Macy’s
Pre-Market:Pre-Market
Pre-Market active stocks
Gainers
- NuStar Energy (NYSE:NS) stock rose over 20% and Sunoco (NYSE:SUN) fell 4.1% after the two companies agreed to combine in an all-stock deal valued at about $7.3 billion, including debt.
- SolarEdge (NASDAQ:SEDG) stock rose 3.5% after the renewable energy firm announced plans to lay off about 16% of its global workforce.
- Spirit Airlines (NYSE:SAVE) stock rose 3.2% after the budget carrier and JetBlue Airways (NASDAQ:JBLU), down 0.4%, announced that they had appealed a federal court decision blocking their proposed merger on antitrust concerns.
- Macy’s (NYSE:M) stock rose 2.6% after the department store chain rejected a $5.8 billion take private bid from investing firm Arkhouse and hedge fund Brigade.
- American Airlines (NASDAQ:AAL) stock rose 1.7% after Wolfe Research upgraded the carrier to ‘outperform’ from ‘peer perform’, citing the potential for Revenue per Available Seat Mile to rise later this year as capacity growth slows.
Losers
- Archer-Daniels-Midland (NYSE:ADM) stock fell 15% after the food processing company said its chief financial officer has been placed under administrative leave amid an investigation into accounting practices in its nutrition segment.
- Boeing (NYSE:BA) stock fell 1.3% following the Federal Aviation Administration’s recommendation for door plug inspections on the Boeing 737-900ER model.
- ExxonMobil (NYSE:XOM) stock fell 0.1% after the oil giant filed a lawsuit against U.S. and Dutch activist investors in a bid to stop them from submitting climate proposals during the oil giant’s annual shareholder meeting.
Stocks in focus
United Airlines (NASDAQ:UAL) shareholders will watch Q4 2023 results after the bell. Wall Street forecasts $1.71 per share on $13.55B for the airline. The quarterly report will follow a week after Delta Air Lines (DAL) shocked the airline industry with a profit prediction below its long-term aim. After Spirit Airlines (SAVE) and JetBlue Airways (JBLU) appealed a federal judge’s stay on their merger, the industry has been under spotlight.
LoanDepot (LDI) Class A shares rose about 3% pre-market. The advance came despite the lending platform’s update indicating a wider repercussions from a cybersecurity breach earlier this month. An unauthorized third party obtained sensitive personal information of ~16.6M individuals in loanDepot (LDI) systems. A rebound from heavy losses since the incident’s January 8 announcement may explain the company’s share increase.
After rejecting Arkhouse Management and Brigade Capital Management’s $21/share acquisition offer, Macy’s (M) stock climbed 2% before the opening bell. On Sunday, private equity companies announced they would approach the company’s shareholders to acquire it. The idea was “not actionable” and failed “to provide compelling value” to shareholders, according to Macy’s (M) CEO Jeff Gennette.
SolarEdge Technologies (SEDG) shares rose over 4% before market open. The corporation announced a 16% global staff cut on Sunday, affecting 900 workers. Around 500 were from SolarEdge’s manufacturing sites. “We believe in the long-term expansion of the solar energy business and our smart energy leadership. SEDG CEO Zvi Lando said these changes do not affect our strategy or priorities.
WEEKLY EARNINGS CALENDAR
Monday, JAN 22
United Airlines
Tuesday, JAN 23
GE, JNJ, Procter & Gamble, Verizon, 3M, CN Rail, Netflix, Baker Hughes
Wednesday, JAN 24
AT&T, Tesla, IBM
Thursday Jan 25
Dow Chemical, Southwest Airlines, Alaska Airlines, Intel, Visa, T-Mobile
Friday, JAN 26
American Express, Norfolk Southern
For Details
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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.