Market Movers/ Stocks in News may 10th

market movers

Premarket active stocks

Experts Ratings on tech stocks 

Stocks in news

MARKET MOVERS

Premarket active stocks

• Palantir (NYSE:PLTR) The share price of Palantir (NYSE:PLTR) increased 15.6% after the data analytics software provider stated that it anticipates making a profit each quarter in 2023 due to high demand for its new artificial intelligence platform.
• PacWest Bancorp (NASDAQ:PACW) The Los Angeles-based lender’s move to reduce its quarterly dividend did not allay concerns about its financial soundness, and PacWest Bancorp’s (NASDAQ:PACW) shares slumped 6.5%.
• Under Armour (NYSE:UAA) The share price of online payments giant PayPal (NASDAQ:PYPL) dropped 6.2% after it increased its full-year profit forecast following solid first-quarter performance fueled by cost-cutting and e-commerce growth.
• Valero Energy (NYSE:VLO) The shares of American refiner Valero Energy (NYSE:VLO) dropped 0.4% after the company said CEO Joseph Gorder will leave his position at the end of June and nominated Chief Operating Officer Lane Riggs as his replacement.
• Fisker (NYSE:FSR) The shares of EV startup Fisker (NYSE:FSR) dropped 15% after it reduced its full-year production target in an effort to save costs and reported a lower first-quarter deficit.
• Novavax (NASDAQ:NVAX) The shares of cash-strapped biotech Novavax (NASDAQ:NVAX) increased by 4% after the company disclosed intentions to decrease its worldwide staff by 25% as it battles weaker demand for its COVID-19 vaccines.
• Skyworks Solutions (NASDAQ:SWKS)The shares of Skyworks Solutions (NASDAQ:SWKS) dropped 9.4% as a result of the chipmaker’s projection for the current quarter falling short of expectations and the performance being hampered by a difficult macroeconomic environment.

Analysts’ upgrade stocks

• Block (NYSE:SQ) Following Q1 results, PhillipCapital raised Block (NYSE:SQ) to Buy from Accumulate with a $91.00 price objective. The firm exceeded sales and EPS forecasts when it released its Q1 results on Thursday, lifting its full 2023-year target. Revenue from subscriptions and services increased 43% to $1.37 billion, above the average forecast of $1.28 billion.
• Zscaler (NASDAQ:ZS) According to information provided in real time by InvestingPro, CFRA raised Zscaler (NASDAQ:ZS) from Buy to Strong Buy. Yesterday, shares increased more than 20% as the company’s preliminary Q3 earnings exceeded market expectations. Additionally, the business increased its full 2023 projection.
• Dropbox Inc (NASDAQ:DBX) Following the company’s stellar Q1/23 performance in every measure, Goldman Sachs upgraded Dropbox (NASDAQ:DBX) to Neutral from Sell and increased its price objective to $25.00 from $22.00.
• Ferguson (NYSE:FERG) was upgraded by Jefferies from Hold to Buy, and the firm increased its price objective from $141.20 to $181.00.

Downgraded stocks by Analysts’

• Skyworks Solutions (NASDAQ:SWKS) was downgraded by BMO Capital from Outperform to Market Perform, and the firm lowered its price objective from $140.00 to $100.00.
• Shopify (NYSE:SHOP) Premarket trading for Shopify (NYSE:SHOP) was down more than 1% after Atlantic Equities downgraded it from Overweight to Neutral after the company’s Q1 results-related share price surge:
•  XPO (NYSE:XPO) Stifel raised its price objective for XPO (NYSE:XPO) to $51.00 from $48.00 while downgrading the stock to Hold from Buy.
• On Thursday, the firm released its Q1 earnings, with EPS and revenues above consensus projections.
• Nabors Industries (NYSE:NBR)Barclays lowered its price objective for Nabors Industries (NYSE:NBR) from $250 to $150 and downgraded the stock from Overweight to Equalweight.The business released its Q1/23 results last week.

