Momenta Accelerates Its Drive Towards U.S. Listing

Benzinga

Key Takeaways:

China’s securities regulator has approved Momenta’s plan for a U.S. listing, which could raise up to $300 million
Despite partnerships with major automakers, the autonomous driving company faces challenges in finding partners to use its technology and from rival products

By Hugh Chen

Self-driving tech company Momenta Global Ltd. likes to tout a dual strategy that focuses on both mass-market Advanced Driver Assistance Systems (ADAS), as well as fully autonomous driving solutions. It claims such an approach, which it calls its “flywheel” strategy, allows it to generate revenue from current ADAS solutions while also gathering crucial data to develop more advanced autonomous driving systems for the future.

The company could soon find out if investors share its enthusiasm for that strategy as it mounts its own drive for an overseas IPO. That campaign took a significant step forward last week when the China Securities Regulatory Commission (CSRC) approved Momenta’s application for an IPO on either the Nasdaq or New York Stock Exchange. The company intends to issue up to 63 million ordinary shares.

Momenta is joining an increasingly crowded field of autonomous driving tech firms eying offshore IPOs, alongside others like Pony.ai and Zongmu that have filed similar applications. Only a handful have made it to market so far, with a spotty track record reflecting mixed investor appetite for such companies. Shares for one of those, Hesai , have lost three-quarters of their value since their U.S. IPO in early 2023.

Despite the tepid reception, the IPO parade is marching on as Momenta and its peers seek funds to fuel their money-losing operations that are unlikely to become profitable in the near-term.

While Momenta hasn’t disclosed its fundraising target, Bloomberg reported last month the company might aim to raise between $200 million and $300 million. The company has yet to file any public documents with the U.S. securities regulator, though it’s possible it has already submitted some early confidential information.

Unlike many of its competitors that focused solely on fully autonomous driving from the start, Momenta has charted a different course since its founding in 2016. It began by concentrating on ADAS, aiming to provide a product with immediate revenue-generating potential. It wasn’t until 2019 that Momenta expanded to include fully autonomous driving technology.

Like many of its peers, Momenta was established in 2016 by a team with strong technical backgrounds. Its founding team included Cao Xudong, a former executive at facial recognition technology company SenseTime (0020.HK), along with other AI and automotive industry veterans.

The company has been a successful fundraiser over the years, soaking up over $1 billion across multiple funding rounds. Its diverse investor base runs the range from Singaporean sovereign wealth fund Temasek, to Alibaba-affiliated Yunfeng Capital, gaming giant Tencent, and Germany’s Daimler AG. One of its biggest rounds came in 2021 when the company raised $500 million, with participation from Toyota, Bosch, and Daimler.

Momenta’s early focus on integrating its products into mass-produced vehicles may give it a leg up on its peers in terms of commercialization. Many of its competitors only began shifting towards ADAS around 2022. One of those is Pony.ai, another recent IPO candidate, which only seriously entered the ADAS market in 2023.

Flywheel Strategy

Momenta has prioritized building strong ties with automakers using two strategies. One of those has seen it secure such partners as investors, which include the likes of SAIC, Toyota and Daimler. Momenta also builds such ties through strategic joint ventures, such as a 2020 partnership with IM Motors, the high-end electric vehicle unit of SAIC; and a similar tie-up with BYD formed in late 2021.

Such partnerships serve dual purposes. The partners can become future customers. And once that happens, they can also provide extensive vehicle operation data. That approach is central to Momenta’s “flywheel” strategy, where collaborations generate both revenue in the present and data for the development of future products, in a self-reinforcing cycle.

Despite Momenta’s numerous partnerships, few of those partners have actually used its technology in mass-produced vehicles. Two notable adopters are IM Motors, which has integrated Momenta’s D.L.P. AI model into its vehicles; and Mercedes-Benz, which will use Momenta’s map-free advanced driving assistance systems in its all-electric CLA model, set for production in April 2025.

Momenta and its peers are targeting an ADAS market with substantial growth potential. Third-party research cited by Zongmu says that China’s ADAS market expanded from 9.3 billion yuan ($1.3 billion) in 2018 to 41.3 billion yuan in 2022, underscoring the sector’s rapid development.

However, the burgeoning sector is also becoming increasingly competitive, attracting both startups and also established automakers that are developing their own in-house ADAS solutions. For instance, BYD now uses its proprietary ADAS system, DiPilot, in many of its models including its Han series.

