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HomeStocks in FocusMid-Day Movers : UBS gains; Cano Health falls: Stocks in news...

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 

CVX
Chevron Corp

164.15
2.064% 

DIS
Walt Disney Co

89.02
2.986%   

MRK
Merck & Co Inc
107.44
1.771% 

BA
Boeing Co

235.72
1.066% 

AXP
American Express Co

165.27
1.058%  

DOW
Dow Inc

55.45
0.947%   

VZ
Verizon Communications Inc

33.36
1.03%  
NKE
Nike Inc
108.09
0.862%   

HON
Honeywell International Inc

190.67
1.023%
MSFT
Microsoft Corp
321.01
0.595%

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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