Mid-Day Movers : UBS gains; Cano Health falls: Stocks in news August 10

Mid-day Movers active stocks

Gainers

• The stock of UBS (NYSE:UBS) increased 4.8% after the country’s largest lender indicated that it would not require the approximately $10 billion in state guarantees granted to smooth the purchase of its faltering rival.
• The stock of DigitalOcean (NYSE:DOCN) increased 3.2% after Morgan Stanley upgraded the software business to ‘Equal weight’ from ‘Underweight,’ stating that the current forecast is achievable.

Losers

• Cano Health (NYSE:CANO) stock dropped 70% after the primary-care provider revealed plans to slash 18% of its personnel, citing “substantial doubt” about its capacity to continue functioning within a year.
• Archer Aviation (NYSE:ACHR) stock dipped 2.7% after the company reached a settlement with Boeing (NYSE:BA) and agreed to collaborate on autonomous technologies.
• Rivian Automotive (NASDAQ:RIVN) stock declined 1.5% after Exane BNP Paribas upgraded the electric car manufacturer to ‘Outperform’ from ‘Neutral’ following the company’s annual production target raise Tuesday after reporting a narrower-than-expected loss in the second quarter.
• Capri Holdings (NYSE:CPRI) stock declined 0.9% after Wells Fargo downgraded the fashion firm to ‘equal weight’ from ‘overweight’ following the revelation that Tapestry (NYSE:TPR) will acquire Versace.
• Six Flags Entertainment New (NYSE:SIX) shares were down 0.5% after the amusement park operator missed estimates, owing mostly to poor weather. It anticipates that attendance will increase in the second half.

MARKET MOVERS 

UPGRADES BY EXPERTS

Rivian Automotive has been promoted to Outperform.

Rivian Automotive (NASDAQ:RIVN) shares increased more than 1% in pre-market trading today after Exane BNP Paribas upgraded the business to Outperform from Neutral with a $30.00 price objective.

Morgan Stanley recognizes DigitalOcean.

Shares of DigitalOcean (NYSE:DOCN) rose more than 3% in pre-market trading today after Morgan Stanley upgraded the business to Equalweight from Underweight and boosted its price objective to $36.00 from $30.00).

Jefferies boosted its price objective on Global Payments (NYSE:GPN) to $145.00 from $125.00 and upgraded it to Buy from Hold. As a result, shares surged roughly 3% yesterday and more than 1% today in pre-market trading.

Shares of Harmonic (NASDAQ:HLIT) rose more than 7% yesterday after Raymond James upgraded the firm to Strong Buy from Outperform and boosted its price objective to $16.00 from $15.00. Following investor meetings with management, Raymond James became more optimistic about the 2024 results.

DOWNGRADES BY EXPERTS

Plug Power has been downgraded as a result of a profit failure in the second quarter.

Roth/MKM downgraded Plug Power (NASDAQ:PLUG) from Buy to Neutral and lowered its price objective to $7.50 from $13.00.

Following the guidance cut, Wolverine Worldwide receives three downgrades.

Following the company’s Q2 report, Wolverine World Wide (NYSE:WWW) received three downgrades. Shares fell more than 25% yesterday after the American footwear manufacturer reduced its full-year revenue and profit projection, citing the impact of a slowdown in wholesale demand.

Exane BNP Paribas downgraded the stock from Outperform to Neutral and reduced its price target to $9.00 from $22.00. 

Williams Trading downgraded from Buy to Hold and reduced its price target to $12.00 from $23.00.

Meanwhile, Seaport Global Securities downgraded the stock from Buy to Neutral, citing a loss of trust in the company’s former thesis of achieving a 12% operating margin.

Citi downgraded Cano Health (NYSE:CANO) from Buy to Neutral and reduced its price objective to $0.80 from $4.00.

Earnings Calendar

Friday, August 11

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

For details

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