While focusing on ADAS for near-term revenue, Momenta is also ramping up for fully autonomous driving – a sector expected to be worth $360 billion by 2030, according to McKinsey. That leg of the company’s strategy includes the launch of Momenta Go, a robotaxi service that began commercial operations in 2021 in designated areas of the Eastern Chinese city of Suzhou.

Momenta has not disclosed many details about Momenta Go, suggesting its services are still in a trial phase. As such, that business is unlikely to generate significant revenue in the near term. We’ll also need to wait for some public filings with the U.S. securities regulator to gage how Momenta is doing in commercializing its older ADAS solutions.

Like other robotaxi service providers, Momenta will face significant hurdles beyond technological challenges. Chief among these is China’s complex regulatory landscape, where legal and regulatory frameworks often struggle to keep pace with technological advances, creating uncertainty and potential obstacles for widespread adoption.

However, recent developments in China’s regulatory environment offer some encouragement. In November, China issued guidelines for a nationwide scheme to accept applications from companies seeking to deploy more fully autonomous vehicles for mass adoption.

Under the new plan, drivers in test vehicles are allowed to take their hands off the steering wheels, with automakers and fleet operators assuming responsibility for safety. This shift in liability is a crucial development, potentially accelerating the path to wider autonomous vehicle deployment. However, it also places greater responsibility on companies like Momenta to ensure their systems are robust and reliable.

Despite such positive developments, Momenta will need to continue spending heavily on improving its technology, and a significant portion of its IPO funds are likely to go to R&D. The company appears to have laid a solid foundation to become an important player in the autonomous driving space. But we’ll need to see more about its relationships with automakers, as well as its current and future revenue potential, to better understand its longer-term prospects.

This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

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Blacklisted Chinese Companies Rebrand as American to Dodge Crackdown — WSJ

Dow Jones Newswires

Hesai

+0.15%

By Heather Somerville

In December, a new company registered in Michigan: American Lidar. Its planned home would be an easy drive from the big three U.S. automakers.

The company behind American Lidar, and not mentioned in its registration, is China-based lidar maker Hesai Group, which the U.S. has labeled a security concern. It is a familiar playbook: a company facing regulatory or reputational problems sets up a subsidiary or affiliate with a different name.

Chinese firms trying to buffer themselves from Washington's anti-China policies are rebranding and creating U.S.-domiciled businesses to sell their wares as the Biden administration expands the government entity lists that restrict Chinese companies' business dealings in the U.S., say policymakers and national-security experts. The blacklisting has also created opportunities for American entrepreneurs who want to work with Chinese companies that are popular with U.S. consumers.

"Chinese firms take a blow but then adjust business strategy and are able to move in another direction," said Derek Scissors, a former commissioner on the U.S.-China Economic and Security Review Commission.

TikTok spent years trying to distance itself from its China-based parent, ByteDance, by establishing a U.S. headquarters and exploring ways to rebrand in America. Despite the moves, the video app faces a possible ban under a new law. TikTok has sued the U.S. government, accusing it of violating First Amendment rights.

Chinese companies' efforts to shift production, rebrand as American or set up subsidiaries with new names are legal, lawyers say. Still, such moves irritate regulators who can't enforce laws when it isn't clear who is behind a company.

"As the U.S. government turns to blacklists as a means of identifying problematic Chinese companies and as a means for imposing restrictions, the shell game is going to intensify," said a House of Representatives aide researching Chinese companies in the U.S.

A Massachusetts affiliate of Chinese biotech company BGI Group recently rebranded, striking "BGI" from its name. SZ DJI Technology, the world's largest drone maker, struck a deal with an American startup to sell drones in the U.S. ahead of a possible ban. Years ago, Chinese telecom company Huawei Technologies set up an American subsidiary, Futurewei, ahead of U.S. sanctions on the company.

Lidar debate

Lidar maker Hesai became a target in the U.S.-China tech trade war after allegations that its laser sensors, which are important to the U.S. auto industry and military, could be used to collect sensitive American data. Lidar allows cars to recognize their surrounding environment, enabling features such as lane keeping and automatic braking.

A month after it set up American Lidar to be its manufacturing facility in the U.S. heartland, Hesai was added to the Defense Department list that designates companies as Chinese military entities operating in the U.S. Its stock fell 30% in a day after the list was published and hasn't recovered. Almost one-fifth of Hesai's revenue comes from the U.S.

