Pre-Market : Apellis gains; Foot Locker falls: Stocks in news August 23

Pre-Market active stocks

Gainers

• Apellis Pharmaceuticals (NASDAQ:APLS) stock rose 26.8% after the biopharmaceutical firm issued a critical safety update on its injection kits and the rare incidents of retinal vasculitis associated with its eye medicine, Syfovre.  
• The shares of Urban Outfitters (NASDAQ:URBN) increased 4.8% after the fashion retailer exceeded forecasts for the second quarter, with same-store sales increasing due to growth in retail stores and online sales.  
• Kohl’s (NYSE:KSS) stock increased 3.5% after the department store operator topped quarterly profit projections, thanks to tighter inventories, cheaper expenses, and less discounting, which helped to offset a broader retail slowdown.  
• Toll Brothers (NYSE:TOL) stock increased 0.4% after the homebuilder topped third-quarter profit projections, as demand for luxury homes in a tightening resale market drove new home sales. 

Losers

• Foot Locker (NYSE:FL) stock fell 31.4% after the sportswear retailer reported another quarter of declining sales, suspended quarterly payouts, and cut its outlook for the second time this year, blaming “consumer softness.” 
• Peloton (NASDAQ:PTON) stock fell 25.7% after the exercise bike merchant forecasted lower-than-expected first-quarter sales due to a shift in consumer spending toward travel and experiences, which affected demand for its equipment. 
• The stock of AMC Entertainment (NYSE:AMC) plummeted 7.5% after the acceptance of a rescue agreement that will allow the highly indebted movie company to issue more shares. 
•  The stock of WeWork (NYSE:WE) plummeted 5.1% after the New York Stock Exchange halted trade in the workspace provider’s warrants. 
• Bath & Body Works (NYSE:BBWI) stock dropped 2.7% after the specialty retailer warned of a greater drop in annual sales due to cost-conscious customers deferring purchases of its more expensive home fragrances and personal care goods.  
• Tesla (NASDAQ:TSLA) stock slumped 2.6% after Business Insider reported that the EV manufacturer has reduced the production target of its German facility to 4,350 units per week in July and August, down from 5,000 in March, and expects to reduce it further. 
• The stock of La-Z-Boy (NYSE: LZB) slumped 1.6% after the furniture producer indicated the industry will remain “challenged,” despite a potential seasonal boost. 
• Stellantis (NYSE: STLA) stock dipped 0.5% after Bloomberg News reported that the automaker is considering partnering with a Chinese electric car manufacturer in order to boost its footprint in the world’s largest auto market. 

MARKET MOVERS 

After-Market movers

GAINERS

• Guess? Inc (NYSE:GES) is 20% higher; it posted Q2 earnings per share of $0.72, $0.33 higher than the analyst expectation of $0.39. Revenue for the quarter was $665 million, compared to the consensus expectation of $638.51 million. Guess? expects FY2024 EPS of $2.88-$3.08, compared to the average of $2.78. Revenue growth in US dollars is expected to range between 2.5% and 4.0%.  
• Splunk (NASDAQ:SPLK) is up 12% after reporting Q2 earnings per share of $0.71, $0.25 higher than the average expectation of $0.46. Revenue for the quarter was $911 million, compared to the consensus expectation of $889.23 million. Splunk anticipates revenue of $1.02-1.035 billion in Q3 2024, compared to the consensus of $0.981 billion. Splunk forecasts FY2024 sales of $3.925-3.95 billion, compared to the consensus of $3.9 billion.  
• NVIDIA (NASDAQ:NVDA) is up 9%; it reported Q2 earnings per share of $2.70, $0.63 higher than the market expectation of $2.07. Revenue for the quarter was $13.51 billion, compared to the consensus forecast of $11.13 billion. NVIDIA expects $16 billion in revenue in the third quarter of 2024, compared to the consensus of $12.61 billion.  
• Autodesk (NASDAQ:ADSK) is up 7% after reporting Q2 earnings per share of $1.91, $0.18 higher than the average expectation of $1.73. Revenue for the quarter was $1.35 billion, compared to the consensus forecast of $1.32 billion. Autodesk forecasts Q3 2024 earnings per share of $1.97-$2.03, compared to the average of $1.92. Autodesk anticipates revenue in the third quarter of 2024 of $1.38-1.395 billion, compared to the consensus of $1.38 billion. Autodesk forecasts FY2024 earnings per share of $7.30-$7.49, compared to the average of $7.28. Autodesk expects FY2024 revenue of $5.405-5.455 billion, compared to the consensus of $5.41 billion.  
• C3.ai Inc (NYSE:AI) is up 4% following excellent earnings from AI chip leader NVIDIA.  
• Palantir Technologies Inc (NYSE:PLTR) is up 4% as a result of NVIDIA’s outstanding results in the AI chip market.  
• Marvell Technology, Inc. (NASDAQ:MRVL) is up 4% after reporting good results from AI chip pioneer NVIDIA.  
• Broadcom Inc. (NASDAQ:AVGO) is up 3% following good results from AI chip leader NVIDIA.  
• Coherent Corp. (NYSE:COHR) is up 3% following excellent results from AI chip leader NVIDIA. 
•  Applied Materials, Inc. (NASDAQ:AMAT) is up 2% after reporting good results from AI chip leader NVIDIA.  
• Lam Research Corporation (NASDAQ:LRCX) is up 2% after reporting solid results from AI chip leader NVIDIA. 

