After-hours movers: Microvast sinks on report of major contract loss, Zoom gains following EPS

After-Hours Stock Movers:

Microvast Holdings Inc (NASDAQ:) 28% LOWER; U.S. Energy Department cancels contract negotiations on $200 million award.

Guardant Health (NASDAQ:) 7% LOWER; announced that it has commenced an underwritten public offering of $250.0M of its common stock.

RenaissanceRe Holdings Ltd (NYSE:) 4% LOWER; American International Group (NYSE:) today announced that it has entered into a definitive agreement to sell Validus Re, including AlphaCat and the Talbot Treaty reinsurance business, to RenaissanceRe Holdings Ltd. for $2.985 billion, consisting of $2.735B in cash and $250M in RenaissanceRe common shares. In addition, AIG will receive all capital in excess of $2.1B of shareholders’ equity of Validus Re and achieve future capital synergies of approximately $400M from the recapture of reserves as a result of transferring the Validus Re balance sheet to RenaissanceRe, which together, as of December 31, 2022, was over $1.5B. The total estimated transaction value is expected to exceed $4.5B.

Zoom Video Communications Inc (NASDAQ:) 1% HIGHER; reported Q1 EPS of $1.16, $0.17 better than the analyst estimate of $0.99. Revenue for the quarter came in at $1.1B versus the consensus estimate of $1.08B. Zoom sees Q2 2024 EPS of $1.04-$1.06, versus the consensus of $1.05. Zoom sees Q2 2024 revenue of $1.11-1.115B, versus the consensus of $1.11B. Zoom sees FY2024 EPS of $4.25-$4.31, versus the consensus of $4.22. Zoom sees FY2024 revenue of $4.465-4.485B, versus the consensus of $4.45B.

General Motors (NYSE:) 1% HIGHER; CFO, Paul Jacobson, bought 31,000 shares 05/19/23 at $32.60. The value of the purchase was just over $1M.

Leidos Holdings Inc (NYSE:) 1% HIGHER; new CEO, Thomas Arthur Bell, bought 6,300 shares on 05/22/23 at $78.8099. The value of the purchase of about $500,000.