The Pentagon's designation prohibits the U.S. military from buying Hesai products. Automakers and other private companies can remain buyers. Hesai says its lidars don't pose a threat because they can't store or transmit images wirelessly.

A Hesai spokeswoman said the name American Lidar was a placeholder, but the company wanted to communicate that the products would be made and sold in the U.S. Hesai has since paused plans for the American Lidar facility, blaming the fallout from being labeled a Chinese military entity.

Hesai filed a lawsuit this month against the Defense Department, asserting it should be removed from the list because it has no affiliation with any military and isn't controlled by the Chinese government.

BGI Genomics, part of China's BGI Group, was added to the Pentagon's list of Chinese military companies in 2022. A year ago, one of its subsidiaries in Massachusetts changed its name to Innomics from BGI Americas.

In an April statement, a congressional select committee said the name change was an attempt "to avoid regulatory scrutiny" and asked the Pentagon to add Innomics to its Chinese military-entity list.

BGI Group said it doesn't do work for the military and its subsidiaries in the U.S. don't have access to Americans' personal data. Innomics said it doesn't belong on the Pentagon's list because it has no connection with the Chinese military and no operations in China.

National-security experts and lawyers say singling out individual Chinese companies invites rebranding and obfuscation.

"You should not be sanctioning individual firms, you should be sanctioning technology sectors," said Scissors, the former commissioner who is also a senior fellow at the think tank American Enterprise Institute, which advocates for assertive policies to deal with China.

A business opportunity

A new proposed ban from Congress targets Chinese drone maker DJI. The legislation is, in effect, a broad prohibition on the use of DJI drones by consumers as well as governments. The U.S. has warned that DJI might be sending data from its drones to Beijing and that its drones aid in human-rights abuses in China.

DJI says these allegations are false.

For Randall Warnas, the proposed bill presented an opportunity.

Early last year, he struck a deal with DJI to license its technology for at least two drone models and sell them in the U.S. through a new startup, Anzu Robotics. Warnas is an American citizen and Utah resident who previously worked for DJI and Autel Robotics, another large Chinese drone maker.

Warnas said he got the blueprints from DJI for a licensing fee. He hired a manufacturer in Malaysia to assemble the drones.

Anzu's drones use DJI software. Warnas said his startup answers concerns about data-sharing with Beijing by storing data from the drones in the U.S.

"The whole intention was to comply with the United States' request to not have Chinese drones operating in the U.S.," he said.

Some in Washington are worried that DJI is using the deal to get around sanctions. Rep. Elise Stefanik (R., N.Y.), an architect of the bill to ban DJI drones, called it a "desperate attempt."

"DJI and all of its shell companies will be held accountable," she said.

DJI said it gets frequent requests for collaboration, including licensing agreements, that allow it to continue making its drones widely available to users.

Write to Heather Somerville at heather.somerville@wsj.com

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Why James Hardie Industries Shares Are Trading Lower By Around 14%? Here Are Other Stocks Moving In Tuesday's Mid-Day Session

Benzinga

Hesai

+0.15%

James Hardie Industries

Biodexa Pharmaceuticals

-24.60%

Shares of James Hardie Industries plc fell sharply during Tuesday's session after the company reported worse-than-expected quarterly financial results.

James Hardie Industries posted adjusted earnings of 40 cents per share, missing market expectations of 42 cents per share. The company's quarterly sales came in at $1.005 billion versus estimates of $1.009 billion, according to data from Benzinga Pro.

JP Morgan analyst Al Harvey downgraded James Hardie Industries from Overweight to Neutral.

James Hardie Industries shares dipped 14.3% to $31.36 on Tuesday.

Here are some other stocks moving in today’s mid-day session.