LOSERS

MIDDAY MOVERS

GAINERS

• Apellis Pharmaceuticals (NASDAQ:APLS) stock jumped 31% after the biopharmaceutical firm issued a critical safety update on its injection kits and the rare incidents of retinal vasculitis associated with its eye medicine, Syfovre. 
• Kohl’s (NYSE:KSS) stock increased 3.9% after the department store operator topped quarterly profit projections, thanks to tighter inventories, cheaper expenses, and less discounting, which helped to offset a broader retail slowdown. 
• Toll Brothers (NYSE:TOL) stock increased 3.4% after the homebuilder topped third-quarter profit projections, as demand for luxury homes in a tightening resale market drove new home sales. 
•  The shares of Urban Outfitters (NASDAQ:URBN) increased 2.2% after the fashion retailer exceeded forecasts for the second quarter, with same-store sales increasing due to growth in retail stores and online sales.   
• Stellantis (NYSE:STLA) shares increased 0.3% after Bloomberg News reported that the automaker is looking into partnering with a Chinese electric car manufacturer in order to extend its footprint in the world’s largest auto market. 

LOSERS 

• Foot Locker (NYSE:FL) stock fell 30% after the sportswear retailer reported another quarter of declining sales, suspended quarterly payouts, and cut its outlook for the second time this year, blaming “consumer softness.”  
• Peloton (NASDAQ:PTON) stock fell 24% after the exercise bike merchant forecasted lower-than-expected first-quarter sales due to a shift in consumer spending toward travel and experiences, which affected demand for its equipment.  
• The stock of WeWork (NYSE:WE) plummeted 14.8% after the New York Stock Exchange halted trade in the workspace provider’s warrants. 
• The stock of AMC Entertainment (NYSE:AMC) plummeted 10% after the acceptance of a rescue agreement that will allow the highly indebted movie company to issue more shares. 
• The stock of La-Z-Boy (NYSE:LZB) slumped 1.6% after the furniture producer indicated the industry will remain “challenged,” despite a potential seasonal boost. 

UPGRADES BY EXPERTS 

Madison Square Garden Entertainment began with a Buy recommendation from BofA. 

Madison Square Garden Entertainment (NYSE: MSGS) was begun with a Buy rating and a $41.00 price objective by BofA Securities.   

JPMorgan raised Cognizant to Neutral. 

JPMorgan boosted its price target on Cognizant Technology Solutions (NASDAQ: CTSH) to $77.00 from $72.00, noting that the expectations threshold appears low enough versus success on the CEO’s initiatives.  

VTEX (NYSE: VTEX) shares rose more than 6% in pre-market trading today after UBS upgraded the stock to Buy from Neutral and increased its price objective to $7.50 from $4.70.  

Shift4 Payments (NYSE: FOUR) was upgraded to Outperform from Market Perform, with a price objective of $74.00 from Raymond James. 

DOWNGRADES BY EXPERTS

• Piper Sandler has downgraded Premier following the fourth quarter. 
• Following the release of Q4 earnings, Piper Sandler lowered Premier (NASDAQ:PINC) to Neutral from Overweight and reduced its price objective to $25.00 from $44.00, resulting in a more than 3% drop in share price yesterday.  
• Workday (NASDAQ: WDAY) has been downgraded to Mixed from Positive ahead of its Q2 results report tomorrow after the market close. The consensus expectation for EPS is $1.26 and revenue is $1.77 billion.  
• JPMorgan reduced Genpact (NYSE:G) from Neutral to Underweight, with a $40.00 price target.  
• Dawson James reduced Genprex (NASDAQ:GNPX) from Buy to Neutral. 

Earnings Calendar

Wednesday, August 23 

• Nvidia (NVDA),  Analog Devices Inc. (ADI),  Snowflake Inc. (SNOW),  Autodesk Inc. (ADSK),  NetApp Inc. (NTAP),  Bath & Body Works (BBWI), Williams-Sonoma (WSM),  Advance Auto Parts (AAP),  Kohl’s Corp. (KSS),  Peloton Interactive (PTON),  Foot Locker Inc. (FL),  Abercrombie & Fitch (ANF) 

Thursday August 24 

• Intuit Inc. (INTU),  Royal Bank of Canada (RY), Toronto Dominion Bank (TD),  Vmware Inc. (VMW),  NetEase Inc. (NTES),  Workday Inc. (WDAY),  Marvell Technology (MRVL),  Dollar Tree (DLTR),  Ulta Beauty (ULTA),  Burlington Stores (BURL),  The Gap (GPS), Nordstrom (JWN) 

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