Pre-Market:Pre-Market
Pre-Market active stocks
Gainers
- The stock of Advanced Micro Devices (NASDAQ:AMD) increased as the chipmaker introduced new accelerator chips aimed at competing in the lucrative artificial intelligence (AI) business, which Nvidia (NASDAQ:NVDA) presently dominates.
- Dollar General (NYSE:DG) is up roughly 3.5% after reporting third-quarter results that above average analyst projections.
Losers
- Sprinklr (NYSE:CXM) shares tumbled over 30% after analysts claimed the software start-up’s early 2025 forecast indicates a “major deceleration.”
- C3.ai (NYSE:AI) shares fell over 10% after the AI application software business forecasted a full-year adjusted operating loss of $115 million to $135 million, which was higher than its previous prediction of $70 million-$100 million.
- GameStop (NYSE:GME) shares dipped in premarket trade in the United States after the video game retailer disclosed third-quarter sales that fell short of expectations.
- Chewy (NYSE:CHWY) shares fell precipitously. Due to inflationary pressures that have hampered client demand, the online pet-care business has reduced its yearly sales forecast.
Stocks in focus
JetBlue Airways (JBLU)
JetBlue Airways (JBLU) stock rose over 9% in pre-market trade after the airline raised the lower end of its Q4 and full-year capacity estimate ranges and stated that demand trends were solid. Since late October, JetBlue (JBLU) has reported that close-in bookings have surpassed forecasts for both peak holiday and non-holiday travel periods. Furthermore, the airline achieved a 99.9% completion factor in November and a 100% completion factor during the peak Thanksgiving week. The news comes as regulators debate JBLU’s proposed merger with Spirit Airlines (SAVE).
Dollar General (DG)
Dollar General (DG) shares jumped more than 3% before the opening bell as the bargain retailer posted a Q3 top and bottom line beat despite a 1.3% drop in same-store sales. The business also revealed its real estate expansion plans for fiscal 2024, which include a target of opening 800 new stores. “While we are not satisfied with our financial results for the third quarter, including a significant headwind from inventory shrink, we are pleased with the momentum in some of the underlying sales trends, including positive customer traffic, as well as market share gains in both dollars and units,” Todd Vasos, DG’s chief financial officer, said.
Broadcom (NASDAQ:AVGO)
Broadcom (NASDAQ:AVGO) stock was in the spotlight, with the semiconductor company set to publish FQ4 2023 earnings after the market closes. Wall Street expects AVGO to earn $10.96 per share on $9.28 billion in revenue. The earnings report will be released just over a week after Broadcom (AVGO) completed its acquisition of VMware. Investors will be watching to see how the deal’s completion affects AVGO’s outlook and synergy targets. Broadcom (AVGO) has already initiated adjustments at VMware, including plans to lay off approximately 1.3K people and evaluate strategic alternatives for certain of its operations, according to sources.
Bristol Myers Squibb (BMY)
Bristol Myers Squibb (BMY) stock rose more than 1% before the market opened. After hours on Wednesday, the pharmaceutical giant increased its quarterly dividend by 5.3% to 60 cents per share for shareholders of record on January 5, 2024. BMY stated that this was the company’s sixteenth consecutive year of increasing its payout. Then, earlier today, Bristol-Myers Squibb (BMY) announced that its board of directors had approved an extra $3 billion in stock buybacks under the company’s multi-year share repurchase program.
Upgrades
Rivian Automotive started with Buy at Stifel.
Rivian Automotive began with Buy at Stifel Stifel initiated coverage on Rivian Automotive (NASDAQ:RIVN) with a Buy rating and a price target of $23.00. As a result, shares increased more than 2% pre-market today.
The analysts highlighted several positives of Rivian’s story, including the impact of their R1S/R1T models in boosting brand recognition, a deal with Amazon (NASDAQ:AMZN) to supply 100,000 electric delivery vehicles (EDVs), along with the recent availability of their commercial van to other fleets, the potential of their R2 platform in the dominant U.S. vehicle market, which is currently led by Tesla (NASDAQ:TSLA), and various factors that could enhance margins from 2024 onwards, including new technologies like the Enduro motor and LFP battery, improved pricing, the delivery of EDVs, a new zonal architecture, rising production, and impact of new supplier agreements.
