Pre-Market : AMC Ent. gains ; TESLA Falls: Stocks in news July24

21Pre-Market

Pre-Market active stocks

Gainers

• The shares of AMC Entertainment (NYSE:AMC) jumped 40% after a judge stopped the theatre chain’s stock conversion scheme, which threatened to dilute investors’ holdings.
• Mattel’s (NASDAQ:MAT) stock increased 1.5% after the “Barbie” film became the highest-grossing film in the United States so far this year, which is likely to translate into higher sales of the toymaker’s iconic doll.
• Johnson & Johnson (NYSE:JNJ) stock increased 0.8% after the company launched an exchange offer for investors to trade J&J shares for Kenvue (NYSE:KVUE) shares.
• Apple (NASDAQ:AAPL) stock increased 0.5% after Bloomberg reported that the tech giant had asked suppliers to build approximately 85 million iPhone 15 units this year, roughly in line with the previous year.
• Spotify (NYSE:SPOT) stock climbed 0.2% after the music streaming business announced a $1 increase in premium plan fees in the United States in an effort to bolster profitability.
• The stock of Public Storage (NYSE:PSA) increased 0.1% after the self-storage company agreed to buy Simply Self Storage from Blackstone Real Estate Income Trust for $2.2 billion.

Losers

• Tesla (NASDAQ:TSLA) stock dipped 1.1% after UBS downgraded the EV manufacturer to ‘Neutral’ from ‘Buy,’ citing the recent increase as evidence that the company is now properly valued.
• Domino’s (NYSE:DPZ) stock declined 0.9% after the pizza business failed second-quarter revenue projections due to higher delivery fees and higher prices to boost margins, which affected demand.
• Chevron (NYSE:CVX) stock increased 0.6% after the oil major reported a $6 billion net profit in the fiscal quarter ended June 30, exceeding expectations.

MARKET MOVERS 

After-Market movers

GAINERS

• Enzo Biochem Inc. (NYSE:ENZ) 12% higher; concluded a transaction to sell certain assets of Enzo Clinical Labs to Laboratory Corporation of America Holdings (Labcorp) (NYSE:LH) according to an Asset Purchase Agreement dated March 16, 2023, as modified July 3, 2023.
• F5 Networks (NASDAQ:FFIV) 7% higher; Q3 EPS of $3.21, $0.35 greater than consensus expectation of $2.86. Revenue was $703M compared to $698.81M expected. F5 Networks expects Q4 2023 EPS of $3.15-$3.27, compared to $3.22 consensus. F5 Networks expects $690-710M Q4 2023 sales, compared to $702M consensus.
• NXP Semiconductors (NASDAQ:NXPI) 1% higher; Q2 EPS of $3.43, $0.15 greater than consensus expectation of $3.28. Revenue was $3.3B vs $3.21B expected. NXP Semiconductors expects Q3 2023 EPS of $3.39-$3.82, compared to $3.43 consensus. NXP Semiconductors expects Q3 2023 revenue of $3.3-3.5B versus the consensus of $3.31B.

LOSERS

• ZVIA 14% lower; Recent results, management’s changed near-term perspective, and the present environment are driving the Company’s 2023 guidance. Net sales for 2023 have dropped from $180M to $190M to $163M to $168M.
• AMC Entertainment Holdings Inc (NYSE:AMC) 11% down; AMC’s amended APE (APE) transaction returns before judge on expedited time frame – Bloomberg.
• Cadence Design Systems (NASDAQ:CDNS) 5% down; Q2 EPS of $1.22, $0.04 greater than analyst expectation of $1.18. Revenue for the quarter was $976.58M versus the consensus expectation of $975.99M. Cadence Design Systems expects FY2023 EPS of $5.05-$5.11, versus the consensus of $5.03. Cadence Design Systems expects FY2023 revenue of $4.05-4.09 billion, compared to $4.06B consensus.

