Mid-Day Movers : Capri gains; Sonos falls: Stocks in news August 10

Mid-day Movers active stocks

Gainers

• Capri Holdings (NYSE:CPRI) stock is up 56%, while Coach parent Tapestry (NYSE:TPR) is down 15%. Capri Holdings (NYSE:CPRI) is scheduled to buy Michael Kors in a $8.5 billion deal, creating a top U.S. fashion firm.
• BABA (NYSE: BABA) ADRs climbed 5.1% after the Chinese e-commerce behemoth reported first-quarter adjusted core income that above analyst expectations, owing to strong growth across its businesses and a focus on operational savings.
• Walt Disney (NYSE:DIS) stock increased 4.3% after the entertainment conglomerate announced adjustments to its streaming service, including raising fees and cracking down on password sharing, to help offset sluggish performance in its film and television divisions.
• Wynn Resorts (NASDAQ:WYNN) shares jumped 3% after the casino operator posted better-than-expected second-quarter earnings, with a rise in gaming, dining, and hotel bookings driven by strength in its Las Vegas and Macau facilities.

Losers

• Sonos (NASDAQ:SONO) stock dipped 5.7% after the audio product manufacturer posted third-quarter earnings and revenue that exceeded expectations.
• Penn Entertainment (NASDAQ:PENN) shares slumped 4.1% after Truist changed its opinion on the sports betting to ‘Hold’ from ‘Buy,’ as the agreement with ESPN remains questionable.
• Johnson & Johnson (NYSE:JNJ) stock fell 0.5% after the FDA authorised its antibody-based therapy for patients with a difficult-to-treat kind of blood cancer.

MARKET MOVERS 

After-Market movers

GAINERS

• Pagaya (NASDAQ:PGY) 25% HIGHER; Pagaya (NASDAQ:PGY) announced $0.00 EPS in the second quarter, $0.03 higher than the analyst expectation of ($0.03). Revenue for the quarter totaled $185.69 million, compared to the consensus expectation of $188.94 million. Pagaya Technologies Ltd. expects revenue of $190-200 million in Q3 2023, compared to the average of $207.9 million. Pagaya Technologies Ltd. expects revenue of $775-825 million in FY2023, compared to the consensus of $803.1 million.

LOSERS

• Cano Health Inc (NYSE:CANO) 50% LOWER; Cano Health Inc (NYSE:CANO) reported Q2 earnings per share of ($0.51), $0.40 less than the analyst expectation of ($0.11). Revenue for the quarter was $766.7 million, compared to the consensus forecast of $829 million. Furthermore, management has assessed that the Company’s ability to continue as a “going concern” within one year is seriously questioned.
• Maxeon Solar Technologies Ltd (NASDAQ:MAXN) 19% LOWER: Maxeon Solar Technologies Ltd (NASDAQ:MAXN) reported Q2 earnings per share of ($0.03), $0.04 higher than the analyst expectation of ($0.07). Revenue for the quarter was $348.4 million, compared to the consensus forecast of $378.23 million. Maxeon anticipates Q3 revenue of $280-320 million, compared to the average of $395.3 million. Maxeion anticipates fiscal year revenue of $1.25-$1.35 billion, compared to the average of $1.51 billion.
• Arlo Technologies, Inc. (NYSE:ARLO) is down 5%; it posted Q2 earnings per share of $0.06, $0.02 higher than the market forecast of $0.04. Revenue for the quarter was $115.1 million, compared to the consensus estimate of $110.18 million.
• MercadoLibre, Inc. (NASDAQ:MELI) 3% LOWER; announced today the appointment of Marti­n de los Santos as its new Chief Financial Officer. Pedro Arnt, the current CFO, will leave his job to pursue new chances outside of the company.

UPGRADES BY EXPERTS

Amazon gains another buy rating following its Q2 success.

PhillipCapital upped its price target on Amazon.com (NASDAQ:AMZN) to $175.00 from $120.00 and upgraded it to Buy from Neutral.

Roblox receives two upgrades as a result of the Q2-triggered share slide.

Roblox (NYSE:RBLX) shares are up more than 2% in premarket trading today, thanks to upgrades from two Wall Street companies.

Morgan Stanley upgraded the stock from Underweight to Equal Weight and increased its price objective to $30.00 from $26.00.

Meanwhile, Wedbush upgraded the stock to Outperform from Neutral, with a $37.00 price objective.

Kornit Digital was upgraded by Morgan Stanley following a Q2 miss.

Kornit Digital (NASDAQ:KRNT) shares rose more than 3% in premarket trading today after Morgan Stanley upgraded the firm to Overweight from Equal Weight with a $29.00 price objective.

Following Q2 profits and the Cash App deal, Marqeta improved.

Following the company’s Q2 report and the news of a four-year renewal of its deal with Block (NYSE:SQ) to power its Cash App, Berenberg upgraded Marqeta (NASDAQ:MQ) to Buy from Hold and upped its price objective to $8.00 from $5.00.

DOWNGRADES BY EXPERTS

PhillipCapital has downgraded Airbnb.

PhillipCapital lowered Airbnb (NASDAQ:ABNB) from Buy to Accumulate while lifting its price objective to $152.00 from $143.00.

International Flavors & Fragrances suffers another setback.

Goldman Sachs downgraded International Flavors & Fragrances (NYSE:IFF) to Neutral from Buy and reduced its price target to $78.00 from $120.00 after the firm disclosed a Q2 loss and reduced its guidance, resulting in a more than 19% decrease in share price on Tuesday.

Petrobras has been downgraded twice.

Two Wall Street firms have downgraded Petrobras (NYSE:PBR). HSBC downgraded the stock from Buy to Hold, with a price objective of $13.00. Citi lowered to Neutral Buy with a $14.00 price target (down from $19.00).

TaskUs has been lowered following Q2 earnings.

Following a shortfall on Q2 forecast, two Wall Street companies downgraded TaskUs (NASDAQ:TASK), resulting in a share price decrease of more than 13% pre-market today.

Earnings Calendar

Friday, August 11

Spectrum Brands Holding Inc. (SPB), Soho House & Co. (SHCO) 

For details

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