Gainers

MGO Global, Inc. shares jumped 194% to $0.6739 after the company posted first-quarter results.
Mangoceuticals, Inc. gained 121% to $0.5598 after the company announced the development of oral formulations of Semaglutide and Tirzepatide.
Biodexa Pharmaceuticals Plc jumped 87% to $2.3750 after the company presented Phase 2 clinical trial results of its newly-licensed eRapa in familial adenomatous polyposis scheduled for presentation at the 2024 Digestive Disease Week Annual Meeting.
Meta Materials Inc. gained 64.4% to $3.78 after the company late Monday announced an update on its investigation into potential naked short selling, which began in June 2023.
FLJ Group Limited jumped 60% to $1.2521.
AgriFORCE Growing Systems Ltd shares climbed 41% to $0.1814 after jumping over 25% on Monday.
Edible Garden AG Incorporated climbed 38.2% to $5.25 after jumping around 9% on Monday. The company, last week, reported first-quarter financial results.
Complete Solaria, Inc. gained 35.3% to $1.5828.
Fangdd Network Group Ltd. surged 28% to $1.4813.
Onfolio Holdings, Inc. rose 26% to $0.7801 following first-quarter results.
Xylo Technologies Ltd. gained 21.3% to $2.3780. Xylo Technologies announced plans to acquire a leading AI technology company.
Ault Alliance, Inc. rose 18% to $0.4630 after the company reported a year-over-year increase in first-quarter financial results.
Lichen China Limited gained 15% to $1.77.
Waldencast plc gained 15% to $5.00 following first-quarter results.
Larimar Therapeutics, Inc.. rose 12.3% to $8.16 after the company announced that the FDA removed the partial clinical hold previously placed on the nomlabofusp clinical program.
Transcat, Inc. rose 10.1% to $136.63 following better-than-expected quarterly earnings.
XPeng Inc. gained 10% to $9.12 after the company reported better-than-expected first-quarter results and issued second-quarter guidance.
Bloom Energy Corporation rose 9.7% to $14.18.
Allogene Therapeutics, Inc. gained 8.5% to $2.8090 after falling over 6% on Monday.

Losers

Cheetah Net Supply Chain Service Inc. fell 67% to $4.77 after jumping over 36% on Monday.
Greenwave Technology Solutions, Inc. shares fell 60.5% to $0.0623 after the company reported a year-over-year decrease in first-quarter financial results. Also, the company announced a registered direct offering.
LuxUrban Hotels Inc. fell 42.4% to $0.2585 after the company announced the pricing of its public offering of 30.50 million common shares at $0.25 per share.
Crown ElectroKinetics Corp. dipped 33% to $0.1331.
American Oncology Network, Inc. fell 28.5% to $2.00. American Oncology Network announced voluntary delisting from the Nasdaq.
MultiMetaVerse Holdings Limited dipped 28% to $0.9497. MultiMetaVerse, on Monday, signed a term sheet to acquire Bowong Technology.
Pineapple Energy Inc. shares fell 27.6% to $0.1371 after jumping 80% on Monday.
Rubicon Technologies, Inc. fell 27% to $0.2482 after the company reported a year-over-year decrease in first-quarter sales results.
Bruush Oral Care Inc. dipped 26.6% to $0.1160.
iSun, Inc. shares fell 25.3% to $0.1250 after climbing around 15% on Monday.
NovaBay Pharmaceuticals, Inc. shares fell 24.9% to $0.1310 following a 47% surge on Monday. The company last week announced it launched new Avenova product bundles aimed at providing tailored, cost-effective relief for dry eye symptoms.
Akanda Corp. fell 24.4% to $0.1010.
Scorpius Holdings, Inc. shares fell 24.3% to $0.2574. Scorpius shares jumped around 55% on Monday after the company announced expansion in San Antonio with a new storage and testing facility.
Rubicon Technologies, Inc. shares dipped 24.1% to $0.2582 in pre-market trading after the company reported a year-over-year decrease in first-quarter sales results.
Faraday Future Intelligent Electric Inc. fell 22% to $1.3950.
Daré Bioscience, Inc. tumbled 21.7% to $0.4775.
Peloton Interactive, Inc. fell 15.7% to $3.2950 after the company announced it will offer $275 million aggregate principal amount of convertible senior notes in a private offering.
Zenvia Inc. shares fell 15.2% to $3.25 after jumping over 67% on Monday.
Gaotu Techedu Inc. shares declined 13.4% to $7.09 following results for the first quarter.
Oddity Tech Ltd. fell 12.5% to $35.88 following a short seller report.
Hesai Group shares declined 12.2% to $4.62 following first-quarter results.
Forward Air Corporation fell 11.3% to $11.97 after announcing leadership transition.
Palo Alto Networks, Inc. fell 4.2% to $309.96. Palo Alto posted better-than-expected earnings for its third quarter. The company said it sees fourth-quarter adjusted earnings of $1.40 to $1.42 per share on total revenue of $2.15 billion to $2.17 billion.
Keysight Technologies, Inc. fell 10.6% to $142.78. Keysight Technologies posted better-than-expected second-quarter earnings on Monday. The company said it expects third-quarter revenue of $1.18 billion to $1.20 billion and adjusted earnings of $1.30 to $1.36 per share.
Applied Digital Corporation dipped 10.4% to $4.10.
A10 Networks, Inc. fell 8.2% to $15.10.
GameStop Corp. declined 7.6% to $21.38.
Nordson Corporation fell 7.5% to $248.28 following mixed second-quarter earnings and soft third-quarter revenue guidance.
Amer Sports, Inc. fell 7.4% to $14.83 after the company reported first-quarter earnings.
JD.com, Inc. shares declined 3.2% to $33.63 after the company reported interim first-quarter results and announced a proposed offering of $1.5 billion convertible senior notes.

