Market Movers/ Stocks in News may 11

market movers

Premarket active stocks

Experts Ratings on tech stocks 

Stocks in news

MARKET MOVERS

Premarket active stocks

Gainers

• Syneos Health (NASDAQ:SYNH) stock rose +8.8% 
•  After an investment group made up of Elliott Investment Management, Patient Square Capital, and Veritas Capital decided to purchase the contract research company in a deal valued at $7.1 billion, Syneos Health’s (NASDAQ:SYNH) stock increased by 8.8%. 
• Rivian (NASDAQ:RIVN) stock rose +8.5% 
• The share price of Rivian (NASDAQ:RIVN) increased by 8.5% after the EV maker topped revenue forecasts for the quarter by selling more expensive electric vehicles while maintaining its 50,000-car annual production target.
• Tellurian (NYSE:TELL) stock rose +0.8%
• The shares of liquefied natural gas company Tellurian (NYSE:TELL) increased 0.8% on the announcement that Simon Oxley of Barclays has been named as chief financial officer, starting June 1.
• Livent (NYSE:LTHM) stock rose +0.1% 
• After Australian lithium miner Allkem agreed to acquire the American chemical manufacturing company to form a $10.6 billion company, Livent’s (NYSE:LTHM) stock increased by 0.1%.

Losers

• Twilio (NYSE:TWLO) stock fell -18.3% 
• The share price of Twilio (NYSE:TWLO) dropped 18.3% after the cloud service provider predicted weaker-than-anticipated second quarter revenue, citing declining cloud service demand.
• Airbnb (NASDAQ:ABNB) stock fell -15%
• The stock of holiday rental booking site Airbnb (NASDAQ:ABNB) dropped 15% after the firm issued disappointing forecasts, predicting fewer reservations and lower average daily prices in the second quarter compared to a year ago.
• Virgin Galactic (NYSE:SPCE) stock fell -3.9% 
• The shares of space tourism operator Virgin Galactic (NYSE:SPCE) dropped 3.9% after it revealed that its first-quarter loss had increased and that it planned to launch its first spacecraft in nearly two years later this month.
• Occidental Petroleum (NYSE:OXY) -1.3%
•  The price of Occidental Petroleum (NYSE:OXY) dropped 1.3% after the oil and gas company reported first quarter earnings that were 48% lower than anticipated due to falling oil prices.

Stock Movers After Hours

Gainers

• Upstart Holdings (NASDAQ:UPST) +35%   posted Q1 EPS of ($0.47), $0.35 more than the average expectation of ($0.82), and increased its share price by 35%. In contrast to the average expectation of $99.72 million, the actual revenue for the quarter was $103 million. In contrast to the consensus, Upstart Holdings expects Q2 2023 sales of $135 million.
• Syneos Health, Inc. (NASDAQ:SYNH) +18%  Bloomberg says that Elliott, Patient Square, and Veritas are reportedly close to a deal for Syneos Health, Inc. (NASDAQ:SYNH), which has increased by 18%.
• Exact Sciences (NASDAQ:EXAS) +8% posted Q1 EPS of ($0.42), $0.32 more than the average expectation of ($0.74). This is an increase of 8%. Compared to the average estimate of $543.29M, actual revenue for the quarter was $602.45M. Exact Sciences forecasts FY2023 sales of $2.38–2.42 billion, vs the average estimate of $2.299 billion.
• Celsius Holdings Inc. (NASDAQ:CELH) increased by + 6% :- and announced Q1 EPS of $0.40, $0.21 higher than expected by analysts. Contrary to the average expectation of $218.31M, the actual revenue for the quarter was $260M.
• Rivian Automotive Inc. (NASDAQ:RIVN) +5%:- posted Q1 EPS of ($1.25), $0.36 higher than the average expectation of ($1.61), and saw a 5% increase in price. Contrary to the average expectation of $655.51M, the actual revenue for the quarter was $661M.

