Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning.

Good morning. Today is Thursday, October 3rd. I'm Julie Morgan.

Levi's Denham is unraveling.

Tesla's least expensive model has changed and striking workers at Boeing lose their

health care.

Shares of Levi Strauss are peeling off 11% in pre-market action

after the company lowered its full year revenue growth guidance.

Levi also said it is considering strategic alternatives for its

Dockers brand which could result in a sale. In the latest quarter, the

Dockers brand reported a 15% decline in revenue and an 8.4% drop in sales for the nine months ended August 25th.

For fiscal Q3, Levi Strauss earned an adjusted profit of 33 cents per share, up 18% from a year ago, and 2 cents above expectations.

Total revenue for all brands was up slightly in fiscal Q3, but missed expectations by 30 million.

Meanwhile, lower product costs and favorable channel and brand mix drove up the company's

gross profit margin by 440 basis points to 60%.

Regionally, sales were strongest in Europe with the 6% year over year gain,

while sales in Asia were flat and down 1% in the Americas.

Excluding the discontinued Denizen business,

sales were up 2%.

For fiscal year 24, Levi's adjusted its expectations for sales growth to just plus 1%, from earlier

guidance of up 1 to 3 percent.

This implies revenue of $6.26 billion, which is below the consensus estimate of $6.32 billion, and assumes no significant

worsening of macroeconomic pressures on the consumer.

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