Apple, Hertz, Goodyear increase premarket; Humana, Plug Power decline.

Apple

Pre-Market:Pre-Market

Pre-Market active stocks

Gainers

• Hertz (NASDAQ:HTZ) stock surged 8.7% after the auto rental company stated it will sell its electric fleet and substitute gas-powered vehicles.
• Taiwan Semiconductor Manufacturing (NYSE:TSM) stock jumped 7.7% after the world’s largest contract chipmaker reported a smaller-than-expected fourth-quarter profit reduction due to higher sales of its most advanced chips.
• Apple (NASDAQ:AAPL) stock jumped 2.4% after Bank of America upped its rating to ‘buy’ from ‘neutral’, expecting the Vision Pro launch next month and AI-powered iPhone to boost growth.
• After replacing longtime CEO Richard Kramer with Stellantis (NYSE:STLA) executive Mark Stewart, Goodyear Tire (NASDAQ:GT) stock climbed 0.9%.
• Alphabet (NASDAQ:GOOGL) shares climbed 0.8% after The Verge claimed that Google may reduce additional jobs, citing an internal memo from CEO Sundar Pichai.
• Target (NYSE:TGT) stock climbed 0.4% after finance head Michael Fiddelke was named COO on Feb. 4, succeeding longtime CEO John Mulligan.

Losers

• Humana (NYSE:HUM) stock plunged 14% after the health insurer decreased its earnings outlook after adjusting its individual Medicare Advantage growth forecast for this year.
• Plug Power (NASDAQ:PLUG) stock fell over 14% after the fuel-cell startup announced a $1 billion share sale in an SEC filing late Wednesday.
• Discover Financial Services (NYSE:DFS) stock plunged more than 10% after the business disclosed a sharp drop in fourth-quarter net profits owing to greater compliance costs.

Stocks in focus

Taiwan Semiconductor (NYSE:TSM) rose 4% after posting strong Q4 results. Revenue is expected to climb at least 8% to $1B to $18.8B for the quarter ending March 2024. Due to rising demand for sophisticated chips in artificial intelligence applications, TSMC expects a 20% or more revenue increase in 2024.
Hertz Global Holdings (NASDAQ:HTZ) shares rose 6% after Morgan Stanley upgraded it from equal-weight to overweight. Analyst Adam Jonas noted Hertz’s decisive response to its huge electric vehicle (EV) fleet, admitting risks but suggesting that forward estimations match a normalized profits outlook, prompting the upgrade.
Discover Financial Services (NYSE:DFS) shares fell nearly 10% after poor Q4 earnings, including a 62% drop in profit. An increased credit loss provision and firm write-off of bad loans caused the reduction.
After submitting a Wednesday SEC filing announcing an at-market sales agreement with B. Riley to sell shares to raise up to $1B, Plug Power (NASDAQ:PLUG) plummeted 15% on Thursday after a 10% fall the day before.
Humana (NYSE:HUM) shares fell 14% after the health insurer cut its annual profit forecast owing to increasing medical expenditures. The business now estimates $26.09 in adjusted profits per common share for the year ending December 31, 2023, down from $28.25 and consensus of $28.30. Humana predicts 100,000 Medicare Advantage subscribers in 2024, a 1.8% increase over its 5.4M membership.

WEEKLY EARNINGS CALENDAR

Thursday Jan 18

Bank OZK OZK, F.N.B. Corp FNB, Fastenal FAST, First Horizon FHN, Home Bancshares HOMB, J.B. Hunt Transport JBHT, KeyCorp KEY, M&T Bank MTB, Northern Trust NTRS, PPG Industries PPG, Texas Capital Bancshares TCBI, WNS WNS

Friday, JAN 19

Travelers TRV, Ally Financial ALLY, Comerica CMA, Fifth Third FITB, Huntington Banc HBAN Regions Financial RF, SLB SLB, State Street STT

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Airbnb suffers as a result of KeyBanc’s downgrade 

Airbnb (NASDAQ:ABNB) shares were down nearly 3% in premarket trading Tuesday after KeyBanc downgraded the business from Overweight to Sector Weight.  

Following the split, WK Kellogg began at Sell. 

Following the conclusion of Kellogg Company’s (NYSE:K) spinoff of its North American cereal division into the WK Kellogg standalone entity, Goldman Sachs commenced coverage on WK Kellogg (NYSE:KLG) with a Sell rating and a price target of $11.00. 

WK Kellogg’s stock dropped significantly on the first day after the spinoff, closing more than 9% down on Monday.  

Nortfolk Southern and Bread Financial have been downgraded. 

Norfolk Southern (NYSE:NSC) shares fell more than 2% on Monday after BofA Securities downgraded the firm to Neutral from Buy and reduced its price objective to $215.00 from $266.00, citing operational difficulties and excessive costs.  

Bread Financial (NYSE:BFH) has been downgraded to Sell from Neutral by Goldman Sachs, with a $32 price target. As a result, shares dropped about 2% on Monday. 

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ell suffers as a result of a downgrade by Barclays.
Dell Technologies (NYSE:DELL) shares tumbled 3% before the bell on Thursday after Barclays downgraded the firm to Underweight from Equalweight, with a $53.00 price target.

Cloudflare began at Underperform.
Cloudflare (NYSE:NET) has been added to BofA Securities’ coverage with an Underperform rating and a $52.00 price objective.

Crocs (NASDAQ:CROX) shares were down more than 2% in pre-market trading today after B.Riley downgraded the firm to Neutral from Buy and reduced its price objective to $101.00 from $125.00.

Verint Systems (NASDAQ:VRNT) was downgraded from Outperform to Perform by Oppenheimer.
Following the company’s announced Q2 EPS and sales misses, as well as dismal full-year forecasts, shares fell more than 17% pre-market today.