Pre-Market
Pre-Market active stocks
Gainers
- Moderna (NASDAQ:MRNA) stock jumped 4.1% after the drugmaker revealed it was reducing production of its COVID-19 vaccine, an enhanced version of which was licensed by US regulators this week, to help it meet its aim of 75% to 80% gross margin increase sooner.
- BP (NYSE:BP) ADRs climbed 1.7% after CEO Bernard Looney stepped down after less than four years in charge for failing to fully disclose details of past personal ties with coworkers, casting doubt on the company’s future practices.
- Ford (NYSE:F) stock jumped 1.5% after the automaker revealed plans to treble production of hybrid F-150 pickup vehicles by 2024, accelerating the shift toward gas-electric powertrains as a hedge against a lack of interest in all-electric pickups among U.S. truck purchasers.
- Tesla (NASDAQ:TSLA) stock increased 1.1% after India’s trade minister stated that the EV manufacturer intends to purchase components worth $1.7-$1.9 billion from India this year, as part of plans to establish a factory in the nation.
Losers
- Spirit Airlines (NYSE:SAVE) stock slumped 3.9% after the low-cost carrier reduced its revenue forecast for the third quarter to account for higher fuel prices.
- Nio (NYSE:NIO) ADRs fell 2.1%; After the European Commission announced an anti-subsidy probe into Chinese electric vehicles, Nio (NYSE:NIO) ADRs declined 2.1%, Li Auto (NASDAQ:LI) down 1.0%, and Xpeng (NYSE:XPEV) fell 3.3%.
- Amazon (NASDAQ:AMZN) stock dipped 0.3% after the e-commerce behemoth revealed plans to invest more than $440 million over the next year on raising wages for its contracted delivery employees.
- Oracle (NYSE:ORCL) stock fell 0.3%JPMorgan downgraded Oracle (NYSE:ORCL) shares to ‘neutral’ from ‘overweight,’ citing the computer software company’s weaker second-quarter revenue expectations.
- Apple (NASDAQ:AAPL) stock slipped 0.1% the day after the tech giant introduced four new iPhone models at its annual hardware refresher, but avoided any design or software improvements to the flagship handset.
Downgrades
Oracle has been downgraded yet again.
JPMorgan downgraded Oracle (NYSE:ORCL) to Neutral from Overweight on Wednesday, following the company’s dismal Q2 outlook, which caused shares to plummet more than 13% in Tuesday’s session.
JPMorgan also reduced the software giant’s price objective from $112 to $100. According to the analysts, while Oracle still has characteristics such as strong growth in its cloud segment, AI-related contract wins, margin expansion, and good recurring revenue growth, its valuation has reached more than 25x EV/uFCF, making a higher price target difficult to justify.
Morgan Stanley cuts acelyrin after dismal Izokibep trial results.
Morgan Stanley lowered Acelyrin (NASDAQ:SLRN) to Equalweight from Overweight and reduced its price objective to $19.00 from $39.00. The business announced the failure of its Phase 2b/3 trial testing izokibep for the treatment of moderate-to-severe Hidradenitis Suppurativa (HS) on Tuesday.
Citi downgraded Ecopetrol (NYSE:EC) to Neutral from Buy, with a $12.50 price target.
Goldman Sachs downgraded Ultrapar (NYSE:UGP) from Buy to Neutral with a $4.00 price target.
Earnings Calendar
Wednesday, September 13
- Burford Capital Ltd. (BUR), Cracker Barrel Old Country Store (CBRL), and Semtech Corp. (SMTC)
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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.