Pre-market: Apple rise, Target falls / Stocks June 5th

Pre-market active stocks

Gainers

• CIRCOR International (NYSE:CIR) stock soared 50%; After CIRCOR International (NYSE:CIR) agreed to be acquired by KKR in a cash transaction valued at $1.6 billion, the company’s stock rose 50%.
• Palo Alto (NASDAQ:PANW) stock rose 5.8% ;The share price of cybersecurity business Palo Alto (NASDAQ:PANW), which is expected to replace satellite network provider Dish Network (NASDAQ:DISH), which fell 4.1%, increased by 5.8%.
• ExxonMobil (NYSE:XOM) stock rose 1.5%; The stock prices of ExxonMobil (NYSE:XOM) and Chevron (NYSE:CVX) both increased when Saudi Arabia announced plans to reduce production starting in July, helping to boost the price of crude.
• UBS (NYSE:UBS) stock rose 1.1%; The share price of UBS (NYSE:UBS) increased 1.1% after the Swiss lender announced it planned to close the acquisition of Credit Suisse “as early as June 12,” creating a $1.6 trillion banking behemoth.
• Apple (NASDAQ:AAPL) stock rose 0.8%; A new “mixed reality” headset, which has been in development for seven years, is likely to be unveiled by the tech giant Apple (NASDAQ:AAPL) at its developer conference in California, driving up the stock price of Apple (NASDAQ:AAPL) by 0.8%.

Losers

• Dollar General (NYSE:DG) stock fell 1.3%; The stock of discount retailer Dollar General (NYSE:DG) dropped 1.3% after Morgan Stanley downgraded it to ‘equal-weight’ from ‘overweight,’ noting that it has not been the defensive stock it had anticipated.

   

• Estée Lauder (NYSE:EL) stock fell 1%; The shares of cosmetics major Estée Lauder (NYSE:EL) dropped 1% after Oppenheimer changed its rating from ‘outperform’ to ‘perform’ and warned that further gains would be difficult to achieve.

   

• Target (NYSE:TGT) stock fell 0.7%;  The price of Target (NYSE:TGT) stock dropped 0.7% after KeyBanc changed its rating on the retailer from “overweight” to “sector weight,” citing rising consumer headwinds over the following 12 to 18 months.

MARKET MOVERS 

AFTER MARKET ACTIVE STOCKS

GAINERS

• Gitlab Inc (NASDAQ:GTLB) 22% HIGHER; Gitlab Inc. (NASDAQ:GTLB) posted Q1 results that were better than expected and raised expectations, citing the AI revolution.
• Healthequity Inc. (NASDAQ:HQY) is 6% HIGHER; after reporting first-quarter results that exceeded expectations and increasing its guidance.

LOSERS

• Blue Bird (NASDAQ:BLBD) 9% LOWER; Coliseum Capital Management LLC and American Securities LLC affiliates plan to issue 5,000,000 shares of Blue Bird common stock, according to a recent announcement from Blue Bird (NASDAQ:BLBD), which is down 9%.
• Mobileye Global Inc (NASDAQ:MBLY) 4% LOWER; Intel Overseas Funding Corporation, a fully-owned subsidiary of Intel Corporation (NASDAQ:INTC), announced the start of an underwritten secondary public offering of 35,000,000 shares of Mobileye Global Inc (NASDAQ:MBLY) Class A common stock.
• Corebridge Financial Inc (NYSE:CRBG) 4% lower; American International Group, Inc. (NYSE:AIG) today announced the beginning of a secondary offering of Corebridge Financial common stock, which saw Corebridge Financial Inc. (NYSE:CRBG) drop by 4%. AIG is offering 65 million existing shares of common stock as the selling stockholder.
• GE HealthCare Technologies Inc (NASDAQ:GEHC) 3% LOWER; A secondary underwritten public offering of 25,000,000 shares of GE HealthCare Technologies Inc.’s common stock has begun, the company said today (NASDAQ:GEHC, 3% lower). In addition to not selling any common stock, GE HealthCare will not profit financially from the sale of the GEHC shares in the offering or the debt-for-equity conversion.

