Levi Strauss & Co., Costco, Biogen: After-hours movers

Levi Strauss & Co. shares drop as the company slashes 2023 guidance. Costco reports a 0.4% increase in net sales for June. The FDA approves Eisai and Biogen's Alzheimer's drug Leqembi. Yahoo Finance Live's Seana Smith breaks down the after-hours movers.

Video transcript

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SEANA SMITH: Let's take a look at a couple of stocks trending after-hours. We've got Levi's, Costco, and Biogen.

Kicking it off with Levi's, we're looking at a loss of just about 6% here in extended trading. The company cutting its forecast, lowering its full year adjusted EPS guidance. That's weighing on shares. They also cut the top end of its net sales forecast here for the full year.

Second quarter net revenue declining 9% on a year over year basis. We know people have been pulling back on their discretionary spending amid high and sticky inflation. The drop in sales coming in the North America region. Also, wholesale revenue was a bit of an issue this past quarter in the past three months. You're looking at losses of just about 6%.

Let's take a look at Costco. That stock off just about 8/10 of a percent here in extended trading. June sales coming up a bit short-- missing the Street's expectations. Total comp sales declining 1.4%. The Street was looking for a drop just about 4/10 of a percent. E-commerce sales also falling about 7/10 of a percent.

Taking a look at the one-month chart there of Costco, we're looking at gains of just about 4%. And rounding it out with Biogen, that stock up just by a fraction here in extended trading. FDA approving its Alzheimer's drug, Leqembi. Expected to expand access here to this drug. Medicare promising to cover Leqembi.

Now, this is the first antibody treatment to receive full FDA approval. The stock over the last month, off by just about 5%. Year to date, though, looking at gains of about 3% over the last year, gains of 31%. So lots of focus on this drug. What it's going to do to Biogen's business, again, FDA its first antibody treatment to receive full FDA approval. But looking at slight gains here in extended trading.