Datadog gains on Stifel upgrade
Datadog (NASDAQ:DDOG) shares climbed about 2% pre-market today after Stifel upgraded the business to Buy from Hold and boosted its price target to $140.00 from $98.00.
The analysts explained that this judgment follows the completion of their third survey of Datadog customers (about 32 customers, with over 60% paying above $250,000). The poll focused on growth forecasts, trends in usage (optimization pervasiveness, severity, timing), security adoption, and GenAI interest.
Raymond James upgraded Biogen (NASDAQ:BIIB) to Outperform from Market Perform with a price target of $283.00.
UBS upgraded JB Hunt Transport Services (NASDAQ:JBHT) to Neutral from Sell and upped its price target to $205.00 from $176.00. Shares increased more than 1% pre-market today.
Downgrades
Take-Two Interactive downgraded at BofA Securities, shares decline
BofA Securities downgraded Take-Two Interactive Software (NASDAQ:TTWO) to Neutral from Buy with a price objective of $170.00, citing anticipation of a postponed release for the highly-anticipated video game Grand Theft Auto VI. As a result, shares plummeted more than 1% pre-market today.
FMC downgraded at Mizuho Securities
Mizuho Securities downgraded FMC (NYSE:FMC) to Neutral from Buy,
The analysts explained that the company’s profitability have faced considerable problems in the second half of 2023, due to an extraordinary correction in pesticides inventories and mounting concerns about generic competition.
Despite a noticeable decline in the company’s stock price, with shares dropping approximately 55% year-to-date, the analysts believe that a lack of catalysts (ongoing near-term weakness, 2H-weighted 2024 earnings) combined with investors’ reluctance to overlook short-term uncertainties will continue to affect the stock.
B.Riley reduced ChargePoint Holdings (NYSE:CHPT) to Neutral from Buy with a price objective of $2.50 following the company’s announced Q3 shortfall yesterday. Shares are already down roughly 2% in pre-market.
BofA Securities reduced Duckhorn Portfolio (NYSE:NAPA) to Neutral from Buy with a price objective of $11.00 (from $15.00). Shares dropped more than 8% pre-market today as the business reported its Q1 results, with EPS and revenues coming in worse below the consensus estimates.
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Airbnb suffers as a result of KeyBanc’s downgrade
Airbnb (NASDAQ:ABNB) shares were down nearly 3% in premarket trading Tuesday after KeyBanc downgraded the business from Overweight to Sector Weight.
Following the split, WK Kellogg began at Sell.
Following the conclusion of Kellogg Company’s (NYSE:K) spinoff of its North American cereal division into the WK Kellogg standalone entity, Goldman Sachs commenced coverage on WK Kellogg (NYSE:KLG) with a Sell rating and a price target of $11.00.
WK Kellogg’s stock dropped significantly on the first day after the spinoff, closing more than 9% down on Monday.
Nortfolk Southern and Bread Financial have been downgraded.
Norfolk Southern (NYSE:NSC) shares fell more than 2% on Monday after BofA Securities downgraded the firm to Neutral from Buy and reduced its price objective to $215.00 from $266.00, citing operational difficulties and excessive costs.
Bread Financial (NYSE:BFH) has been downgraded to Sell from Neutral by Goldman Sachs, with a $32 price target. As a result, shares dropped about 2% on Monday.
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ell suffers as a result of a downgrade by Barclays.
Dell Technologies (NYSE:DELL) shares tumbled 3% before the bell on Thursday after Barclays downgraded the firm to Underweight from Equalweight, with a $53.00 price target.
Cloudflare began at Underperform.
Cloudflare (NYSE:NET) has been added to BofA Securities’ coverage with an Underperform rating and a $52.00 price objective.
Crocs (NASDAQ:CROX) shares were down more than 2% in pre-market trading today after B.Riley downgraded the firm to Neutral from Buy and reduced its price objective to $101.00 from $125.00.
Verint Systems (NASDAQ:VRNT) was downgraded from Outperform to Perform by Oppenheimer.
Following the company’s announced Q2 EPS and sales misses, as well as dismal full-year forecasts, shares fell more than 17% pre-market today.