MIDDAY MOVERS

GAINERS

• Palo Alto Networks Inc. (NASDAQ:PANW) shares rose 5.3%; Shares of Palo Alto Networks Inc. (NASDAQ:PANW), a cybersecurity firm, increased 5.3% after it was announced that it would replace Dish Network (NASDAQ:DISH) in the S&P 500.
• Spotify Technology SA (NYSE:SPOT) shares rose 2.8%; Shares of Spotify Technology SA (NYSE:SPOT) increased 2.8% on news that the streaming media company would be laying off 200 employees, or around 2% of its total employment, in order to make adjustments to its podcasting business.
• Apple Inc. (NASDAQ:AAPL) shares rose 1.9%; ahead of the opening of its annual Developers Conference, when it is anticipated to introduce a variety of new devices, including the eagerly awaited mixed reality headset, Apple Inc. (NASDAQ:AAPL) shares increased 1.9%.
• Chevron Corp (NYSE:CVX) shares rose 0.2%;  As oil prices increased, shares of Chevron Corp. (NYSE:CVX) and Exxon Mobil Corp. (NYSE:XOM) both increased in value. In July, Saudi Arabia agreed to reduce its output by an additional one million barrels per day, while other major oil-producing nations postponed their production targets until 2019.

LOSERS

• General Motors Company (NYSE:GM) shares slipped 0.1%. After the carmaker announced it would invest $1 billion in two Michigan plants to create the next generation of heavy duty trucks, General Motors Company (NYSE:GM) shares fell 0.1%.

Upgrades by Experts

Double upgrade for Equitrans Midstream at Morgan Stanley

Equitrans Midstream (NYSE:ETRN) shares increased more than 4% pre-market today as a result of Morgan Stanley raising its price objective for the firm from $7.00 to $14.00 and upgrading it from Underweight to Overweight after taking Mountain Valley Pipeline into account.

Dominion Energy (NYSE:D) was raised by Seaport Global Securities from Neutral to Buy with a $59.00 price objective.

Shares of DigitalBridge (NYSE:DBRG) increased more than 2% before the market opened today as a result of Keefe, Bruyette & Woods raising its price objective for the firm from $12.50 to $17.50 and upgrading it from Market Perform to Outperform.

With a $7.00 price target, Raymond James upgraded Clipper Realty (NYSE:CLPR) from market perform to outperform.

Downgrades by Experts

Target was reduced to sector weight due to deteriorating consumer conditions.

Today’s pre market decline in Target (NYSE:TGT) shares was about 1% after KeyBanc downgraded the stock from Overweight to Sector Weight.

SentinelOne is given a worse rating after the guideline change.

SentinelOne (NYSE:S) was downgraded by Stephens to Equal Weight from Overweight, and its price objective was decreased from $22.00 to $15.

Estee Lauder (NYSE:EL) was downgraded by Oppenheimer from Outperform to Perform because the firm doesn’t think the company is a beat and raise story anymore.

PROG (NYSE:PRG) was downgraded by Loop Capital from Buy to Hold with a $34.00 price target.

Insider trading

KKR is going to buy CIRCOR for $1.6 billion.

Two businesses announced today that the world’s largest investment firm, KKR, will buy all of the shares of CIRCOR International (NYSE:CIR) for $49 in cash per share.

The purchase price is a 55% premium over Circor’s June 2, 2023, closing stock price.

Director Daniel of Domo, Inc. acquires stock worth about $700,000.

Domo, Inc. (DOMO) Director Daniel David Daniel revealed purchasing 50,500 ordinary shares on May 31 at a price of $13.4195 in a Form 4 filing with the SEC late Friday.  The acquisition cost around $678,000.

SVP of Loews Corp. In stock, Tisch invests $19 million.

Benjamin Tisch, SVP/Corp Dev and Strategy at Loews Corp. (L), revealed purchasing 330,000 common shares between May 31 and June 2 at values ranging from $56.36 to $57.88 in a Form 4 filing with the SEC late on Friday. The acquisitions were made for around $19 million. Following the purchases, Tisch now owns 350,309.80 shares in total.

DeNicola, the director of CSS Entertainment, bought more than $400,000.

Cosmo DeNicola, the director of CSS Entertainment (CSSE), purchased 26,990 shares on June 2, 23, at a price of $15.33, according to a Form 4 filing with the SEC this morning.The transaction cost $413,756.69 in total. His entire role within the organization is represented by this acquisition.

Earnings Calendar

Monday, June 5, 2023

NO Earnings

Tuesday, June 6, 2023

JM Smucker (SJM)