Pre-Market:Pre-Market

Pre-Market active stocks

Gainers

•  Affirm (NASDAQ:AFRM) stock jumped more than 12% after the buy-now-pay-later lender reported a shrinking deficit and a big revenue beat in its most recent quarter. 
• Twilio (NYSE:TWLO) stock climbed 5% after the cloud service provider forecasted higher-than-expected fourth-quarter profit due to an increase in active client accounts.  
• Walt Disney (NYSE:DIS) shares surged 4.1% after the entertainment conglomerate reported strong quarterly profitability, thanks in large part to increased subscriber growth at its streaming services and better attendance at its theme parks in Shanghai, Hong Kong, and California. 
• AMC Entertainment (NYSE:AMC) stock rose 2.6% after the theater chain exceeded third-quarter revenue expectations, helped by the success of the “Barbie” and “Oppenheimer” films. 
• AstraZeneca (NASDAQ:AZN) ADRs increased 2.4% after the company upped its annual profitability projection, aided by robust demand for its cancer drugs, and announced plans to expand its pipeline in the thriving anti-obesity market. 

Losers

• The stock of Arm Holdings (NASDAQ:ARM) plummeted 5.9% after the semiconductor company gave a fiscal third-quarter sales guidance that fell short of expectations, citing a significant deal that will likely come in later than planned. 
• Tesla (NASDAQ:TSLA) stock dropped 1.1% after HSBC launched coverage of the EV manufacturer with a’reduce’ recommendation, citing the major worry as delivery time. 
• Lyft (NASDAQ:LYFT) stock dipped 1% after the ride-hailing business revealed lower-than-expected bookings, adding that it will struggle on the metric in the current quarter. 
• Tapestry (NYSE:TPR) stock dropped 0.8% after the luxury apparel company missed first-quarter sales targets due to a prolonged downturn in demand for its luxury handbags and shoes in the important North American market. 

Stock on watch for Today

Take-Two Interactive Software (NASDAQ:TTWO)

Pre-market, Take-Two Interactive Software (NASDAQ:TTWO) stock surged almost 2.5%. Revenue and bookings fell Y/Y in FQ2 2024, and the videogame publisher reported a greater GAAP loss per share. The midpoint of TTWO’s holiday quarter bookings outlook was below consensus. The company also maintained its fiscal 2024 bookings forecast. After Take-Two (TTWO) unit Rockstar Games announced that the first trailer for Grand Theft Auto VI would be released in December, investor sentiment remained favorable. In charts, TTWO performed.
Grab (GRAB) Class A shares rose nearly 6% before the opening bell as the Singapore-based superapp reported its first positive group adjusted EBITDA in Q3. Gross merchandise volume jumped 5% to $5.34B and monthly transacting users rose 7% to 36M. GRAB also boosted its full-year revenue forecast to $2.31B to $2.33B from $2.20B to $2.30B. Grab (GRAB) CFO Peter Oey stated the company would “sharpen” its focus on adjusted EBITDA and free cash flow.

Tapestry (TPR)

Tapestry (TPR) stock rose ~3% before market open. The Coach, Kate Spade, and Stuart Weitzman parent gained 1.2M North American customers in FQ1 2024, half of whom were Gen Z and millennials. Despite beating revenue, TPR’s quarterly earnings missed forecasts. Tapestry (TPR) lowered its fiscal 2024 revenue forecast to $6.7B from $6.9B. A agreement to acquire Versace, Jimmy Choo, and Michael Kors parent Capri was unveiled in August.

Li Auto (LI)

U.S.-listed Li Auto (LI) shares rose more than 1% in pre-market trading after the Chinese electric vehicle (EV) maker’s Q3 revenue rose 270% Y/Y to $4.75B on $4.60B in car sales. Total car deliveries reached 100K for the first time, demonstrating robust EV demand in the world’s second largest economy. LI stock outperformed NIO and XPeng YTD.

Novavax (NVAX)

Novavax (NVAX) stock rose 1% before the opening bell as government grants helped the COVID-19 vaccine producer beat Q3 top and bottom lines. Product sales fell 75% to $2.2M from $626.1M, lowering revenue. The biotech predicted 30M to 50M U.S. COVID vaccination doses in 2023–2024. NVAX plans to begin a late-stage flu-COVID vaccine research in H2 next year.

AstraZeneca (AZN)

U.S.-listed AstraZeneca (AZN) shares rose 2.4% pre-market. The Anglo-Swedish healthcare giant raised its full-year revenue guidance after solid Q3 results in oncology, cardiovascular, renal and metabolic, and rare disease. Importantly, AZN licensed a China-based medication candidate targeting obesity and type-2 diabetes to compete with Novo Nordisk (NVO) and Eli Lilly (LLY) in the highly competitive market.

Weekly Earnings Calendar

Thursday, NOV 09

AstraZeneca (AZN), Wynn Resorts (WYNN), News Corp (NWSA), and Li Auto (LI). Options trading implies double-digit share price swings for Groupon (GRPN) and Archer Aviation (ACHR)  Canadian Tire, CI Financial, Rogers Communications, Quebecor, Boralex, Wheaton Precious Metals, IAMGOLD, Saputo, Sleep Country Canada, Sienna Senior Living, Constellation Software, Stantec.

Friday, NOV 10

Soho House (SHCO) StoneCo (STNE), CAE, SNC Lavalin 

For Details

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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.