21Pre-Market
Pre-Market active stocks
Gainers
- Tupperware (NYSE:TUP) stock jumped 62.8% after the company signed a financial restructuring agreement.
- DraftKings (NASDAQ:DKNG) shares increased 11.2% after the betting company posted a surprising quarterly profit and provided an optimistic full-year sales projection as new sports-betting clients emerged.
- Amazon’s (NASDAQ:AMZN) shares jumped 8.7% after the online retailer’s earnings indicated that both of its growth engines, e-commerce and cloud computing, were doing well in an uncertain economy.
- Dropbox (NASDAQ:DBX) shares increased 4.9% after the file-hosting company exceeded expectations with robust second-quarter profits and sales growth.
- Fisker (NYSE:FSR) stock increased 2.2% after the EV manufacturer disclosed a smaller-than-expected quarterly loss and the first revenue from electric sport utility vehicle deliveries, which helped offset a yearly production cut.
Losers
- Apple (NASDAQ:AAPL) shares sank 2.5% as the iPhone maker warned that it was on track for its fourth consecutive quarter of declining sales as demand for its flagship smartphone slowed, particularly in developed nations.
- Airbnb (NASDAQ:ABNB) shares declined 0.5% after the holiday rental company suggested declining domestic demand in the United States, but forecasting third-quarter revenue that was higher than market expectations.
- Alphabet (NASDAQ:GOOGL) shares jumped 0.4% after Google’s parent firm revealed it has trimmed its stake in Robinhood (NASDAQ:HOOD), up 1.1%, by roughly 90%, just days after the trading app reported its first profit as a public company.
MARKET MOVERSÂ
|
INTC |
34.87 1.396%Â |
CRM Salesforce Inc |
215.56 |
|---|---|---|---|
| CSCO Cisco Systems Inc |
53.15 1.084%Â |
CAT |
281.45 |
|
NKE |
108.64 |
MMM |
107.19 1.579%Â Â |
|
JPM |
156.35 0.611%Â |
HON Honeywell International Inc |
190.51 1.239%Â Â |
|
GS |
353.16 0.587% |
WBA Walgreens Boots Alliance Inc |
30.31 1.174% |
After-Market movers
GAINERS
- Atlassian (NASDAQ:TEAM) 23% higher; Q4 EPS of $0.57 beat consensus estimate of $0.36. Revenue for the quarter was $939 million versus the consensus estimate of $920.4 million. Atlassian expects $950-970 million in Q1 2024.
- Booking Holdings (NASDAQ:BKNG) 11% higher; Q2 EPS of $37.62, $6.02 greater than consensus estimate of $28.87. Compared to the average forecast of $5.16 billion, quarterly revenue was $5.46 billion.
- Amazon (NASDAQ:AMZN) 8% higher; Q2 EPS $0.65, $0.30 greater than consensus expectation of $0.35. Revenue for the quarter was $134.4 billion versus the consensus forecast of $131.45 billion. Amazon expects Q3 2023 sales of $138-143 billion, versus the consensus of $138.25 billion.
LOSERS
- DigitalOcean Holdings Inc (NYSE:DOCN)(DOCN) 18% lower; forecasts Q2 EPS of at least $0.41, matching analyst estimates. Quarterly revenue was $170 million versus the consensus estimate of $169.96 million. DigitalOcean expects Q3 2023 sales of $172.5-174 million versus the consensus of $179.51 million. DigitalOcean expects FY2023 sales of $680-685 million versus the consensus of $704.14 million.
- Fortinet (NASDAQ:FTNT) 17% down; Q2 EPS $0.38, $0.04 better than analyst expectation of $0.34. Quarterly revenue was $1.29 billion, below the consensus forecast of $1.31 billion. Fortinet expects Q3 2023 EPS of $0.35-$0.37, vs to $0.36 consensus. Fortinet expects Q3 2023 revenue of $1.315-1.375 billion versus the consensus of $1.38 billion. Fortinet expects FY2023 EPS of $1.49-$1.53, compared to $1.46 consensus. Fortinet expects FY2023 revenue of $5.35-5.45 billion versus the consensus of $5.47 billion.
- CarGurus, Inc. (NASDAQ:CARG) 11% LOWER; Announced it will delay its second quarter 2023 results release and conference call, previously scheduled for 5:00 p.m. Eastern Time on August 3, 2023.
- Apple (NASDAQ:AAPL) 3% down; Q3 EPS of $1.26, $0.07 greater than consensus estimate of $1.19. Compared to the average forecast of $81.73 billion, quarterly revenue was $81.8 billion.
MIDDAY MOVERS
GAINERS
- Tupperware (NYSE:TUP) stock jumped 41% after the company signed a financial restructuring agreement.
- Amazon’s (NASDAQ:AMZN) shares soared 10.9% after the online retailer’s earnings indicated that both of its growth engines, e-commerce and cloud computing, were doing well in an uncertain economy.
- Dropbox (NASDAQ:DBX) shares increased 7% after the file-hosting company exceeded expectations with robust second-quarter profits and sales growth.
- DraftKings (NASDAQ:DKNG) shares increased 3.9% after the betting company posted a surprising quarterly profit and provided an optimistic full-year sales projection as new sports-betting clients emerged.
