Pre-Market : Carvana gains ; Joby Aviation Falls: Stocks in news

Pre-Market

Pre-Market active stocks

Gainers

• Carvana (NYSE:CVNA) stock soared 24% after the used-car reseller had its greatest quarter and reached a $1.2 billion debt reduction arrangement with noteholders
• M&T Bank (NYSE:MTB) stock jumped 4.3% after beating second-quarter profit projections as the Fed’s quick rate hikes to contain inflation increased interest income.
• Microsoft (NASDAQ:MSFT) stock rose 0.6%,hitting an all-time high the previous session. Microsoft (NASDAQ:MSFT) stock climbed 0.6% as the tech giant announced it would charge more for new artificial intelligence features in its Office product.
• Nasdaq (NASDAQ:NDAQ) stock rose 0.5%  After beating second-quarter profit projections, Nasdaq (NASDAQ:NDAQ) stock climbed 0.5%.

Losers

• Joby Aviation (NYSE:JOBY) stock fell 6.4% ; After JPMorgan downgraded Joby Aviation (NYSE:JOBY) to “underweight” from “neutral,” the shares plunged 6.4%.
• Johnson & Johnson (NYSE:JNJ) stock dipped 1.4% after the drugmaker sued the government to stop Medicare drug pricing negotiations. As it attempts to resolve thousands of similar complaints, it must pay $18.8 million to a California man who claimed he got cancer from its baby powder.
• Goldman Sachs (NYSE:GS) stock declined 0.2% after its second-quarter profit fell due to a $504 million writedown on its GreenSky division and weaker dealmaking volumes.

MARKET MOVERS 

AFTER MARKET MOVERS

GAINERS

• Carvana (NYSE:CVNA) stock soared 28% after the used-car reseller had its greatest quarter and reached a $1.2 billion debt reduction arrangement with noteholders.
• M&T Bank (NYSE:MTB) stock jumped 2.6% after beating second-quarter profit projections as the Fed’s quick rate hikes to contain inflation increased interest income.
• Goldman Sachs (NYSE:GS) stock climbed 1.5% after its second-quarter profit declined due to a $504 million write-down on its home improvement loan GreenSky business and weaker dealmaking volumes.Johnson & Johnson (NYSE:JNJ) stock climbed 0.3% after the drugmaker sued the government to stop Medicare drug pricing negotiations. As it tries to resolve thousands of similar cases, it must pay $18.8M to a California man who claims he got cancer from its baby powder.

LOSERS

• Joby Aviation (NYSE:JOBY) stock fell 17% ; After JPMorgan downgraded Joby Aviation (NYSE:JOBY) to “underweight” from “neutral,” the shares plunged 17%.
• Microsoft (NASDAQ:MSFT) stock fell 1.4%; as hitting an all-time high the previous session, Microsoft (NASDAQ:MSFT) stock dipped 1.4% as the tech giant announced it would charge more for new artificial intelligence features in Office.

MIDDAY MOVERS

GAINERS

• Carvana (NYSE:CVNA) stock soared 28% after the used-car reseller had its greatest quarter and reached a $1.2 billion debt reduction arrangement with noteholders.
• M&T Bank (NYSE:MTB) stock jumped 2.6% after beating second-quarter profit projections as the Fed’s quick rate hikes to contain inflation increased interest income.
• Goldman Sachs (NYSE:GS) stock climbed 1.5% after its second-quarter profit declined due to a $504 million write-down on its home improvement loan GreenSky business and weaker dealmaking volumes.
• Johnson & Johnson (NYSE:JNJ) stock climbed 0.3% after the drugmaker sued the government to stop Medicare drug pricing negotiations. As it tries to resolve thousands of similar cases, it must pay $18.8M to a California man who claims he got cancer from its baby powder.

Losers

• Joby Aviation (NYSE:JOBY) stock fell 17% ; After JPMorgan downgraded Joby Aviation (NYSE:JOBY) to “underweight” from “neutral,” the shares plunged 17%.
• Microsoft (NASDAQ:MSFT) stock fell 1.4%; as hitting an all-time high the previous session, Microsoft (NASDAQ:MSFT) stock dipped 1.4% as the tech giant announced it would charge more for new artificial intelligence features in Office.

UPGRADES BY EXPERTS

Carnival gains Argus upgrade

Carnival (NYSE:CCL) shares rose over 3% yesterday after Argus upgraded the business to Buy from Hold with a $21.00 price objective.

Q2 earnings improvement Citigroup.

Following Citigroup (NYSE:C)’s quarterly results announcement last week, Odeon Capital raised the stock to Buy from Hold with a $50.51 price target. Dealmaking slowed, lowering profitability.

UnitedHealth (NYSE:UNH) shares rose over 3% yesterday after Bernstein upgraded the firm to Outperform from Market Perform and boosted its price objective to $603.00 from $595.00.

Credit Suisse upgraded Casey’s General Stores (NASDAQ:CASY) to Outperform from Neutral and upped its price objective to $285.00 from $235.00. Yesterday’s gains exceeded 2%.

DOWNGARDES BY EXPERTS

Deutsche Bank downgraded CommScope.

Deutsche Bank downgraded CommScope (NASDAQ:COMM) to Hold from Buy and lowered its price objective to $6.00 from $8.00. Shares declined over 1% yesterday.

Two firms become more bearish on the Trade Desk.

With agencies and sell-side platforms (SSPs) competing for economics, New Street Research downgraded the company to Sell from Neutral with a price objective of $69.00 (from $57.00).

Redburn also started covering with a Sell rating and $34.00 price target.

Lumentum (NASDAQ:LITE) was downgraded to Underperform from Neutral at $50.00 by BofA Securities.

Morgan Stanley reduced Global-E Online (NASDAQ:GLBE) to Equal Weight from Overweight with a $45.00 price objective (from $38.00).

Earnings Calendar

Wednesday JULY 19

Tesla (TSLA), ASML ADR (ASML), Netflix (NFLX), IBM (IBM), Elevance Health (ELV), Goldman Sachs (GS), U.S. Bancorp (USB), Crown Castle (CCI), Las Vegas Sands (LVS), Kinder Morgan (KMI), Baker Hughes (BKR), Halliburton (HAL)Discover (DFS), Equifax (EFX), Nasdaq Inc (NDAQ), M&T Bank (MTB), Steel Dynamics (STLD), Northern Trust (NTRS), Citizens Financial Group Inc (CFG), Globe Life (GL), Severn Trent (SVT), Zions (ZION), Johnson Matthey (JMAT)

Thursday JULY 20

J&J (JNJ), Abbott Labs (ABT), Philip Morris (PM), Intuitive Surgical (ISRG), Marsh McLennan (MMC), CSX (CSX), Freeport-McMoran (FCX), Truist Financial Corp (TFC), Capital One Financial (COF), DR Horton (DHI), Travelers (TRV), Newmont Goldcorp (NEM), PPG Industries (PPG), Genuine Parts (GPC), SSE (SSE), Fifth Third (FITB), 3I Group (III),
WR Berkley (WRB), Snap-On (SNA), Pool (POOL), American Airlines (AAL), KeyCorp (KEY), MarketAxesss (MKTX).

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