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HomeStocks in FocusPre-Market : Apple, RH, GameStop fall ; DocuSign, Adobe rise. Sep 08

Pre-Market : Apple, RH, GameStop fall ; DocuSign, Adobe rise. Sep 08

Pre-Market active stocks

Gainers

  • Asbury (NYSE:ABG) stock jumped 3.2% after the car dealer announced a $1.2 billion acquisition of Jim Koons Automotive Dealerships Group.
  • Adobe (NASDAQ:ADBE) stock rose 1.6%; Mizuho Securities raised Adobe (NASDAQ:ADBE) shares to ‘buy’ from ‘neutral,’ saying it is well-positioned to capitalize on digital transformation with its extremely complete end-to-end offering.
  • DocuSign (NASDAQ:DOCU) shares increased 1% after the e-signature business exceeded expectations in its second quarter, with sales increasing 10.5% year on year, and thus raised its annual revenue prediction.

Losers

  • The stock of RH (NYSE:RH) plummeted 7.3% after the luxury furniture retailer issued poor guidance for the coming quarter, citing “challenging” conditions through 2023.
  • The stock of GameStop (NYSE:GME) declined 1.4% following news that the Securities and Exchange Commission was investigating the videogame retailer’s chairman, Ryan Cohen.Goldman Sachs (NYSE:GS) stock dipped 0.3% after the Financial Times reported that the investment bank is considering another round of layoffs for underperformers, which may happen as early as late October.
  • Apple (NASDAQ:AAPL) shares declined 0.2%, continuing to plummet following news of weaker iPhone sales in China, resulting in a 6% drop over the past two sessions, wiping close to $200 billion off the stock’s market worth.

UPGRADES BY EXPERTS 

Adobe receives an upgrade ahead of the third quarter reports.
Adobe Systems (NASDAQ:ADBE) shares jumped more than 1% in pre-market trading today after Mizuho Securities upgraded the firm to Buy from Neutral and boosted its price target to $630.00 from $520.00 ahead of the company’s third-quarter earnings report next Thursday.

Snowflake began at DA Davidson with Buy.
Snowflake (NYSE:SNOW) was given a Buy rating and a $200.00 price target by DA Davidson.

Wells Fargo gives McDonald’s an upgrade.
Wells Fargo raised its price objective on McDonald’s (NYSE:MCD) to $310.00 from Equal Weight.

First Solar (NASDAQ:FSLR) has been upgraded to Buy from Hold, with a price objective of $235.00 up from $220.00.

Goldman Sachs upgraded Owens Corning (NYSE:OC) from Sell to Neutral and boosted its price objective from $113.00 to $150.00.

DOWNGRADES BY EXPERTS


Polestar Automotive (NASDAQ:PSNY) shares fell more than 8% yesterday after Barclays downgraded the firm to Underweight from Equal Weight and reduced its price objective to $3.00 from $5.00 due to demand and capital concerns.

Citi reduces Essex Property Trust
Citi reduced its price objective for Essex Property Trust (NYSE:ESS) to $260.00 from $280.00 and downgraded it to Neutral from Buy.

Following the company’s announced Q3 shortfall, ABM Industries (NYSE:ABM) received two downgrades, resulting in a stock price decrease of more than 13% yesterday.

William Blair reduced the company’s rating to Market Perform Outperform.
Meanwhile, Deutsche Bank reduced its price objective to $43.00 from $65.00 and downgraded it to Hold from Buy.

Clarivate (NYSE:CLVT) shares fell more than 3% in pre-market trading today after Barclays downgraded the stock to Underweight from Equal Weight and lowered its price objective to $7.00 from $8.00.

Earnings Calendar

Friday, sep 08

  Kroger Company (KR)

for Details read

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.

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