After-Market : ACADIA gains/Leslie’s Falls Stocks July 13th

After-market active stocks

Gainers

• ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) 20% HIGHER; announced that it has expanded its current licensing agreement with Neuren Pharmaceuticals to acquire ex-North American rights to trofinetide and global rights in Rett syndrome and Fragile X syndrome to Neuren’s development candidate NNZ-2591. Acadia debuted trofinetide under the brand name DAYBUE in the US in April as the first and only Rett syndrome medication.
• Intuitive Machines Inc (NASDAQ:LUNR) 16% higher; business completed a spacecraft test run of its Nova-C lunar lander, a major technological breakthrough in the company’s quest to build its lunar lander. Nova-C’s flight software, flight avionics, liquid oxygen and liquid Methane loading, high-pressure helium system performance, propulsion system entire functionality, and main engine hot fire were all tested.
• AstraZeneca (NASDAQ:AZN) ADRs increased 1.8% after UBS raised its rating on the pharma giant to ‘buy’ from ‘neutral,’ citing the company’s robust therapeutic pipeline as making it a “leading player in the field.”

Losers

• Leslie’s Inc (NASDAQ:LESL) 18% down; reported weaker-than-expected third-quarter financial results. Preliminary third-quarter revenues are $611 million, down 12% from the previous quarter. Gross profit is estimated to be $249–251 million and gross margin 41%. Net income is estimated to be $70 to $73 million, Adjusted EBITDA $124 to $128 million, Adjusted net income $73 to $76 million, and Adjusted diluted earnings per share $0.39 to $0.41. (* Revenue consensus $703.74 million, EPS consensus $0.69).
• Caribou Biosciences Inc. (NASDAQ:CRBU) 7% lower; announced $100 million underwritten public offering of its ordinary stock.
• Latham Group Inc (NASDAQ:SWIM) 6% LOWER; Leslie’s third quarter warning drops Latham Group Inc (NASDAQ:SWIM) 6%.
• Pool Corporation (NASDAQ:POOL) 5% lower after Leslie’s third-quarter caution.

MARKET MOVERS 

MIDDAY MOVERS

GAINERS

• PepsiCo (NASDAQ:PEP) stock jumped 1.6% after the beverage company boosted its full-year projection following a good second-quarter performance despite higher prices.
• Delta Air Lines (NYSE:DAL) shares increased 1.3% after the airline posted its best-ever quarterly revenue and earnings, owing to a dramatic post-pandemic resurgence in travel demand.
• The shares of Walt Disney (NYSE:DIS) climbed 0.3% after the entertainment conglomerate extended Chief Executive Officer Robert Iger’s contract by two years to ensure “continuity of leadership during the company’s ongoing transformation.”

Losers

Carvana (NYSE:CVNA) stock plummeted 6.9% after JPMorgan downgraded the online used car retailer to ‘underweight’ from ‘neutral,’ warning that the price might fall 70% after recent advances.

Coinbase (NASDAQ:COIN) stock tumbled 9.8% after Barclays downgraded the cryptocurrency exchange to ‘underweight’ from ‘equal-weight,’ advising investors to sell before the company’s earnings announcement.

SoFi Technologies (NASDAQ:SOFI) stock fell 0.8%Morgan Stanley downgraded SoFi Technologies (NASDAQ:SOFI) to ‘underweight’ from ‘equal-weight,’ stating the stock should be valued like a bank.

Pre Market Movers

Delta Air Lines (NYSE:DAL) stock rose 4.4% After the airline reported its best-ever quarterly revenue and earnings on the strength of a robust post-pandemic resurgence in travel demand, Delta Air Lines’ (NYSE:DAL) shares increased by 4.4%.

PepsiCo (NASDAQ:PEP) stock rose 2.3% Following a great performance in the second quarter despite rising prices hurting demand, PepsiCo (NASDAQ:PEP) raised its full-year outlook. This caused the shares of the beverage giant to increase by 2.3%.

Walt Disney (NYSE:DIS) stock rose 1.4%After extending Robert Iger’s contract by two years to ensure “continuity of leadership during the company’s ongoing transformation,” Walt Disney (NYSE:DIS) stock increased 1.4%.

