Pre-Market : LOGI gains ; Dow Falls: Stocks in news July25

21Pre-Market

Pre-Market active stocks

Gainers

• Logitech (NASDAQ:LOGI) stock increased 7% after the manufacturer of computer mouse and keyboards upgraded its revenue and profit forecast for the first half of fiscal year 2024.
• The shares of General Electric (NYSE:GE) increased 3.8% after the industrial conglomerate lifted its full-year adjusted profit projection, counting on stable demand for aircraft engine spare parts and services from airlines aiming to capitalise on rising air traffic.
• Verizon (NYSE:VZ) stock jumped 3.1% after the telecommunications company reported an unexpected increase in wireless customer additions as more people upgraded their phones to use its 5G network.
• The shares of 3M (NYSE:MMM) climbed 2.1% after the industrial conglomerate raised its full-year EPS outlook despite announcing a quarterly loss due to a $10.3 billion settlement related to water pollution charges.
• General Motors (NYSE:GM) stock jumped 2% after the automaker raised its full-year profit forecast, owing to plans to spend less in new products and slash operating expenses by an additional $1 billion through the end of next year.
• Biogen (NASDAQ:BIIB) shares climbed 1.4% after the biotech announced it aims to reduce 1,000 jobs, or roughly 11% of its workforce, to save money as it prepares to market a new Alzheimer’s disease medication.
• Walmart (NYSE:WMT) stock jumped 1.1% after Piper Sandler raised its rating on the retail behemoth to ‘Overweight’ from ‘Neutral,’ predicting a 30% rise as it increases food market share.

Losers

• Dow (NYSE:DOW) dropped 0.7% after the chemicals business reported a lower-than-expected second-quarter earnings, hampered by lower product pricing and lacklustre sales volumes.
• Goldman Sachs (NYSE:GS) dipped 0.4% after Citigroup downgraded the investment bank to ‘Neutral’ from ‘Buy,’ stating that meeting its targets will take time.

MARKET MOVERS 

After-Market movers

GAINERS

• PacWest Bancorp (NASDAQ:PACW) 28% HIGHER; Banc of California (NYSE:BANC) and PacWest announced a formal agreement to merge in an all-stock transaction today. The boards of directors of both businesses unanimously accepted the transaction, which merges PacWest into Banc of California and Banc of California, N.A. into Pacific Western Bank.
• Alphabet (NASDAQ:GOOGL) 8% higher; Q2 EPS of $1.44, $0.10 greater than analyst expectation of $1.34. Revenue was $74.6B versus $72.82B expected.
• Teladoc (NYSE:TDOC) 8% higher; posted Q2 EPS of ($0.40), $0.01 better than analyst estimate of ($0.41). Compared to the average expectation of $649.2M, quarterly revenue was $652.4 million. Teladoc expects Q3 2023 EPS of ($0.50)-($0.40) versus the average of ($0.33). Teladoc expects Q3 2023 revenue of $650-675M versus the consensus of $663.1M. Teladoc expects FY2023 EPS of ($1.60)-($1.25) versus the consensus of ($1.34). Teladoc expects FY2023 revenue of $2.6-2.675B, compared to $2.63B consensus.
• Tenable Holdings, Inc. (NASDAQ:TENB) 8% higher; Q2 EPS of $0.22 beat analyst estimate of $0.13. Quarterly revenue was $195M versus the consensus estimate of $190.26M. Tenable Holdings, Inc. expects Q3 2023 EPS of $0.18-$0.19, versus $0.16 average. Tenable Holdings, Inc. expects Q3 2023 revenue of $197-199M, compared to $195.9M consensus. Tenable Holdings, Inc. expects FY2023 EPS of $0.65-$0.69, versus $0.59 average. Tenable Holdings, Inc. expects FY2023 revenue of $783-791M, compared to $781M consensus.
• DISH Network Corporation (NASDAQ:DISH) 5% HIGHER; Bloomberg reports that DISH Network Corporation (NASDAQ:DISH) will sell its premium wireless service on Amazon (NASDAQ:AMZN) later this week.
• Wells Fargo & Company (NYSE:WFC) 3% higher; board approved quarterly common stock dividend of $0.35 per share, payable Sept. 1, 2023, to stockholders of record on Aug. 4, 2023. Third-quarter dividends rose $0.05 per share. The Wells Fargo board authorized a $30B common stock repurchase program.

