Alphabet
Pre-Market active stocks
Gainers
- Starbucks shares gained 3.7% after the coffee major lowered its year sales projection, predicting softer demand in January and a gradual China rebound. After poor November and December store traffic, much more weakening was forecast.
- Novo Nordisk (NYSE:NVO) stock climbed 0.5% as the Danish drugmaker predicted another year of double-digit growth due to Wegovy’s popularity.
- After the WSJ reported that Cigna (NYSE:CI) will sell its Medicare business to Health Care Service Corp for $3.3 billion in cash, its stock jumped 0.4%.
- CEO Dave Calhoun said Boeing confronts a “serious challenge.” Boeing stock increased 0.3% after the beleaguered airplane giant postponed a 2024 outlook.
Losers
- Alphabet (NASDAQ:GOOGL) stock fell 5.5% after the company revealed lower holiday-season advertising sales and predicted increased AI spending this year.
- AMD’s first-quarter sales forecast and AI processor forecast missed forecasts, sending the chipmaker’s stock down 4.8%.
- Mondelez (NASDAQ:MDLZ) stock slumped 4.4% after Carbiry parent reported higher fourth-quarter sales on Tuesday, but price hikes crimped demand and reduced quantities.
- A U.S. judge voiding Elon Musk’s record $56 billion compensation payout sent Tesla stock down 2.8%.
- Thermo Fisher (NYSE:TMO) stock declined 2% after forecasting lower yearly profit and revenue, indicating a drop in demand.
- Microsoft (NASDAQ:MSFT) stock dipped 0.7% after forecasting increased AI development expenditures, overriding a quarterly earnings beat.
Stocks in focus
Boeing (NYSE:BA) stock jumped more than 2% in pre-market trade as investors focused on its Q4 2023 top and bottom line beat despite its guidance suspension. Boeing’s (BA) quarterly adjusted free cash flow exceeded estimates. The business canceled its 2024 prediction due to 737 Max safety concerns. After a 737 Max 9 door plug blew earlier this month, Boeing (BA) has suffered a tremendous fallout. Charts show BA performance.
Before the bell, Mastercard (MA) shares moved. The credit card issuer’s Q4 2023 gross dollar volume missed consensus, dampening a top and bottom line beat. Local currency gross dollar volume rose 10% Y/Y, boosting payment network net revenue by 9%. Mastercard (MA) CEO Michael Miebach reported “deal momentum across the globe.” Charts show MA’s performance.
Qualcomm (NASDAQ:QCOM) will release FQ1 2024 results after the close. WALL Street predicts QCOM to earn $2.37 per share on $9.52B in revenue. Due to a smartphone market recovery, analysts and investors expect Qualcomm (QCOM) to report results in line or slightly over projections. The company should also benefit from increasing Snapdragon 8 Gen 3 smartphone chip output.
Before market open, U.S.-listed Teva Pharmaceutical Industries (TEVA) shares fluctuated. They rose after the company announced it would sell its API business to focus on its core operations. API has 350 products and 4.3K employees worldwide. After TEVA reported its Q4 2023 results, its U.S.-listed shares reversed course.
Pre-market, Cigna (CI) stock rose slightly. The Wall Street Journal stated that the managed care player will sell its Medicare operation to HCSC, a prominent nonprofit health insurer, for $3.3B. Under the arrangement, HCSC, the parent of Blue Cross Blue Shield plans in five states, will purchase Cigna’s (CI) Medicare products, including Medicare Advantage plans and CareAllies.
WEEKLY EARNINGS CALENDAR
Wednesday, JAN 31
Boeing, Mastercard
Thursday Feb 01
Apple, Amazon, Meta, Peloton, Sirius
Friday, Feb 02
TKO, Abbvie, Chevron, Imperial Oil, Exxon
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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.