AstraZeneca’s (NASDAQ:AZN) ADRs increased 1.2% after UBS changed its recommendation on the pharmaceutical behemoth from “neutral” to “buy,” claiming that its sizable therapeutic pipeline makes it “a leading player in the field.”

Losers

Carvana (NYSE:CVNA) stock fell 5.8%The shares of Carvana (NYSE:CVNA) dropped 5.8% after JPMorgan downgraded the online dealer in used cars to “underweight” from “neutral,” warning that the price may fall 70% after making rapid gains earlier in the year.

SoFi Technologies (NASDAQ:SOFI) stock fell 3.7%The price of SoFi Technologies (NASDAQ:SOFI) dropped 3.7% after Morgan Stanley downgraded it from “equal weight” to “underweight,” claiming that the stock should be valued like a bank.

Coinbase (NASDAQ:COIN) stock fell 1.2%After Barclays cut its rating on the cryptocurrency exchange from ‘equal-weight’ to ‘underweight,’ advising investors to sell before its earnings announcement, Coinbase’s (NASDAQ:COIN) stock plummeted 1.2%.

UPGARDES BY EXPERTS

Morgan Stanley increased Buy.

Morgan Stanley (NYSE:MS) was upgraded to Buy from Hold at $94.00 by Odeon Capital.

Two enhancements boost Holley stock.

As reported in real time on InvestingPro, two Wall Street companies upgraded Holley (NYSE:HLLY) yesterday, sending shares up over 21%. JPMorgan raised to Overweight from Neutral with a $7.00 price target, while BofA Securities upgraded to Buy from Neutral with a $6.00 price target (from $3.25).

Sealed Air upgrades again.

Sealed Air (NYSE:SEE) received its second upgrade this week after a sharp share price decrease.

Baird upgraded the business to Outperform from Neutral with a $49.00 price target, stating that the market already expects a 2023 profits decrease.

This week, BofA Securities raised the business to Buy from Neutral with a $52.00 price target (from $61.00).

Raymond James raised the price target on SunPower (NASDAQ:SPWR) to $21.00 from Outperform. Yesterday, the stock increased by more than 8%.

Integra LifeSciences (NASDAQ:IART) has been upgraded by Jefferies to Buy from Hold, with a price objective of $53.00 (up from $58.00). Yesterday, the stock market rose more than 3%.

DOWNGARDES BY EXPERTS

This month, Coinbase Global receives its third downgrading.

With a price objective of $70.00 (up from $61.00), Barclays lowered Coinbase Global (NASDAQ:COIN) to Underweight from Equalweight. This is the third downgrading for the company this month.

Carvana declines as a result of a JPMorgan cut

Shares of Carvana (NYSE:CVNA) dropped more than 3% before the market opened as a result of JPMorgan downgrading the firm from Neutral to Underweight with a $10.00 price target.

At BofA, Cisco changed to Neutral.

Shares of Cisco Systems (NASDAQ:CSCO) dropped more than 2% yesterday after the business was downgraded by BofA Securities from Buy to Neutral with a $56.00 price objective.

Following the proposed CMS ruling, Silk Road Medical (NASDAQ:SILK) received two downgrades, which caused its share price to decline by more than 28% yesterday.

BofA Securities reduced the stock from Buy to Underperform with a $28.00 price objective (down from $51.00), while JPMorgan downgraded it from Overweight to Neutral with a $28.00 price goal (down from $50.00).
Yesterday, WW Grainger (NYSE:GWW) shares dropped more than 2% afterUBS downgraded the stock from Buy to Neutral with a $820.00 (from $815.00) price objective.

Earnings Calendar

Thursday JULY 13

PepsiCo (PEP), Progressive (PGR), Cintas (CTAS), Fastenal (FAST), ConAgra Foods (CAG)

Friday JULY 14

JPMorgan (JPM), UnitedHealth (UNH), Wells Fargo&Co (WFC), BlackRock (BLK), Citigroup (C), State Street (STT), Burberry Group (BRBY)