Pre-Market:Pre-Market
Pre-Market active stocks
Gainers
- M&T Bank (NYSE:MTB) stock increased 2% after the lender topped third-quarter profit projections, allowing it to charge higher interest rates on loans due to the Federal Reserve’s quick rate hikes.
- Procter & Gamble (NYSE:PG) stock increased 1.6% after the consumer goods conglomerate’s quarterly sales above market estimates, aided by consistent demand for its products despite repeated price increases.
- Nasdaq (NASDAQ:NDAQ) climbed 0.2% after the stock exchange announced third-quarter profit that exceeded estimates, aided by higher demand for its indexes and anti-financial-crime solutions.
- Travelers (NYSE:TRV) shares rose 0.1% despite the insurance announcing a 14% drop in quarterly earnings due to strong wind and hail storms in regions of the United States, which increased the insurer’s catastrophic losses
Losers
- United Airlines (NASDAQ:UAL) stock dropped 5.3% after the airline issued disappointing outlook, anticipating lower fourth-quarter profitability owing to rising expenditures.
- After announcing third-quarter earnings, Interactive Brokers (NASDAQ:IBKR) stock slumped 3.8%, with brokerages lowering their price estimates on the online broker, citing the company’s reduced account growth expectations.
- JB Hunt (NASDAQ:JBHT) stock slumped 3.1% after the transportation and logistics firm fell slightly short of third-quarter profit projections.
- Citizens Financial (NYSE:CFG) stock dipped 3% after the bank’s third-quarter profit decreased 33% due to a drop in income from charging clients interest on loans.
- Morgan Stanley (NYSE:MS) stock slumped 2.9% as the banking behemoth announced a 9% drop in profit from the previous year, while revenue increased 2% to $13.27 billion, roughly matching expectations.
Upgrades
At KeyBanc, Arm Holdings began with Overweight.
KeyBanc initiated coverage of Arm Holdings (NASDAQ:ARM) with an Overweight rating and a $65.00 price target.
The commencement is the most recent of many buy-equivalent ratings assigned to the chipmaker following its IPO last month, with a slew of brokerages beginning coverage last week, including BofA Securities, TD Cowen, Goldman Sachs, and Citi, and the majority of them assigning buy-equivalent ratings.
In the premarket, Arm shares fell 1.1% to $57.71.
Nkarta receives an upgrade after announcing a collaboration with Lupus Therapeutics.
Following the company’s announced cooperation with Lupus Therapeutics to facilitate the investigation of Natural Killer (NK) cell therapy in Lupus Nephritis, Raymond James raised Nkarta (NASDAQ:NKTX) to Strong Buy from Outperform on Tuesday, with a price objective of $13.00.
Elastic (NYSE:ESTC) shares jumped more than 1% in pre-market trading today after Jefferies upgraded the firm to Buy from Hold and boosted its price objective to $100.00 from $75.00.
Mizuho Securities raised Hudson Pacific Properties (NYSE:HPP) from Underperform to Neutral, with a $7.00 price objective (down from $10.00).
On the news, shares increased by more than 112% on Tuesday.
Downgrades
SQM is being reduced in order to underperform.
Shares of Sociedad Quimica y Minera de Chile (NYSE:SQM) fell roughly 3% in premarket trading Wednesday after BofA Securities downgraded the firm to Underperform from Neutral and reduced its price objective to $59.00 from $69.00.
When it reports next month, the miner is likely to announce earnings of $2.41 per share on a revenue of $2.23 billion, down from $3.30 on a revenue of $2.7 billion a year ago.
Premarket, shares were trading at $57.75.
Lucid reduced to Sell on Q3 production and delivery figures
Following the company’s Q3 production and delivery data, CFRA downgraded Lucid Group (NASDAQ:LCID) to Sell from Hold and reduced its price objective to $4.00 from $7.00.
Even with significant discounts, Lucid, which manufactures electric premium sports vehicles, reported a nearly 30% drop in production and only a modest gain in deliveries.
Shares fell more than 5% on Tuesday and were down 0.8% to $4.96 in premarket trading.
Morgan Stanley reduced Gold Fields (NYSE:GFI) to Underweight from Equalweight.
ArcelorMittal (NYSE:MT) has been downgraded from Buy to Neutral by BofA Securities. As a result, shares are down more than 2% in pre-market trading today.
Earnings Calendar
Wednesday Oct 18
Tesla (TSLA)
Procter & Gamble (PG)
Abbott Laboratories (ABT)
Netflix (NFLX)
SAP (SAP)
Morgan Stanley (MS)
Elevance Health (ELV)
Lam Research Corp. (LRCX)
U.S. Bancorp (USB)
Crown Castle (CCI)
Kinder Morgan (KMI)
for Details read
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.