Costco
Pre-Market:Pre-Market
Pre-Market active stocks
Gainers
- Peloton (NASDAQ:PTON) stock rose 6.7%, continuing the previous session’s gains after the fitness equipment maker is set to bring its workout content to short-form video platform TikTok in an exclusive partnership.
- Costco Wholesale (NASDAQ:COST) stock rose 1.1% after the membership-only retailer reported strong sales figures in December, with net sales increasing 9.9% in the five weeks to December 31.
- Constellation Brands (NYSE:STZ) stock rose 0.9% after the drinks maker topped quarterly revenue expectations, helped by the continued momentum of the Modelo brand family.
Losers
- Applied Therapeutics (NASDAQ:APLT) stock tumbled 28% after the drug developer’s heart disease drug showed disappointing results in a late-stage trial.
- Palantir (NYSE:PLTR) stock fell 3.5% after Jefferies downgraded the data analytics firm to ‘underperform’ from ‘hold’, saying the hype surrounding AI is overdone.
- Apple (NASDAQ:AAPL) stock fell 0.7% after Taiwan-based Foxconn, a major assembler of the tech giant’s flagship iPhone smartphone, warned that it anticipates a year-on-year decline in first quarter revenue, following weaker demand in the previous three-month period.
- Tesla (NASDAQ:TSLA) stock fell 0.5% with the EV manufacturer undertaking an effective recall on 1.62 million vehicles in China, including its models S, X, 3 and Y, according to the country’s market regulator. This follows two recalls by the automaker in the United States in December.
Stocks in focus
PayPal Holdings (NASDAQ:PYPL)
PayPal Holdings (NASDAQ:PYPL) shares are in focus after a second downgrade this week by BTIG analyst Andrew Harte, who lowered the rating to neutral due to “too much uncertainty.” Harte stressed the long-term issue of establishing continuous and profitable revenue growth. The new CEO, Alex Chriss, is entrusted with driving profit improvement for Braintree and rejuvenating conventional branded checkout as multiyear goals. This downgrade follows Oppenheimer’s prior worries about profitability and a change in the product portfolio, anticipating difficulty in growing operating margins and a slowdown in unbranded volume growth for PayPal. Following the recent downgrades and the worries highlighted by analysts, PayPal’s shares sank 1.3% in premarket trade.
CVS Health (NYSE:CVS)
CVS Health (NYSE:CVS) is receiving attention on the companies to watch list with the formal hiring of Tom Cowhey as the new Chief Financial Officer, following Shawn Guertin. Investors are eagerly scrutinizing this leadership shift, coupled with CVS Health’s renewed 2023 adjusted EPS projection of $8.50 to $8.70 and projected results in the higher half of this range. The business also anticipates its cash flow from operations to line with the upper half of the given forecast range of $12.5B to $13.5B. Additionally, there is hope for CVS Health’s 2024 Medicare Advantage membership to expand by at least 800,000, spurred by stronger-than-expected enrollment.
Apple (NASDAQ:AAPL)
Apple (NASDAQ:AAPL) is drawing attention owing to a hard start to the new year. The company’s shares are on a downward track for the fifth consecutive day, suggesting a divergence from the solid performance of the previous year when they gained over 46%. The fall in the first trading week of 2024 translates to a 5.5% decrease, wiping away roughly $160B in market value, according to Bloomberg statistics. Apple has suffered difficulties, earning at least two recent analyst downgrades citing worries over iPhone demand, hardware challenges, and macroeconomic factors. The stock continues to experience negative pressure, with a 0.6% decline in Friday’s premarket hours.
Medical Properties Trust (NYSE:MPW)
Medical Properties Trust (NYSE:MPW) is on the companies to watch list after its shares dropped over 16% after the company’s disclosure of heightened attempts to recover overdue rents and loans from Steward Health Care System, one of its key hospital tenants. Steward owes around $50M in delinquent rent, with an additional $50M postponed owing to Norwood Hospital’s redevelopment. The market is keenly monitoring this scenario, especially as Steward seeks strategic deals to increase liquidity and rebuild its balance sheet, including the prospective sale or re-tenanting of hospital operations and divesting non-core activities.
For Details
for Details read
Costco Costco Costco Costco Costco Costco Costco Costco Costco Costco Costco Costco Costco Costco Costco Costco Costco Costco Costco Costco Costco Costco
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.
Pre-Market: Pre-Market: Pre-Market: Pre-Market: Pre-Market: Pre-Market: Pre-Market: Pre-Market: Pre-Market: Pre-Market: Pre-Market:
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.