Applied Materials, Digital World Acquisition and more

Digital World Acquisition Corp (DWAC): Shares of DWAC, the SPAC that plans to merge with former President Trump’s social media company, rose 8% in extended trading following reports that Google is adding Truth Social to its Google Play Store.

Applied Materials (AMAT): The chip manufacturer lowered its earnings forecast for the fourth quarter, in part due to the new export curbs announced by the Biden administration. Applied Materials now expects fourth-quarter adjusted earnings per share of $1.54 to $1.78, missing the street’s estimate of $2.02 per share. Guidance for\ Fourth-quarter net sales was revised lower to approximately $6.4 billion, plus or minus $250 million. In a statement, the company said the revised outlook “reflects the impact of the new export regulations partially offset by supply chain performance improvements.” Shares declined in extended trading.

Duck Creek (DCT): Shares gained after the software player issued upbeat guidance and beat on both the top and bottom lines for its fiscal fourth quarter. Duck Creek posted adjusted earnings of 3 cents per share on revenue of $80.7 million, topping the street’s estimate of $73.2 million. Fourth Quarter Fiscal 2022 Subscription revenue increased to $40.2 million, up 21% year-over-year.

Victoria’s Secret (VSCO): Shares jumped more than 3% after the company projected third-quarter operating income will be at the top end of its $10 million to $40 million guidance range. Victoria’s Secret plans to detail its strategic growth plan at an investor event on Thursday.

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