Pre-Market: Coinbase and Sphere Entertainment rise ahead of the market, but SmileDirectClub falls. OCT-2

Pre-Market:

Pre-Market

Pre-Market active stocks

Gainers

• Nvidia (NASDAQ:NVDA) stock rose slightly after Goldman Sachs added the chipmaker and artificial intelligence favorite to its Americas conviction list. 
• AMC Entertainment (NYSE:AMC) shares rose after the theater company said that one of its divisions will distribute a film based on Beyonce’s “Renaissance World Tour” later this year. 
• Shares of crypto-related companies such as Riot Platforms (NASDAQ:RIOT) and Marathon Digital (NASDAQ:MARA) soared in premarket trade, mirroring Bitcoin’s price jump to near two-month highs.  
• Coinbase (NASDAQ:COIN) shares increased after the company reported that its Singapore affiliate has secured a license to provide digital payment token services to consumers and institutions in the city-state.  
• The stock of Sphere Entertainment (NYSE:SPHR) rose after the inaugural weekend of its Sphere entertainment complex in Las Vegas, which featured a series of concerts by the rock band U2.  

Losers

• SmileDirectClub (NASDAQ:SDC) shares fell after the dental aligner producer declared Chapter 11 bankruptcy. 
• SolarEdge Technologies (NASDAQ:SEDG) stock fell after Barclays analysts downgraded the solar inverter maker to equal weight from overweight.  
• Rivian (NASDAQ:RIVN) shares dipped after the electric vehicle startup maintained its annual delivery forecast of 52,000, falling short of Bloomberg consensus estimates of 53,654.  

Upgrades/Downgrades

Evercore upgrade boosts Rivian Automotive 

Rivian Automotive (NASDAQ:RIVN) shares rose more than 3% pre-market after Evercore ISI upgraded it to Outperform from In Line with a $35.00 price target.  

FedEx scored Positive at Susquehanna 

From Neutral to Positive, Susquehanna boosted its price objective for FedEx (NYSE:FDX) to $315.00 from $225.00. Pre-market, shares climbed about 1%.  

The stock was launched at HSBC with a Buy rating and $330.00 price objective last week.  

Morgan Stanley upgrades US Steel. 

United States Steel (NYSE:X) shares rose more than 1% pre-market today after Morgan Stanley upgraded it to Overweight from Equalweight, raised its price target to $40.00 from $25.00, and named it its Top Pick due to its transformational investments. 

On October 25, the firm will report Q3/23 earnings.  

Piper Sandler elevates Datadog to Overweight 

Piper Sandler upgraded Datadog (NASDAQ:DDOG) from Neutral to Overweight and boosted its price target to $115.00 from $88.00. Shares rose almost 2% pre-market today.  

Toast (NYSE:TOST) shares dipped roughly 2% pre-market after Mizuho Securities downgraded it to Neutral from Buy and lowered its price objective to $16.00 from $30.00. 

JPMorgan downgraded Chubb (NYSE:CB) from Overweight to Neutral with a $250.00 price target. 

Weekly Earnings Calendar

Tuesday, Oct. 3  

McCormick & Company (MKC),  

Cal-Maine Foods Inc. (CALM),  

Novagold Resources Inc. (NG) 

Wednesday, Oct. 4  

RPM International Inc. (RPM),  

Acuity Brands Inc. (AYI),  

 Helen of Troy Ltd. (HELE)  

Thursday, Oct. 5  

Constellation Brands (STZ),  

Lamb Weston Holdings (LW),  

ConAgra Brands (CAG) 

Levi Strauss & Co. (LEVI)  

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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.