Pre-Market:Pre-Market
Pre-Market active stocks
Gainers
- The shares of Voyager Therapeutics (NASDAQ:VYGR) jumped 30% after the announcement of an agreement with Novartis (SIX:NOVN) that includes up to $1.2 billion in milestone payments.
- Coinbase (NASDAQ:COIN) shares jumped 2.6%, benefiting from bitcoin’s ascent to a 21-month high on heightened speculation that the US Securities and Exchange Commission was close to establishing a spot exchange traded fund for the world’s largest cryptocurrency.
- Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) both increased 0.7%, mirroring a rise in oil prices following a naval confrontation in the Red Sea that heightened the prospect of Middle East supply interruptions.
Losers
- ASML ADRs (AS:ASML) slumped 3% after the Dutch government prohibited the chipmaker from exporting certain equipment to China.
- Hasbro (NASDAQ:HAS) stock dropped 2.1% after DA Davidson downgraded the toymaker to ‘neutral’ from ‘buy,’ citing management concern about when the toy division will restart growth.
- Apple (NASDAQ:AAPL) shares slumped 1.9% after Barclays downgraded the iPhone maker to ‘underweight’ from ‘equal weight,’ citing worries about a protracted period of poor earnings and the possibility of multiple expansion not being sustainable.
- Tesla (NASDAQ:TSLA) shares dipped 1% as the electric vehicle company faced stiff competition from BYD (SZ:002594), which sold a record 526,000 battery-powered vehicles in the fourth quarter. Tesla is due to reveal its full-year production and delivery figures on Tuesday, and it may sell fewer vehicles than BYD for the second year in a row.
Stocks in focus
- As Bitcoin (BTC-USD) surged past the $45,000 mark (+7.7%) amid anticipation of a spot Bitcoin ETF approval, several cryptocurrency-related stocks experienced significant gains on Tuesday. Notably, Coinbase (COIN) shares climbed by 6%, MicroStrategy (MSTR) saw a 9% increase, Riot Platforms (RIOT) surged by 11%, and both CleanSpark (CLSK) and Marathon Digital (MARA) soared by over 14%, respectively. Additionally, Bitfarms (BITF) witnessed a notable 16% increase, HIVE Digital (HIVE) rose by 13%, TeraWulf (WULF) jumped by 22%, and Bit Digital (BTBT) recorded a 15% gain.
- Golden Ocean Group’s (NASDAQ:GOGL) shares climbed 4% following the company’s decision to appoint interim CEO Lars-Christian Svensen as the permanent CEO, effective January 1. Svensen had been serving as the interim CEO since June of the previous year, taking over from Ulrik Andersen.
- Shares of Li Auto (NASDAQ:LI) fell over 4% despite the reported delivery of 50,353 vehicles for the month of December, reflecting a robust M/M growth of 22.7% and a Y/Y increase of 137.1%.
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Airbnb suffers as a result of KeyBanc’s downgrade
Airbnb (NASDAQ:ABNB) shares were down nearly 3% in premarket trading Tuesday after KeyBanc downgraded the business from Overweight to Sector Weight.
Following the split, WK Kellogg began at Sell.
Following the conclusion of Kellogg Company’s (NYSE:K) spinoff of its North American cereal division into the WK Kellogg standalone entity, Goldman Sachs commenced coverage on WK Kellogg (NYSE:KLG) with a Sell rating and a price target of $11.00.
WK Kellogg’s stock dropped significantly on the first day after the spinoff, closing more than 9% down on Monday.
Nortfolk Southern and Bread Financial have been downgraded.
Norfolk Southern (NYSE:NSC) shares fell more than 2% on Monday after BofA Securities downgraded the firm to Neutral from Buy and reduced its price objective to $215.00 from $266.00, citing operational difficulties and excessive costs.
Bread Financial (NYSE:BFH) has been downgraded to Sell from Neutral by Goldman Sachs, with a $32 price target. As a result, shares dropped about 2% on Monday.
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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.