to $192.1 million from $139.5 million a year ago, primarily driven by continued strong demand for products.

Analysts polled by Thomson Reuters estimated a loss of $0.05 per share and revenues of $203.45 million for the quarter.

Looking forward, CEO Nipul Patel said, “We believe our full year 2021 results will be within the range of the guidance we have provided, but likely at the lower end given continued constraints on freight availability which could impact our ability to ship product in the fourth quarter. Any shipments that are delayed from the fourth quarter will result in higher revenues in the first quarter of 2022.”

Cramer's lightning round: Trade Desk is a buy

• It's that time again! "Mad Money" host Jim Cramer rings the lightning round bell, which means he's giving his answers to callers' stock questions at rapid speed.

Gogo: "I have not recommended Gogo in a long time, but you know something, we are now a moment where people are going to be traveling and traveling aggressively. I could see a short-term trade in Gogo as the world reopens."

Trade Desk: "Yes. I thought their quarter was exceptional. It's a great alternative to [Google-parent Alphabet]. I think that people also are warming up to it because they've been able to figure out how to deal with Apple in a good way. I think that stock is a buy."

Piedmont Lithium: "I want you to ring the register on half of that, and then play with the house's money. I do not care for the lithium stocks. I think they are too high."

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