Now Read This: This Walt Disney Analyst Is No Longer Bearish; Here Are Top 5 Upgrades For Tuesday

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Hesai Group Shares Drop 11% After Lower 1Q Revenue

Dow Jones Newswires

Hesai

+0.15%

By Chris Wack

Hesai Group shares dropped after the company reported first-quarter revenue that was down from the same quarter last year.

Shares were down 11% to $4.67 in recent trading. The stock has declined almost 48% this year.

The range-technology company said it had a quarterly loss of $14.8 million, or 12 cents a share, compared with a loss of $16.9 million, or 14 cents a share, in the same quarter last year.

Revenue for the quarter was $49.7 million, compared with last year's $61.1 million. Analysts were expecting $46.6 million.

Hesai said the year-over-year decrease in revenue was mainly attributable to decreased sales of autonomous mobility lidar products due to slower demand in its robotaxi business.

Write to Chris Wack at chris.wack@wsj.com

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Usa - Listed Shares Of Hesai Group Down 13.5% After Lower Q1 Rev

Reuters

Hesai

+0.15%

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Exchange-Traded Funds, Equity Futures Mixed Pre-Bell Tuesday as Investors Await Fresh Catalysts

MT Newswires

Hesai

+0.15%

The broad market exchange-traded fund SPDR S&P 500 ETF Trust was marginally up by 0.01% and the actively traded Invesco QQQ Trust was 0.1% lower as markets were mixed in Tuesday's premarket activity, with investors awaiting fresh catalysts.

US stock futures were also mixed, with S&P 500 Index futures up 0.01%, Dow Jones Industrial Average futures were flat, and Nasdaq futures slipping 0.1% before the start of regular trading.

Richmond Federal Reserve President Thomas Barkin and Governor Christopher Waller will speak at 9 am ET, New York President John Williams at 9:05 am, Atlanta President Raphael Bostic at 9:10 am and 7 pm, and Vice Chair Michael Barr at 11:45 am.

In premarket action, bitcoin was up by 1.5% and the cryptocurrency fund ProShares Bitcoin Strategy ETF was 1.9% higher.

Power Play:

Technology

Technology Select Sector SPDR Fund advanced 0.2%, and the iShares US Technology ETF was 0.1% higher, and the iShares Expanded Tech Sector ETF was 1% up. Among semiconductor ETFs, SPDR S&P Semiconductor ETF was inactive, while the iShares Semiconductor ETF rose by 0.1%.

Meta Materials shares were up more than 33% in premarket activity after the company said late Monday that its investigation has found "meritorious claims for market manipulation against several parties" and that it plans to take legal action against responsible parties.

Winners and Losers:

Health Care

The Health Care Select Sector SPDR Fund advanced 0.2%. The Vanguard Health Care Index Fund , the iShares US Healthcare ETF , and the iShares Biotechnology ETF were inactive.

SHL Telemedicine shares were up 14% premarket after the company said it now offers at-home biomarker blood tests for heart attack detection in Israel.

Consumer

The Consumer Staples Select Sector SPDR Fund was flat, while the Vanguard Consumer Staples Fund , the iShares US Consumer Staples ETF and the Consumer Discretionary Select Sector SPDR Fund were inactive. The VanEck Retail ETF was inactive, while the SPDR S&P Retail ETF was flat.

Hesai Group's shares fell more than 12% in premarket activity Tuesday after the company reported a loss and declining sales for Q1.

Industrial

Industrial Select Sector SPDR Fund advanced 0.2% while the Vanguard Industrials Index Fund and the iShares US Industrials ETF were inactive.

