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HomeMarket AnalysisAfter-market : Banks, overstock Rise: Cormedix Falls/ Stocks June 28

After-market : Banks, overstock Rise: Cormedix Falls/ Stocks June 28

Pre-market active stocks

Gainers

  • Overstock.com , Inc. (NASDAQ:OSTK) 5% HIGHER; In a procedure overseen by the bankruptcy court, Overstock.com, Inc. (NASDAQ:OSTK) announced the completion of its acquisition of certain intellectual property assets of the Bed Bath & Beyond (OTC:BBBYQ) banner from Bed Bath & Beyond, Inc. Tomorrow, June 29, 2023, at 8:00 a.m. ET, Overstock will have a conference call to discuss the deal.
  • Micron Technology (NASDAQ:MU) 2% HIGHER; Micron Technology (NASDAQ:MU) posted Q3 EPS of ($1.43), $0.16 higher than the analyst estimate of ($1.59), resulting in a 2% increase. Contrary to the average forecast of $3.67 billion, the quarter’s revenue came in at $3.75 billion. In contrast to the consensus estimate of ($1.06), Micron Technology expects Q4 2023 EPS of ($1.12)-($1.26). In contrast to the consensus estimate of $3.89B, Micron Technology expects Q4 2023 revenue of $4.1-3.7B.
  • Wells Fargo & Company (NYSE:WFC) is up 2% following the results of a stress test.
  •  The Charles Schwab Corporation (NYSE:SCHW) has increased by 2%; After the results of the stress test,
  • Following the results of the stress test, Bank of America Corporation (NYSE:BAC) has increased by 2%.
  • JPMorgan Chase & Co. (NYSE:JPM) is up 1% following the results of a stress test.

Losers

  • CorMedix Inc (NASDAQ:CRMD) 18% LOWER; In an underwritten public offering, CorMedix Inc. (NASDAQ:CRMD) intends to sell shares of its common stock as well as pre-funded warrants to buy shares of its common stock to select investors in lieu of common stock if they so choose.
  • Black Diamond Therapeutics, Inc. (NASDAQ:BDTX) 11% LOWER; Black Diamond Therapeutics, Inc. (NASDAQ:BDTX) is down 11% and has started an underwritten public offering of $75.0 million of its common stock.
  •  Capital One Financial Corporation (NYSE:COF) prices decline by 1%.After the results of the stress test,

MARKET MOVERS 

CRM
Salesforce Inc

212.17
1.604% 
TRV
Travelers Companies Inc


168.37
2.445% 

WBA
Walgreens Boots Alliance Inc
29.08
1.536%

HD
Home Depot Inc

306.51
2.305%

AXP
American Express Co

169.78
0.945%

UNH
UnitedHealth Group Inc

474.45
1.681%

CVX
Chevron Corp

154.92
0.905%
INTC
Intel Corp
33.57
1.554%

DOW
Dow Inc

52.96
0.742%
KO
Coca-Cola Co
60.52
0.933%

MIDDAY MOVERS

GAINERS

  • AeroVironment Inc (NASDAQ:AVAV) shares rose 3.2%; Shares of AeroVironment Inc (NASDAQ:AVAV) increased 3.2% after the drone manufacturer delivered a forecast that exceeded expectations and outperformed estimates for the fourth quarter.
  • Delta Air Lines Inc (NYSE:DAL) shares rose 1.4%; Shares of Delta Air Lines Inc (NYSE:DAL) increased 1.4% the next day after the airline improved its projection for the June quarter and suggested that full-year earnings per share might be at the upper end of its previously stated range.

LOSERS

  • General Mills Inc. (NYSE:GIS) stock dropped 4.3%; After the packaged food manufacturer provided a full-year earnings outlook that indicated slowing growth as retailers reduced their inventories, General Mills Inc. (NYSE:GIS) stock dropped 4.3%.
  • Shares of Regeneron Pharmaceuticals Inc (NASDAQ:REGN) dropped 1.9% following regulators’ denial of its request to approve a higher dose of the eye medication Eylea. 
  • NVIDIA Corporation (NASDAQ:NVDA) shares fell 1.5%; Following news that the United States would forbid chip manufacturers from selling artificial intelligence products in China without a license,
  •  NVIDIA Corporation (NASDAQ:NVDA) shares dropped 1.5%. Shares of Advanced Micro Devices declined 0.2% (NASDAQ:AMD). In the meantime, shares of Micron Technology (NASDAQ:MU) are increasing 0.1% ahead of today’s earnings.

