After-Market : Disney gains/Cryoport Falls Stocks July 12th

After-market active stocks

Gainers

• The Walt Disney Company  (NYSE:DIS) up 1%; Today, the Board announced that Robert A. Iger will remain CEO through December 31, 2026. The independent members of the Board of Directors unanimously voted to extend Mr. Iger’s contract by two years, noting that it provides continuity of leadership during the company’s transformation and gives the Board more time to execute a CEO succession plan.

Losers

• Cryoport Inc (NASDAQ:CYRX) 25% LOWER; The midpoint of second-quarter 2023 revenue is $56.5 million, down 11% from 2022. Global capital equipment demand, clinical trial start delays, and client ramps were worse than planned. (Consensus expects Q2 revenue of $67.4M and FY revenue of $275M).
• ViaSat Inc (NASDAQ:VSAT) 19% lower; revealed that an unanticipated event during reflector deployment may materially influence the functioning of the ViaSat-3 Americas satellite. Viasat and its reflector vendor are thoroughly reviewing the affected reflector’s development and deployment to identify its impact and possible remedies.
• MillerKnoll, Inc. (NASDAQ:MLKN) 4% lower; Q4 EPS of $0.41 beat consensus estimate of $0.39. Revenue exceeded expectations at $956.7M. MillerKnoll, Inc. expects Q1 2024 EPS of $0.18-$0.24, compared to $0.40 average. MillerKnoll, Inc. expects Q1 2024 revenue of $880-920M versus the consensus of $927.3M. MillerKnoll, Inc. expects FY2024 EPS of $1.70–$2.00 versus the average of $1.82.

MARKET MOVERS 

MIDDAY MOVERS

GAINERS

• Domino’s (NYSE:DPZ) stock rose 11%; After the pizza company disclosed a new arrangement with Uber (NYSE:UBER), up 0.9%, that will permit customers to order Domino’s goods through the food delivery company’s applications, Domino’s (NYSE:DPZ) stock increased by 11%.
• The price of Illumina (NASDAQ:ILMN) stock increased 2.8%; after EU regulators imposed a record €432 million ($1.11023) fine on the manufacturer of genetic sequencing equipment for completing the acquisition of cancer test provider Grail without first obtaining regulatory approval.
• Nvidia (NASDAQ:NVDA) stock rose 2.6%; After the Financial Times reported that the U.K.-based chip designer Arm is in talks with the U.S. chipmaker to be an anchor investor in Arm’s anticipated initial public offering, Nvidia’s (NASDAQ:NVDA) stock increased 2.6%.
• Microsoft (NASDAQ:MSFT) stock rose 1.5%; The share price of Microsoft (NASDAQ:MSFT) increased 1.5% as a federal judge dismissed American antitrust objections to the computer giant’s megamerger with video game developer Activision Blizzard (NASDAQ:ATVI).
• Amazon (NASDAQ:AMZN) stock rose 0.9%; On the second day of the e-commerce giant’s 48-hour Prime Day shopping extravaganza, which aims to entice American customers with steep discounts, shares of Amazon (NASDAQ:AMZN) increased by 0.9%.
• Broadcom (NASDAQ:AVGO) stock rose 0.6%; After receiving EU antitrust permission for its $61 billion proposed acquisition of cloud computing company VMware (NYSE:VMW), up 1.7%, chipmaker Broadcom’s (NASDAQ:AVGO) stock increased by 0.6%.Netflix (NASDAQ:NFLX) stock rose 0.5%; UBS increased its price target on Netflix (NASDAQ:NFLX) by 35% while maintaining a “buy” rating, noting the newly announced restrictions on account sharing. As a result, the stock of the streaming behemoth increased by 0.5%.

Losers

Pre Market Movers

Domino’s (NYSE:DPZ) stock rose 11.5%; After announcing a partnership with Uber (NYSE:UBER), up 0.9%, Domino’s (NYSE:DPZ) stock jumped 11.5%.

Nvidia (NASDAQ:NVDA) stock rose 0.6%The Financial Times reported that U.K. chip designer Arm is in talks with Nvidia (NASDAQ:NVDA) to be an anchor investor in Arm’s anticipated initial public offering.

Netflix (NASDAQ:NFLX) stock increased 0.6% after UBS raised its price target by 35%, preserving a “buy” rating, citing the recently announced account sharing limitations.

Broadcom (NASDAQ:AVGO) stock rose 0.6%; After offering remedies to rival Marvell (NASDAQ:MRVL), Broadcom (NASDAQ:AVGO) shares increased 0.6% after receiving EU antitrust approval for its $61 billion proposed acquisition of cloud computing provider VMware (NYSE:VMW), up 2.3%.

Microsoft (NASDAQ:MSFT) stock climbed 0.4% after a federal court judge rejected U.S. antitrust concerns over its megamerger with Activision Blizzard (NASDAQ:ATVI).

Amazon (NASDAQ:AMZN) stock increased 0.4% on the second day of Prime Day, a 48-hour shopping event that offers big discounts to U.S. customers.

Losers

Illumina (NASDAQ:ILMN) stock declined 0.2% after EU regulators fined the genetic sequencing equipment maker a record €432 million (€1 = $1.1023) for acquiring cancer test provider Grail without regulatory licence.

UPGARDES BY EXPERTS

3M upgraded to Neutral, shares rise 5%

3M (NYSE:MMM) shares rose about 5% yesterday after BofA Securities upgraded the firm to Neutral from Underperform with a $110.00 price objective, citing many near-term positives.

Piper Sandler upgrade boosts Zillow shares

Piper Sandler upgraded Zillow (NASDAQ:ZG) to Overweight from Neutral and boosted its price objective to $62.00 from $42.00, sending shares up 10%.

 Argus raised Generac (NYSE:GNRC) to Buy from Hold with a $155.00 price target. Yesterday’s gains exceeded 4%.

BMO Capital upgraded RenaissanceRe (NYSE:RNR) to Outperform from Market Perform and boosted its price objective to $216.00 from $198.00

DOWNGARDES BY EXPERTS

Coinbase downgraded.

After the company rallied 60% from its lows, Atlantic Equities downgraded Coinbase Global (NASDAQ:COIN) to Neutral from Overweight with a price target of $80.00 (from $70.00). The prospect of a Bitcoin ETF drove shares up more than 9% yesterday.

Redfin rated to Underperform after a big stock rise.

Redfin (NASDAQ:RDFN) was downgraded to Underperform from Neutral at $10.00 by DA Davidson.In 2023, RDFN has grown 266% YTD and 28% this week.

Alcoa (NYSE:AA) was downgraded by Wolfe Research to Underperform from Peerperform with a $25.00 price objective.

JPMorgan (NYSE:JPM) was downgraded by Citi from Buy to Neutral with a $160.00 price target.

Earnings Calendar

Wednesday JULY 12

Washington Federal Inc. (WAFD), Winmark Corp. (WINA), and MillerKnoll Inc. (MLKN)

Thursday JULY 13

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