ZIM Integrated Shipping Services shares were down more than 10% before the opening bell even after the company said it swung to Q1 earnings and reported higher revenue.

Energy

The iShares US Energy ETF was inactive, while the Energy Select Sector SPDR Fund was down by 0.4%.

Permianville Royalty Trust shares were up 4.7% before Tuesday's opening bell after the company reported a reduction in the cumulative net profits shortfall in May to $3.9 million from about $4.5 million.

Financial

Financial Select Sector SPDR Fund gained 0.3%. Direxion Daily Financial Bull 3X Shares was up 0.2%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares was 0.1% lower.

Commodities

Front-month US West Texas Intermediate crude oil retreated 1.9% to $77.78 per barrel on the New York Mercantile Exchange. Natural gas was down 2% to $2.69 per 1 million British Thermal Units. United States Oil Fund was 1.8% lower and the United States Natural Gas Fund retreated 2%.

Gold futures for August fell 0.6% to $2,446.20 an ounce on the Comex, while silver futures retreated 1.8% to $31.86 an ounce. SPDR Gold Shares lost 0.3%, and iShares Silver Trust was flat.

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Why Larimar Therapeutics Shares Are Trading Higher By 18%; Here Are 20 Stocks Moving Premarket

Benzinga

Shares of Larimar Therapeutics, Inc.. rose sharply in today's pre-market trading after the company announced that the FDA removed the partial clinical hold previously placed on the nomlabofusp clinical program.

Larimar Therapeutics shares jumped 17.6% to $8.55 in the pre-market trading session.

Here are some other stocks moving in pre-market trading.

Gainers

Edible Garden AG Incorporated gained 94.5% to $7.39 in pre-market trading after jumping around 9% on Monday. The company, last week, reported first-quarter financial results.
MGO Global, Inc. shares gained 83.6% to $0.42 in pre-market trading after falling over 5% on Monday.
AgriFORCE Growing Systems Ltd. rose 74.2% to $0.2240 in today's pre-market trading after jumping over 25% on Monday.
Meta Materials Inc. gained 59.1% to $3.66 in pre-market trading. Meta Materials issued an update on naked short selling investigation.
Biodexa Pharmaceuticals Plc shares rose 46% to $1.86 in pre-market trading after gaining around 7% on Monday.
Tevogen Bio Holdings Inc. shares gained 24.5% to $0.9710 in pre-market trading following a 5% decline on Monday.
MMTec, Inc. gained 22.8% to $1.29 in pre-market trading after dipping 85% on Monday.
Cheetah Net Supply Chain Service Inc. shares climbed 22.5% to $18.08 in pre-market trading after jumping over 36% on Monday.
Allogene Therapeutics, Inc. gained 10.1% to $2.85 in pre-market trading after falling over 6% on Monday.

Losers

Greenwave Technology Solutions, Inc. shares declined 59.2% to $0.0645 in pre-market trading.
Rubicon Technologies, Inc. shares dipped 24.1% to $0.2582 in pre-market trading after the company reported a year-over-year decrease in first-quarter sales results.
LuxUrban Hotels Inc. shares declined 24.1% to $0.3409 in pre-market trading after the company launched a proposed public offering of securities.
Scorpius Holdings, Inc. shares fell 21.8% to $0.1251 in pre-market trading. Scorpius shares jumped around 55% on Monday after the company announced expansion in San Antonio with a new storage and testing facility.
Pineapple Energy Inc. shares fell 19.6% to $0.1528 in pre-market trading after jumping 80% on Monday.
iSun, Inc. shares fell 18.8% to $0.1360 in pre-market trading after climbing around 15% on Monday.
NovaBay Pharmaceuticals, Inc. shares fell 17.4% to $0.1440 in pre-market trading following a 47% surge on Monday. The company last week announced it launched new Avenova product bundles aimed at providing tailored, cost-effective relief for dry eye symptoms.
Zenvia Inc. shares fell 18.2% to $3.15 in pre-market trading after jumping over 67% on Monday.
Hesai Group shares declined 11.6% to $4.65 in pre-market trading following first-quarter results.
Palo Alto Networks, Inc. fell 7.9% to $298.25 in pre-market trading. Palo Alto posted better-than-expected earnings for its third quarter. The company said it sees fourth-quarter adjusted earnings of $1.40 to $1.42 per share on total revenue of $2.15 billion to $2.17 billion.