LOSERS

• Snap (NYSE:SNAP) 17% down; Q2 EPS of ($0.02), $0.23 better than consensus estimate of ($0.25). Quarterly revenue was $1.07 billion versus the consensus estimate of $1.05B. Snap expects Q3 2023 sales of $1.07-1.13B, vs to $1.01B consensus.
• Texas Instruments (NASDAQ:TXN) 4% down; Q2 EPS of $1.87, $0.11 greater than consensus estimate of $1.76. Compared to the average expectation of $4.37B, quarterly revenue was $4.53B. Texas Instruments expects Q3 2023 EPS of $1.68–$1.92, below the consensus of $1.91. Texas Instruments expects Q3 2023 revenue of $4.36-4.74B, compared to $4.6B consensus.
• Microsoft (NASDAQ:MSFT) 1% down; Q4 EPS $2.69, $0.14 greater than analyst forecast $2.55. Revenue was $56.2B versus $55.44B expected

MIDDAY MOVERS

GAINERS

• Logitech (NASDAQ:LOGI) stock increased 13% after the manufacturer of computer mouse and keyboards upgraded its revenue and profit forecast for the first half of fiscal year 2024.
• The shares of General Electric (NYSE:GE) increased 5.8% after the industrial conglomerate lifted its full-year adjusted profit projection, counting on stable demand for aircraft engine spare parts and services from airlines aiming to capitalise on rising air traffic.
• 3M (NYSE:MMM) stock jumped 4.8% after the industrial conglomerate raised its full-year earnings per share outlook despite reporting a quarterly loss due to a $10.3 billion settlement related to water pollution charges.
• United Parcel Service Inc (NYSE:UPS) shares gained 1.7% following reports that the logistics and package delivery behemoth had reached a tentative agreement with its union, averting a strike with just days to go.
• Verizon (NYSE:VZ) stock increased 1% after the telecommunications company reported an unexpected increase in wireless customer additions as more people upgraded their phones to access its 5G network.
• Citigroup downgraded Goldman Sachs (NYSE:GS) to ‘Neutral’ from ‘Buy,’ saying the investment bank’s ambitions will take time to reach.

LOSERS

• General Motors (NYSE:GM) stock plummeted 4% after the automaker raised its full-year profit forecast, owing to plans to spend less in new products and slash operating expenses by an additional $1 billion through the end of next year.
• Biogen (NASDAQ:BIIB) stock slumped 3.7% after the biotech announced it expects to reduce 1,000 positions, or about 11% of its workforce, to save money as it prepares to market a new Alzheimer’s disease medicine.

UPGRADES BY EXPERTS

Piper Sandler’s Walmart has been renovated.

Walmart (NYSE:WMT) shares gained more than 1% in pre-market trading today after Piper Sandler upgraded the company to Overweight from Neutral and increased its price objective to $210.00 from $145.00.

Wolfe Research update boosts Datadog.

Datadog (NASDAQ:DDOG) shares rose more than 3% in pre-market trading today after Wolfe Research upgraded the business to Outperform from Peerperform with a $140.00 price objective ahead of the company’s forthcoming Q2/23 earnings announcement on August 8.

Multiple Wall Street firms initiate bullish coverage on Savers Value Village.

Following its IPO last month, Savers Value Village (NYSE:SVV) got coverage initiations from a number of Wall Street firms, including Goldman Sachs, UBS, Jefferies, Baird, and Piper Sandler.

Goldman started coverage with a Buy and $28.00 price target. The bank expects Savers Value Village to develop profitably due to stable comp growth across geographies, rapid unit growth in infill markets, and enhanced supply quality, which will boost margins and free cash flow.

Leerink Partners upgrades Neurocrine Biosciences.

Leerink Partners upgraded Neurocrine Biosciences (NASDAQ:NBIX) to Outperform from Market Perform and upped its price objective to $125.00 from $115.00, citing the excellent risk/reward.

Rx trends boosted Leerink’s Ingrezza sales projections again. In 2023, 2024, and 2025, Ingrezza predictions increased from $1.75B to $1.8B, $2.0B to $2.1B, and $2.2B to $2.3B.

DOWNGRADES BY EXPERTS

American Express downgraded to Underweight due to student debt headwinds.

Piper Sandler downgraded American Express (NYSE:AXP) to Underweight from Neutral and reduced its price objective to $149.00 from $172.00 following last week’s Q2 earnings, which included an EPS beat but lower-than-expected sales.

Progressive (NYSE:PGR) shares fell more than 1% pre-market today after Morgan Stanley downgraded the firm to Underweight from Equalweight and reduced its price objective to $114.00 from $135.00.

Piper Sandler lowered Estee Lauder (NYSE:EL) from Overweight to Neutral and reduced its price objective to $195.00 from $265.00.

ZoomInfo Technologies (NASDAQ:ZI) shares fell more than 3% yesterday after RBC Capital downgraded the business to Sector Perform from Outperform and lowered its price objective to $28.00 from $30.00, citing worries about GenAI, rising competition, and continued economic headwinds.

Earnings Calendar

TUESDAY JULY 25

Microsoft (MSFT), Alphabet Inc. (GOOGL; GOOG), Visa (V), Texas Instruments (TXN), Raytheon Technologies (RTX), Verizon Communications (VZ), General Electric (GE), UBS (UBS), 3M Company (MMM), and Ford Motor Company (F)

WEDNESDAY JULY 26

Meta Platforms (META), The Coca-Cola Company (KO), Thermo Fisher Scientific (TMO), Union Pacific Railroad (UNP), Boeing (BA), Automatic Data Processing Inc. (ADP), AT&T (T), Chipotle Mexican Grill (CMG), Stellantis (STLA), and O’Reilly Automotive (ORLY)

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