PRE-MARKET MOVERS

Gainers

  • Snowflake Inc. (NYSE:SNOW) shares were up 0.5%; Following its AI summit, which highlighted some high-profile partnerships including Microsoft (NASDAQ:MSFT) and Nvidia and reiterated full year expectations, more than a half dozen analysts increased their price targets, causing Snowflake Inc. (NYSE:SNOW) shares to rise 0.5% in premarket trade.

Losers

  • Shares of General Mills (NYSE:GIS) were lower after reporting a 6% dip in sales volumes in the fourth quarter; The maker of Cheerios cereal General Mills (NYSE:GIS) battles with slow demand for its ready-to-eat cereals, snacks, and meal kits as a result of higher prices, as it reported a 6% decline in sales volumes in the fourth quarter and forecasted full-year profit that came in largely below analysts’ estimates.
  • Shares of Pinterest (NYSE:PINS) increased more than 4% after Wells Fargo analysts raised their price objective for the firm by over 50% to $34 per share and upgraded the stock from Equal Weight to Overweight.
  • Shares of companies involved in the cryptocurrency industry, such as Coinbase Global (NASDAQ:COIN), Riot Platforms (NASDAQ:RIOT), and Marathon Digital (NASDAQ:MARA), were generally down as the price of Bitcoin dropped after Tuesday’s close to a one-year high.
  • Veeva Systems (NYSE:VEEV) dropped; After Morgan Stanley downgraded Veeva Systems (NYSE:VEEV) to underweight due to risks to its primary customer relationship management (CRM) business inside the medical sciences, the shares fell. It is the lone unfavorable analyst rating for the cloud software supplier.
  • AST SpaceMobile, Inc. (NASDAQ:ASTS) down 29%; AST Following a public offering of 12.5 million Class A shares to achieve roughly $59.4 million in gross proceeds, SpaceMobile, Inc. (NASDAQ:ASTS) saw a 29% decline.
  • Regeneron (NASDAQ:REGN) shares were lower ; Shares of Regeneron (NASDAQ:REGN) dropped after the pharmaceutical company said that the US Food and Drug Administration had rejected its request for a higher dose of Eylea. A number of analysts reduced their price estimates for the stock, with Baird pointing out that Roche’s (SIX:RO) Vabysmo could cause the medicine to lose momentum.

Upgrades by Experts

Wells Fargo upgrades Pinterest

Pre-market trading on Pinterest (NYSE:PINS) shares increased by more than 3% following Wells Fargo’s upgrade of the stock to Overweight from Equal Weight and increase in price objective to $34.00 from $23.00.

Saia receives 2 upgrades, and its shares rise.

Shares of Saia (NASDAQ:SAIA) increased by more than 6% yesterday after receiving upgrades from two Wall Street companies. BofA Securities boosted its price objective from $311.00 to $388.00 and upgraded the stock from Neutral to Buy. Evercore ISI, in the meantime, boosted its price target from $298.00 to $360.00 and upgraded from In Line to Outperform.

Yesterday, Old Dominion Freight Line (NASDAQ:ODFL) shares increased by more than 7% after BofA Securities boosted its price target for the stock from $331.00 to $391.00 and upgraded the firm to Buy from Neutral.

With a price objective of $56.00 (up from $58.00), Wells Fargo raised California Water Service (NYSE:CWT) from Underweight to Equal Weight.

Downgrades by Experts

‘Value trap’ risk caused Alibaba to downgrade to Market Perform.

Despite the stock’s “very cheap” valuation, Bernstein switched to a neutral position and downgraded Alibaba (NYSE:BABA) to Market Perform from Outperform with a price objective of $98.00 (from $130.00).

Daiwa Securities cut Uber’s share price

After Daiwa Securities downgraded Uber Technologies (NYSE:UBER) to Outperform from Buy with a price objective of $51.00 (from $42.00), the stock slid more than 1% pre-market today.

Yesterday, Veeva Systems (NYSE:VEEV) shares fell more than 3% after Morgan Stanley cut the company’s rating from Equalweight to Underweight with a $181.00 price objective.

Walgreens Boots Alliance (NASDAQ:WBA) was downgraded by Deutsche Bank from Buy to Hold, and the firm lowered its price objective from $46.00 to $34.00.

Yesterday, when the company released weak Q3 earnings and lowered its expectations, shares fell more than 9%.

Earnings Calendar

WEDNESDAY JUNE 28

J.Front Retailing (3086), Micron (MU), General Mills (GIS), JD Sports Fashion (JD), Premier Investments (PMV)

THURSDAY JUNE 29

Takashimaya (8233),Nike (NKE), Paychex (PAYX), McCormick&Co (MKC)

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