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Levi Strauss, AMD, Tilray and more

Levi Strauss (LEVI): Shares fell 5% in extended trading after the jeans maker cut its full-year forecast, citing the strong dollar and supply chain disruptions. Levi sees full-year adjusted earnings per share of $1.44 to $1.49, down from the previous range of $1.50 to $1.56, and 2022 net income growth of 6.7% to 7%.

For the third quarter, Levi’s reported adjusted earnings of 40 cents per share on revenue of $1.52 billion.

Advanced Micro Devices (AMD): The chipmaker fell in after-hours trading after the company lowered its guidance for the third quarter, noting a weak PC market and “significant”[ads1]; inventory corrections across the PC supply chain. AMD now sees third-quarter sales of $5.6 billion, down from its previous estimate of $6.71 billion.

Competitors Nvidia ( NVDA ) and Intel ( INTC ) fell in the post market on the news.

Tilray (TLRY), canopy growth (CGC), Aurora Cannabis (ACB): Cannabis stocks edged higher ahead of the close, adding to the increase in extended trading after President Biden pardoned all previous federal offenses of simple possession of marijuana. Biden also urged governors to do the same with state offenses and asked Health and Human Services Secretary Xavier Becerra and Attorney General Merrick Garland to review how marijuana is classified under federal law.

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