MIDDAY MOVERS

GAINERS

• AMC Entertainment (NYSE:AMC) stock increased 37% after a judge stopped the theater chain’s stock conversion scheme, which threatened to dilute investors’ holdings. The theater chain is also benefiting from the weekend’s strong box office revenues for “Barbie” and “Oppenheimer.”
• Mattel’s (NASDAQ:MAT) stock jumped 2% after the “Barbie” film became the highest-grossing film in the United States so far this year, which is likely to translate into stronger sales of the toymaker’s iconic doll.
• The stock of Tesla (NASDAQ:TSLA) increased by 2.7%. UBS reduced its rating on the EV manufacturer to ‘Neutral’ from ‘Buy,’ citing the recent increase as evidence that the stock is now properly valued.
• Chevron (NYSE:CVX) stock jumped 2.6% after the oil company reported a $6 billion net profit in the fiscal quarter ended June 30, beating estimates.
• Domino’s (NYSE:DPZ) stock rose 1.4% after the pizza business failed second-quarter revenue projections due to higher delivery fees and higher prices to boost margins, which affected demand.
• Johnson & Johnson (NYSE:JNJ) stock jumped 1.1% after the company launched an exchange offer for investors to exchange J&J shares for Kenvue (NYSE:KVUE) shares.
• The stock of Public Storage (NYSE:PSA) climbed 0.9% after the self-storage company agreed to buy Simply Self Storage from Blackstone Real Estate Income Trust for $2.2 billion.
• Apple (NASDAQ:AAPL) stock increased 0.5% after Bloomberg reported that the tech giant had asked suppliers to build approximately 85 million iPhone 15 units this year, roughly in line with the previous year.

LOSERS

• Spotify (NYSE:SPOT) stock plummeted 5% after the music streaming business announced a $1 increase in premium plan fees in the United States in an effort to boost profitability.

UPGRADES BY EXPERTS

Baird upgrades Netflix after Q2 earnings.

Baird upgraded Netflix (NASDAQ:NFLX) to Outperform from Neutral and boosted its price target to $500.00 from $340.00 due to improved confidence in the company’s advertising and paid sharing strategies.

Upgrade boosts Shopify stock.

After MoffettNathanson upgraded Shopify (NYSE:SHOP) to Outperform from Market Perform with a $76.00 price target, shares rose more than 2% pre-market.

After Stifel upgraded Lam Research (NASDAQ:LRCX) to Buy from Hold and boosted its price objective to $725.00 from $505.00, shares climbed 1.8% pre-market.Baird upgraded Q2 (NYSE:QTWO) to Outperform from Neutral and boosted its price objective to $39.00 from $30.00.

DOWNGRADES BY EXPERTS

UBS lowered Tesla to Neutral.

After UBS downgraded Tesla (NASDAQ:TSLA) to Neutral from Buy with a price objective of $270.00 (from $220.00), shares slid over 1% pre-market.

Twilio downgraded.

After RBC Capital downgraded Twilio (NYSE:TWLO) to Underperform from Sector Perform and lowered its price objective to $50.00 from $55.00, shares fell almost 3% pre-market.

Rosenblatt downgraded ON Semiconductor (NASDAQ:ON) to Neutral from Buy with a $95.00 price target due to declining automotive demand. Pre-market losses exceed 1%.

BofA Securities downgraded Equifax (NYSE:EFX) to Underperform from Neutral and lowered its price objective to $195.00 from $255.00.

Last week, the business surpassed Q2 EPS but lowered full-year guidance due to sluggish mortgage activity.

Earnings Calendar

MONDAY JULY 24

Cadence Design Systems Inc. (CDNS), NXP Semiconductors (NXPI), Ryanair Holdings (RYAAY), Brown & Brown Inc. (BRO), Domino’s Pizza (DPZ), and Crown Holdings Inc. (CCK)

TUESDAY JULY 25

Microsoft (MSFT), Alphabet Inc. (GOOGL; GOOG), Visa (V), Texas Instruments (TXN), Raytheon Technologies (RTX), Verizon Communications (VZ), General Electric (GE), UBS (UBS), 3M Company (MMM), and Ford Motor Company (F)

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