Pre-Market : Amgen gains; CRM Saleforce falls: Stocks in news August 08

Pre-Market active stocks

Gainers

• Sovos Brands (NASDAQ:SOVO) gained 25% after Campbell Soup (NYSE:CPB), which was down 1.7%, announced a $2.33 billion acquisition of the food company.
• The shares of KKR (NYSE:KKR) gained 1.7% after the private equity firm reported a 23% reduction in second-quarter earnings, which was less than expected.
• Berkshire Hathaway (NYSE:BRKa) climbed 1.6% as the Warren Buffett-led corporation reported its greatest quarterly operating profit ever.
• Warner Bros. Discovery (NASDAQ:WBD) gained 1.1%, aided by its role as distributor of the film “Barbie,” which has grossed over $1 billion in ticket sales globally in just 17 days.
• The stock of Cinemark (NYSE:CNK) increased 0.9% after Morgan Stanley reported that the combined revenue boost from the “Barbie” and “Oppenheimer” flicks may boost the movie chain’s stock by more than 35%. The bank’s rating of “overweight” remains unchanged.
• Apple (NASDAQ:AAPL) stock climbed 0.3%, bouncing back from Friday’s severe losses following its dismal iPhone sales report, even after Rosenblatt rated the tech titan to ‘neutral’ from ‘buy’.

Losers

• Yellow Corp. (NASDAQ:YELL) stock fell more than 40% after the trucking company filed for Chapter 11 bankruptcy protection, burdened with a large debt load following a series of mergers.
• Tyson Foods (NYSE:TSN) stock fell 7% after the meat packer failed third-quarter revenue projections, as customers cut back on meat purchases in the face of continuing rising inflation.

MARKET MOVERS 

After-Market movers

GAINERS

• Celsius Holdings Inc. (NASDAQ:CELH) is up 14% after reporting Q2 earnings per share of $0.52, $0.21 higher than the average expectation of $0.31. Revenue for the quarter was $326 million, compared to the consensus expectation of $276.76 million.
• Marqeta Inc (NASDAQ:MQ) is up 13%; it reported Q2 EPS of ($0.11), which was $0.01 below than the analyst estimate of ($0.10). Revenue for the quarter was $231 million, compared to the consensus expectation of $219.46 million.
• Upstart Holdings (NASDAQ:UPST) reported Q2 earnings per share of $0.06, $0.13 higher than the analyst expectation of ($0.07). Revenue for the quarter was $135.77 million, compared to the consensus estimate of $135.21 million.
• PENN Entertainment Inc (NASDAQ:PENN) has announced a transformational, exclusive U.S. online sports betting (OSB) arrangement with ESPN, Inc. and ESPN Enterprises, Inc.

LOSERS

• Doximity Inc (NYSE:DOCS) is 20% LOWER; it reported $0.19 EPS in the first quarter, $0.05 higher than the analyst estimate of $0.14. Revenue for the quarter was $108.5 million, compared to the consensus forecast of $107 million.
• DraftKings Inc. (NASDAQ:DKNG) is down 9% as a result of ESPN’s sports betting agreement with Penn State.
• Lyft (NASDAQ:LYFT) is down 5%; it posted Q2 earnings per share of $0.16, $0.17 higher than the analyst forecast of ($0.01). Revenue for the quarter was $1.02 billion, compared to the average estimate of $1.02 billion. Lyft expects revenue of $1.13-1.15 billion in the third quarter of 2023, compared to the consensus of $1.09 billion.

MIDDAY MOVERS

GAINERS

• The shares of Eli Lilly (NYSE:LLY) increased 13% after the drugmaker exceeded second-quarter profit projections and improved its full-year earnings forecast, boosted by high demand for its new diabetes medicine Mounjaro.
• Chegg (NYSE:CHGG) stock increased 6.7% after the online education business reported higher-than-expected second-quarter sales and disclosed plans to broaden its entry into generative artificial intelligence, with the goal of taking the AI fight to ChatGPT.