Losers 

Twilio (NYSE:TWLO) -14%

 posted Q1 EPS of $0.47, $0.26 more than the average expectation of $0.21, and is now trading 14% LOWER. Compared to the consensus forecast of $1 billion, the quarter’s revenue came in at $1.01 billion. Twilio anticipates Q2 2023 EPS between $0.27 to $0.31 compared to the $0.29 average. Contrary to the consensus estimate of $1050M, Twilio expects Q2 2023 sales of $980-990M.

Airbnb Inc. (NASDAQ:ABNB) -10% 

posted Q1 EPS of $0.18, $0.02 BELOW the average expectation of $0.20, a 10% LOWER figure. Contrary to the average forecast of $1.79B, the quarter’s revenue came in at $1.8B. Airbnb expects Q2 2023 revenue of $2.35-2.45 billion vs the average estimate of $2.42 billion.

Analysts’ upgrade stocks

Baird upgraded Alcon (NYSE:ALC) tgt $90

Following Q1 results, Baird upgraded Alcon (NYSE:ALC) to Outperform from Neutral and increased its price objective to $90.00 from $75.00.

BTIG upgraded NeoGenomics (NASDAQ:NEO) Tgt $25

NeoGenomics (NASDAQ:NEO) was raised by BTIG from Neutral to Buy with a $25.00 price target, saying that the company’s fundamental growth has changed significantly under the leadership of the current management team.

BofA Securities upgraded Enact (NASDAQ:ACT) Tgt $27 

Yesterday, Enact (NASDAQ:ACT) shares finished more than 2% higher after BofA Securities lifted its price objective for the business from $25.00 to $27.00 and upgraded it from Underperform to Neutral.

 Piper Sandler raised Halozyme Therapeutics (NASDAQ:HALO) Tgt $46

With a price objective of $46, Piper Sandler raised Halozyme Therapeutics (NASDAQ:HALO) from Neutral to Overweight.

Downgraded by Experts

Amplitude (NASDAQ:AMPL) downgraded by 3 firms,  Piper Sandler,  William Blair and KeyBanc tgt $9

Piper Sandler reduced the company’s rating from Overweight to Neutral and set a $9.00 price objective for it. William Blair and KeyBanc both saw downgrades from Outperform to Market Perform and Overweight to Sector Weight, respectively.

Dutch Bros (NYSE:BROS) was downgraded by TD Cowen Tgt $33

Dutch Bros (NYSE:BROS) was downgraded by TD Cowen to Market Perform from Outperform, and the firm lowered its price objective from $39.00 to $33.00.

Westlake Chemical (NYSE:WLK) was downgraded by Tudor Pickering from Hold to Sell

Westlake Chemical (NYSE:WLK) was downgraded by Tudor Pickering from Hold to Sell. The firm posted its Q1 profits last week, surpassing analyst expectations.

Radian (NYSE:RDN) was downgraded by BofA Securities from Buy to Underperform. Last week, the business reported Q1 results that were higher than projected.

Stocks In News

RingCentral, Inc. (RNG)Revenue for RingCentral, Inc. (RNG) increased by 14% on a yearly basis to $534 million, above the average expectation of $527.98M. 95% of total income, or $508M, was from subscriptions, an increase of 16% year over year. Monthly recurring subscriptions with annualised exit (ARR) increased 14% to $2.16 billion. ARR for the mid-market and enterprise increased by 15% to $1.33B.

Celsius Holdings Inc (NASDAQ:CELH) Revenue increased 95% year over year at Celsius Holdings Inc (NASDAQ:CELH) to $260 million, above the average expectation of $218.31M. The revenue increase over the prior year of 101% to $249M in North America was primarily responsible for the revenue increase.

Earnings Calendar

JD.com Inc Adr (JD), Sun Life Financial (SLF), PerkinElmer (PKI,  Gen Digital (GEN), Canadian Tire Ltd (CTCa), News Corp (NWS), News Corp A (NWSA), Charles River Laboratories (CRL), Tapestry (TPR), Algonquin Power (AQN)