Apple Slides, Amazon Surges, Replimune Soars as FDA Panel Supports Drug

On this episode of Stock Movers:
- Apple (AAPL) tumbled after component shortages weighed on the company’s sales forecast, signaling that industrywide supply constraints are taking a bigger toll than anticipated. Revenue will rise 9% to 11% in the fiscal fourth quarter, which is lower than analysts' estimates of more than 12% growth, due to constraints and currency fluctuations.
- Amazon (AMZN) shares surged after the company reported cloud-computing revenue accelerated for a fifth straight quarter, easing investors’ concerns that it won’t produce a return on huge expenditures to meet the booming demand for artificial intelligence. Revenue jumped 37% to $42.2 billion at Amazon Web Services, which generates about a fifth of the company’s revenue and most of its operating profit.
- Replimune (REPL) shares jumped 133% in premarket trading after the drug developer said its experimental therapy won support from an FDA advisory panel for the treatment of advanced melanoma. The outcome spurred an upgrade at Cantor. Replimune said the FDA’s Cellular, Tissue, and Gene Therapies Advisory Committee voted 10 to 3 that the efficacy results from the firm’s IGNYTE trial are clinically meaningful.

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