LOSERS

• Palantir (NYSE:PLTR) stock fell 6.4% Despite upping its annual sales projection, Palantir (NYSE:PLTR) stock slumped 6.4% after its major growth engine, its U.S. commercial division, saw year-over-year growth slow to 20% from 26% in the first quarter.
• M&T firm Corp (NYSE:MTB) shares fell 2.5% after Moody’s downgraded the firm, citing rising interest rates. Shares of Webster Financial Corporation (NYSE:WBS) down 2.7%, while BOK Financial Corporation (NASDAQ:BOKF) fell 2.6%.
• AMC Entertainment (NYSE:AMC) stock dipped 1% after the movie theater operator reported good second-quarter revenue and stated the current quarter was off to a strong start, thanks to box-office hits including “Barbie” and “Oppenheimer.”
• Tesla (NASDAQ:TSLA) stock dipped 1% after the company’s finance chief Zachary Kirkhorn stepped resigned, shocking many who saw the industry veteran as a possible successor to CEO Elon Musk.
• United Parcel Service (NYSE:UPS) stock declined 0.7% after the transportation company reduced its full-year financial projection and reported lower-than-expected second-quarter revenue, owing to labor negotiations and lower U.S. consumer spending.

UPGRADES BY EXPERTS

Wells Fargo has upgraded DraftKings.

After the firm announced a Q2 beat and raised its guidance last week, Wells Fargo upgraded DraftKings (NASDAQ:DKNG) to Overweight from Equal Weight and lifted its price objective to $37.00 from $28.00.

At the Guggenheim, Fortinet receives an upgrade.

Following the release of Fortinet’s (NASDAQ:FTNT) Q2 earnings last week, Guggenheim raised the stock to Buy from Neutral, with a price objective of $70.00, expecting growth to resume in 2024.

UBS boosted its price target on Wayfair (NYSE:W) to $110.00 from $72.00, noting that the company’s low multiple does not fully price in its attractive intermediate-term set-up.

Shares of DaVita HealthCare (NYSE:DVA) surged more than 3% yesterday after UBS upgraded the firm to Buy from Neutral and boosted its price objective to $142.00 from $100.00.

DOWNGRADES BY EXPERTS

Home Depot reduced its Market Perform rating ahead of the second quarter.

Home Depot (NYSE:HD) shares were down more than 1% premarket today after Telsey downgraded the business to Market Perform from Outperform with a $315.00 price objective ahead of the firm’s Q2/24 earnings announcement on August 15.

Alteryx dropped to Neutral after the second quarter.

Following the company’s announced Q2 earnings, Piper Sandler lowered Alteryx (NYSE:AYX) to Neutral from Overweight and reduced its price objective to $30.00 from $68.00, resulting in a share price decrease of more than 25% premarket today.

International Flavors & Fragrances (NYSE:IFF) was downgraded to Hold from Buy by Stifel, and its price objective was reduced to $85.00 from $123.00.

Premarket, shares fell more than 22% as the company disclosed worse-than-expected Q2 earnings and reduced its guidance.

Willis Towers Watson (NASDAQ:WTW) shares dipped 1% in premarket trading today after BMO Capital downgraded the firm to Underperform from Market Perform and reduced its price objective from $230.00 to $205.00.

Earnings Calendar

Tuesday, August 8

Eli Lilly & Company (LLY),  United Parcel Service (UPS), Zoetis Inc. (ZTS),  Duke Energy Corp. (DUK) , Li Auto (LI), GlobalFoundries Inc. (GFS), Sun Life Financial (SLF), Barrick Gold (GOLD), Take-Two Interactive Software (TTWO), Rivian Automotive (RIVN), 

Wednesday, August 9

The Walt Disney Company (DIS), Honda Motor Company (HMC), Manulife Financial Corp. (MFC), Illumina (ILMN), Roblox Corporation (RBLX), U-Haul Holding Company (UHAL), Charles River Laboratories International (CRL) 

For details

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