- Alphabet (NASDAQ:GOOGL) shares jumped 1.6% after Google’s parent firm revealed it has trimmed its ownership in Robinhood (NASDAQ:HOOD), up 1.1%, by roughly 90%, just days after the trading app reported its first profit as a public company.
- Airbnb (NASDAQ:ABNB) stock increased 1% after the vacation rental company anticipated third-quarter revenue that was above market expectations due to an increase in international travel and revived interest in its core metropolitan areas.
LOSERS
- Fisker (NYSE:FSR) stock slumped 5.4% after the EV manufacturer disclosed a smaller-than-expected quarterly loss and the first revenue from electric sport utility vehicle deliveries, which helped offset a yearly production cut.
- Apple (NASDAQ:AAPL) shares slumped 2.9% as the iPhone maker warned that it was on track for its fourth consecutive quarter of declining sales as demand for its flagship smartphone slowed, particularly in developed nations.
UPGRADES BY EXPERTS
Following a Q2 beat, Wayfair receives two upgrades.
Wayfair (NYSE:W) received two upgrades after reporting better-than-expected Q2 profits, resulting in a 16% increase in share price yesterday.
Wells Fargo upgraded the stock from Underweight to Overweight and increased its price target to $100.00 from $35.00.
Wix.com was upgraded to buy after reporting a profit in the second quarter.
Benchmark raised its price target on Wix.Com (NASDAQ:WIX) to $120.00 from Hold.
TD Cowen raised its price target on Ross Stores (NASDAQ:ROST) to $128.00 from Market Perform.
Lamb Weston (NYSE:LW) shares jumped more than 1% in pre-market trading today after Stifel upgraded the firm to Buy from Hold with a price target of $115.00, adding that the current value does not represent the business’s favoured growth profile.
DOWNGRADES BY EXPERTS
Soft forecast has been reduced by Etsy.
Bernstein downgraded Etsy (NASDAQ:ETSY) from Outperform to Market Perform and reduced its price target from $120.00 to $100.00.
Moderna earns two downgrades following a Q2 beat
Following the release of Q2 earnings, Moderna (NASDAQ:MRNA) was downgraded twice. Despite lower-than-expected post-pandemic demand for its COVID-19 vaccine, the company reported better-than-expected revenue in the second quarter.
Following a dismal first quarter, DXC Technology was downgraded at numerous firms.
TD Cowen, Citi, Deutsche Bank, BMO Capital, and RBC Capital all downgraded DXC Technology (NYSE:DXC) after the business posted lower-than-expected Q1 profits and a dismal forecast.
TD Cowen downgraded the stock from Outperform to Market Perform and reduced its price target to $25.00 from $34.00.
MediaAlpha reduced to Sell
Shares of Mediaalpha (NYSE:MAX) tumbled more than 2% in pre-market trading today after Citi downgraded the firm to Sell from Neutral, with a price objective of $8.00 (up from $7.00).
Earnings Hits
After reporting its third consecutive quarterly sales dip, Apple (NASDAQ:AAPL) shares fell 1.7% in premarket trading Friday.
iPhone revenue, roughly half of total revenue, decreased to $39.67 billion from $40.67B a year earlier, below projections of $39.91B. Revenue was $81.B, above the $81.73 expectation but down from $83B last year.
Apple’s services division climbed to $21.21B from $19.60B a year earlier, beating predictions of $20.76B.Earnings per share were $1.26, beating projections of $1.19.
AMD falters over AI enthusiasm.
On Tuesday, Advanced Micro Devices (NASDAQ:AMD) beat consensus on EPS, revenue, and forecast.
InvestingPro analysts predicted $0.57 and $5.32B for the second quarter, but the business earned $0.58 per share on $5.4B in revenue.
Data Center sales fell 11% to $1.3B, mostly due to lower sales of AMD’s 3rd Gen EPYC processor, while Client revenue fell 54% to $998 million due to a weaker PC market and a significant inventory correction across the PC supply chain.
Starbucks wins despite difficult conditions.
Starbucks (NASDAQ:SBUX) surpassed profits projections despite worldwide comparable sales missing due to weakening North American demand for its drinks and food.
China sales rebounded, boosting adjusted earnings per share to $1.00, beating InvestingPro consensus projections of $0.95. 23.4% more than the year before. Tapering commodity costs offset salary and benefit spending, raising profit margin to 17.4% for the quarter ended July 2.
North American comparable store sales rose 7%, below estimates. Starbucks’ global comparable sales rose 10%, below experts’ expectations of 11.1%.
Starbucks executives told investors after the report that they expect sales pressure in the fourth quarter due to a normalisation in pricing trends after months of price rises.
Pfizer beats, sales drop
Finally, Pfizer (NYSE:PFE) fell 1.3% on Tuesday after reporting better-than-expected Q2 results but lower revenue due to a drop in COVID-19 sales.
The business also lowered its full-year revenue projection, citing “near-term revenue challenges,” to $67B-$70B, down $1B from the previous range. Analysts want $61B.
Pfizer reported a profit per share of $0.67 on revenue of $12.7B in Q3, above estimate of $0.57 on $12.08B.
The business expects $3.35 full-year EPS, above the Street’s $3.01.
Earnings Calendar
Friday, August 4
Enbridge Inc. (ENB), NatWest Group (NWG), Sumitomo Mitsui Financial Group (SMFG), Dominion Energy (D), and Liberty Media Corp. (FWONA) report earnings
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