Stocks with dividend alerts

• Apple increases its dividend, launches a stock buyback, and surpasses Q1 expectations.
• The dividend for (NASDAQ:AAPL) increased by 4.3% to $0.24 per share, or $0.96 annually, for a 0.6% annual yield. The ex-dividend date for the dividend is May 12, 2023, and it will be paid on May 18, 2023 to shareholders of record on May 15, 2023.
• Enviva stock plunges amid dividend cancellation and lowered forecast:- In the years 2023–2026, the dividend suspension is anticipated to save around $1 billion. The firm has reduced its previous prediction of a $33 million loss to a net loss of $161 million for 2023. Compared to the previous projection of $320M, adjusted EBITDA is anticipated to be $225M.
• Enviva stock plunges amid dividend cancellation and lowered forecast:- In the years 2023–2026, the dividend suspension is anticipated to save around $1 billion. The firm has reduced its previous prediction of a $33 million loss to a net loss of $161 million for 2023. Compared to the previous projection of $320M, adjusted EBITDA is anticipated to be $225M.
• Paramount Global announces dismal Q1 profits and lowers dividend by 80% :- On Thursday, shares of Paramount Global (NASDAQ:PARA) fell more than 28% after the firm released dismal Q1 earnings amid a challenging TV advertising market and cut its quarterly dividend by 80% to $0.05 per share. The dividend reduction is anticipated to provide annualised cash savings of about $500M.
• PepsiCo (NASDAQ:PEP) increased its quarterly dividend by 10% to $1.265 per share, or $5.06 on an annualised basis, for a 2.6% annual return. The ex-dividend date for the dividend is June 1, 2023, and it will be paid on June 30, 2023 to shareholders of record on June 2, 2023.
• AIG (NYSE:AIG) increased its dividend by 12.5% to $0.36 per share, or $1.44 on a yearlyized basis, for a 2.9% yield. The ex-dividend date for the dividend is June 15, 2023, and it will be paid on June 30, 2023 to shareholders of record on June 16, 2023.
• LMP Automotive (OTC:LMPX): A special dividend of $1.24 per share, representing a 14.7% annual yield, was announced by LMP Automotive (OTC:LMPX). For stockholders having records as of April 29, 2023, the dividend will be paid on May 8, 2023.

Stocks In News

• Lucid Group (NASDAQ:LCID)  After the market closed on Monday, Lucid Group (NASDAQ:LCID) released its 1Q earnings data, reporting EPS of ($0.43), $0.04 lower than the average expectation of ($0.39). Contrary to the average forecast of $199.35 million, the quarter’s revenue came in at $149.4 million.
• Fox Corporation (NASDAQ:FOX) The media behemoth’s adjusted third-quarter earnings came in at $0.94, $0.06 more than the expert forecast of $0.88, while the quarter’s revenue came in at $4.08 billion as opposed to the consensus estimate of $4.03 billion.
• Warner Music Group (NASDAQ:WMG) Revenue at Warner Music Group (NASDAQ:WMG) increased 1.7% on a yearly basis to $1.4 billion, above the consensus estimate of $1.37 billion. Adjusted Ebitda increased 9.2% to $308M, surpassing analysts’ consensus estimates of $277.4M once more.
• Fox Corp B (NASDAQ: FOX) posted EPS of $0.94 for the third quarter, $0.06 more than the $0.88 average forecast. Contrary to the average forecast of $4.03B, the quarter’s revenue came in at $4.08B.
• Under Armour (NYSE:UA) Adjusted earnings per share for the quarter for Under Armour (NYSE:UA) came in at $0.18, $0.03 more than the average forecast of $0.15, while sales was $1.4 billion compared to the consensus estimate of $1.36 billion.
• Duke Energy (NYSE: DUK) The first quarter EPS for Duke Energy (NYSE: DUK) came in at $1.20, $0.06 below the $1.26 average forecast. Compared to the average expectation of $6.39B for the quarter, actual revenue came in at $7.28B.
• Transdigm’s (NYSE: TDG) second quarter earnings per share came in at $5.98, $0.53 more than the $5.45 average expectation. Contrary to the average forecast of $1.52B, the quarter’s revenue came in at $1.59B.
• Novavax : According to Novavax, it intends to reduce its total annual R&D and SG&A costs by 40% to 50% from the current year by 2024. Along with consolidating its infrastructure and facilities, the corporation would reduce its global headcount by 25%.
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