Pre-Market active stocks
Gainers
- Roku (NASDAQ:ROKU) shares gained 12% after the video streaming business announced plans to decrease its personnel by 10% and limit new hires in order to cut costs.
- The shares of Gitlab (NASDAQ:GTLB) increased 6% after the software coding platform reported an unexpected profit in the second quarter.
- Tellurian (NYSE:TELL) stock jumped 4.4% after the oil and gas business struck a supply agreement with Baker Hughes (up 0.4%), for its liquefied natural gas export project in the United States.
- Toast (NYSE:TOST) stock increased 4.7% after UBS upgraded the restaurant management software company to ‘buy’ from ‘neutral,’ predicting a 40% gain.
- Moderna (NASDAQ:MRNA) stock increased 0.6% despite the drugmaker’s announcement that clinical trial data revealed its improved COVID-19 vaccine will likely be effective against the coronavirus’s highly modified BA.2.86 subvariant. Rivals Novavax (NASDAQ:NVAX) and Pfizer (NYSE:PFE) have already received approval for their vaccines.
Losers
- Telefonica (NYSE:TEF) ADRs sank 3.6% after the Spanish government stated it is investigating Saudi Arabian business STC’s purchase of a 9.9% stake in the telecoms behemoth in order to protect its strategic interests.
- Stem (NYSE:STEM) stock dropped 3.4% after Morgan Stanley downgraded the energy storage business to ‘equal weight’ from ‘overweight,’ citing worries about the company’s capacity to meet its goals.
- Block (NYSE:SQ) stock fell 2.7% after UBS downgraded the fintech company to ‘neutral’ from ‘buy,’ citing a slowing in gross profit growth in the second half of 2023 and throughout next year due to a downturn in consumer discretionary spending.
- Alaska Airlines (NYSE:ALK) stock declined 0.8% after decreasing its third-quarter pretax margin outlook, while Southwest Airlines (NYSE:LUV) stock plummeted 4.6% and United Airlines (NASDAQ:UAL) stock down 1.3% after the carriers warned of higher fuel costs owing to a rise in crude prices.
UPGRADES BY EXPERTSÂ
Oracle capitalizes on Barclays’ upgrading
Oracle (NYSE:ORCL) stock rose 2.5% on Tuesday after Barclays upgraded the stock to Overweight from Equal Weight and boosted its price objective to $150 from $126.
Bernstein gives Lowe’s a boost.
On Tuesday, Bernstein upgraded Lowe’s (NYSE:LOW) from Market Perform to Outperform and boosted its price objective to $282 from $252.
Susquehanna upgraded NetApp (NASDAQ:NTAP) to Positive from Neutral and upped its price target to $100 from $62 on Tuesday, resulting in a greater than 2% gain in the stock.
Stryker (NYSE:SYK) was upgraded to Buy from Neutral by BofA Securities, and its price objective was raised to $315 from $310.
DOWNGRADES BY EXPERTS
UBS has reduced its block size due to dwindling growth and profit prospects.
UBS lowered Block (NYSE:SQ) to Neutral from Buy, and reduced the stock’s price target to $65.00 from $102.00.
Morgan Stanley’s stem cut
On Wednesday, Morgan Stanley downgraded Stem (NYSE:STEM) to Equalweight from Overweight and reduced its price objective to $8.00 from $12.00.
General Mills has been lowered ahead of its first-quarter results report.
On Tuesday, Exane BNP Paribas downgraded General Mills (NYSE:GIS) to Neutral from Outperform. The business is scheduled to report its Q1/24 earnings on September 20. The consensus forecast for earnings per share is $1.09, with revenues of $4.92 billion.
The stock of FMC falls as a result of a downgrade by UBS.
FMC (NYSE:FMC) shares fell more than 4% on Tuesday after UBS downgraded the business from Buy to Neutral and reduced its price target to $97.00 from $120.00.
Agiliti falls after BofA downgrading.
Shares of Agiliti (NYSE:AGTI) fell more than 11% on Tuesday after BofA Securities downgraded the firm to Underperform from Neutral and reduced its price target to $11.00 from $18.00.
Earnings Calendar
Wednesday, sep 06Â
- UiPath Inc. (PATH), Core & Main Inc. (CNM), Gamestop Corp. (GME), Sprinklr Inc. (CXM) and American Eagle Outfitters (AEO)Â Â
Thursday, Sep 07 Â
The Toro Company (TTC), DocuSign Inc. (DOCU), Guidewire Software Inc. (GWRE), Smartsheet Inc. (SMAR), Braze Inc. (BRZE), and John Wiley & Sons Inc. (WLY) Â
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