After-Market :Levi’s, Costco Falls/ Stocks July 6th

After-market active stocks

Gainers

Losers

• Levi Strauss & Co. (NYSE:LEVI) posted Q2 EPS of $0.04, $0.01 higher than the analyst expectation of $0.03, resulting in a 6% decrease. Compared to the consensus forecast of $1.34 billion, actual quarterly revenue was $1.34 billion. Compared to the consensus estimate of $1.29, Levi predicts FY2023 EPS of $1.10 to $1.20.
• Costco (NASDAQ:COST) is down 1%, and June’s U.S. comparisons are down 2.5%.

MARKET MOVERS 

MIDDAY MOVERS

GAINERS

• Shares of Sweetgreen Inc. (NYSE:SG) increased 16% after BofA Securities upgraded the stock from Neutral to Buy, predicting growth as customers flocked to healthier fast-casual options.

LOSERS

• The shares of JetBlue Airways (NASDAQ:JBLU) dropped 6.7% as the airline announced it would abide by a May court ruling to sever its alliance with American Airlines (NASDAQ:AAL), which was down 2.6%, in order to safeguard its $3.8 billion acquisition of Spirit Airlines (NYSE:SAVE), which was down 0.1%.
• Meta Platforms (NASDAQ:META) stock dipped 0.3% After the owner of Facebook launched Threads on Wednesday, a site that directly competes with Twitter, the stock price of Meta Platforms (NASDAQ:META) fell by 0.3%. The new service quickly attracted 30 million members.
• Bank of America (NYSE:BAC) stock fell 3% Following the lender’s announcement that it would only be increasing its quarterly dividend by 9%, shares of Bank of America (NYSE:BAC) dropped by 3%.
• Qualcomm (NASDAQ:QCOM) stock fell 2.6% and Intel (NASDAQ:INTC) stock fell 2.4%; The price of Qualcomm (NASDAQ:QCOM) and Intel (NASDAQ:INTC) dropped as a trade spat between Beijing and Washington over the production of semiconductor chips heated up. Qualcomm stock dropped 2.6%, while Intel stock dropped 2.4%.
• The price of Coinbase’s (NASDAQ:COIN) stock dropped 1.8% after the biggest cryptocurrency in the world, Bitcoin, reached a 13-month high amid rumors that fund managers are attempting to establish a spot bitcoin exchange-traded fund or ETF with a U.S. listing.
• The price of Affirm (NASDAQ:AFRM) stock dropped 14.3% after Piper Sandler downgraded the fintech business from Neutral to Underweight, citing pressure on operational margins from higher rates and wider credit spreads.
• American Express (NYSE:AXP) stock fell 2.4%; Before its quarterly reports later in July, Baird downgraded American Express (NYSE:AXP) from Outperform to Neutral, sending its shares down 2.4%.

UPGRADES BY EXPERTS

DA Davidson renovated Rivian

Amid a slew of encouraging reports about the firm, DA Davidson boosted its price objective for Rivian Automotive (NASDAQ:RIVN) from $11.00 to $18.00 and upgraded the stock to Neutral from Underperform.

Enhancement to Outperform for Advanced Micro Devices

With a price target of $150, Northland Capital Markets raised Advanced Micro Devices (NASDAQ:AMD) from Market Perform to Outperform while admitting they were mistaken about the stock.

Yesterday, after Citi upgraded Transocean (NYSE:RIG) from Neutral to Buy and increased its price objective to $9.50 from $6.50, the stock rose more than 5%.

Simon Property (NYSE:SPG) was upgraded by Wolfe Research from Peer Perform to Outperform with a $127.00 price objective. Pre-market share prices are up almost 1% today.

DOWNGRADES BY EXPERTS

Shares of Affirm fell after Piper Sander downgrade.

Shares of Affirm (NASDAQ:AFRM) were recently down approximately 6% premarket after Piper Sandler lowered the company’s rating from Neutral to Underweight with a $11.00 price target.

AmEx downgrades to Neutral

American Express (NYSE:AXP) shares decreased more than 1% in premarket trading today after Baird lowered its rating for the business from Outperform to Neutral with a $185.00 price target.

Conagra Foods (NYSE:CAG) was downgraded by Jefferies from Buy to Hold, and the firm lowered its price target from $46.00 to $38.00.

Eagle Materials (NYSE:EXP) was downgraded by JPMorgan from Neutral to Underweight, with a price objective of $190.00 (up from $155.00).

HubSpot (NYSE:HUBS) was downgraded by Piper Sandler from Overweight to Neutral with a price target of $520.00 (from $482.00).

Earnings Calendar

MONDAY JULY 7

Yaskawa Electric Corp. (6506)