Pre-Market: Coty and General Mills rise ; Instacart, Chewy and Dollar General fall. Sep-20

Pre-Market:

Pre-Market

Pre-Market active stocks

Gainers

• The stock of Coty (NYSE:COTY) increased 6.2% after the beauty company upgraded its year core sales projection due to greater pricing and strong demand for its premium fragrances. 
• General Mills (NYSE:GIS) stock increased 0.9% after the food processing company topped analysts’ forecasts for quarterly revenue, thanks to price increases on breakfast cereals, snack bars, and pet food products that helped soften the impact of sluggish demand.  
• Goldman Sachs (NYSE:GS) climbed 0.3% after the investment bank’s asset management division secured more than $15 billion for funds that allow investors to make secondary investments in existing private equity ventures. 

Losers

• Instacart (NASDAQ:CART) stock slumped 3.2%, wiping out some of the 12% gains made by the online grocery delivery business on its first day of trading following a successful IPO.  
• Chewy (NYSE:CHWY) stock dipped 1.9% after Oppenheimer downgraded the pet food retailer to ‘perform’ from ‘outperform,’ predicting a “challenging backdrop” for “at least a few more quarters.” 
• Dollar General (NYSE:DG) stock slumped 1.6% after JPMorgan downgraded the budget retailer to ‘underweight’ from ‘neutral,’ citing considerable financial hardship among its core low-end consumer. 
• Apple’s (NASDAQ:AAPL) stock dipped 0.2% after unions at the tech giant’s French stores called for a strike on Friday and Saturday ahead of the iPhone 15 launch, demanding more pay and improved working conditions. 

Downgrades

Dollar General declines as a result of JPMorgan’s downgrading. 

Dollar General (NYSE:DG) shares fell roughly 2% in premarket trading Wednesday after JPMorgan downgraded the firm to Underweight from Neutral and reduced its price objective from $132.00 to $116.00.  

Chewy has been reduced to perform at Oppenheimer. 

Chewy (NYSE:CHWY) fell in premarket trading Wednesday after Oppenheimer downgraded the stock from Outperform to Perform.  

Phillips Edison (NASDAQ:PECO) was downgraded to Underweight from Equal Weight by Wells Fargo, with a $35.00 price target. Premarket, shares were down 1%. 

 Skyworks Solutions (NASDAQ:SWKS) shares were also down roughly 1% in premarket trading today after Exane BNP Paribas downgraded the business from Outperform to Neutral. 

INSIDE TRADES

The CEO of Porch Group purchases $72k in stock. 

Matt Ehrlichman, CEO/Chairman/Founder of Porch Group (PRCH), disclosed the purchase of 86,373 common shares from 09/15/23 to 09/19/23 at values ranging from $0.7951 to $0.8615. 

The total cost of the purchases was around $72,000. 

Following the new transactions, Ehrlichman now owns 13,289,955 shares directly and another 6,645,508 indirectly. 

The founder and CEO of Domo, Inc. purchases $384k in stock.  

Domo, Inc. (DOMO) Founder and CEO Joshua James revealed the acquisition of 39,300 common shares from 09/15/23 to 09/18/23 at prices ranging from $9.7064 to $9.9027 in a Form 4 filing following the close. 

The total buying price was $384,190.09. 

The James Family Charitable Remainder Trust received shares. 

Following the latest transactions, James now owns 39,300 shares indirectly, 953,131 shares directly, and another 429,810, 10,000, and 2,143 shares indirectly. 

The CEO of Planet Labs purchases $270,000 in stock.  

Planet Labs (PL) Co-Founder and CEO William Spencer Marshall declared the purchase of 100,000 common shares on 09/19/23 at $2.6984 in a Form 4 filing after the close. 

The buying price was $269,840. 

Marshall now owns 1,405,356 shares after the most recent transaction.  

Lanigan Jr., director of CNX Resources, purchases almost 175k shares. 

Bernard Lanigan Jr., Director of CNX Resources (CNX), disclosed the acquisition of 172,830 common shares from 06/30/23 to 09/15/23 at values ranging from $17.72 to $22 per share in a Form 4 filing with the SEC. 

Teton Pines Capital, LLC and Conifer Partners IV, LCC acquired shares indirectly. 

Earnings Calendar

Wednesday, September 20 

• FedEx Corp. (FDX), General Mills (GIS), and KB Home (KBH)

Thursday, September 21 

• Darden Restaurants (DRI) and FactSet Research Systems Inc. (FDS)

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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.