Pre-Market:Pre-Market

Pre-Market active stocks

Gainers

• Kraft Heinz (NASDAQ:KHC) stock increased 0.8% after the food company topped third-quarter earnings projections and upped its annual prediction, owing to higher prices for its packaged meals and sauces. 

Losers

• The stock of Estee Lauder (NYSE:EL) plummeted 13% after the cosmetics business cut its full-year forecast due to Asian headwinds. 
• Wayfair (NYSE:W) stock slumped 13% after the online furniture retailer reported a decrease of losses in the third quarter of its fiscal year, but sales were somewhat lower than expected.  
• The stock of Canada Goose (NYSE:GOOS) plummeted 10% after the winter apparel retailer lowered its annual sales projection, indicating that a fast rebound in China was beginning to fade while sales in the United States remained under pressure. 
• Match Group (NASDAQ:MTCH) stock slumped 9.1% after the Tinder-owner estimated fourth-quarter revenue that fell short of expectations, citing high inflation and turmoil in some areas as factors weighing on growth at several of its largest dating sites. 
• Norwegian Cruise Line (NYSE:NCLH) stock declined 3.5% after the cruise line lowered its year profit prediction due to rising fuel costs offsetting gains from higher ticket prices and sustained cruise booking demand. 
•  CVS Health (NYSE:CVS) stock dropped 2.5% after the pharmacy giant disclosed higher-than-expected medical expenditures at its insurance unit, despite beating quarterly profit projections. 
• The shares of Advanced Micro Devices (NASDAQ:AMD) slumped 1.6% after the chipmaker disclosed a weaker-than-expected current quarter that overshadowed third-quarter earnings that exceeded Wall Street expectations. 
• Yum! Brands (NYSE:YUM) declined 0.8% after the parent company of multiple fast food franchises reported quarterly revenue that fell short of expectations, with Pizza Hut’s same-store sales growth falling short of projections. 

Stock on watch for Today

AMD Advanced Micro Devices

AMD stock was among the most actively traded before the opening bell, down slightly. After hours on Tuesday, the chip manufacturer revealed a Q3 top and bottom line beat but dismal Q4 outlook owing to embedded and gaming slowdowns. The prediction hurt mood, although AMD CEO Lisa Su indicated on the results conference call that its future artificial intelligence MI300 processor will generate more than $2B in sales next year. Charts show AMD performance.

Caesars Entertainment (CZR)

Caesars Entertainment (CZR) shares climbed 6% pre-market. The company’s Q3 results beat due to robust casino and resort/hotel demand. The Caesars Atlantic City and Caesars Palace owner controlled operating costs. CZR president and COO Anthony Carano said on the results conference call that Q3 Las Vegas occupancy rose to 96.6% from 93.6% last year.

CVS Health (NYSE:CVS)

After revising its GAAP earnings per share guidance, CVS Health (NYSE:CVS) stock plummeted more than 4% before market open. The pharmacy chain and health insurance provider turned a profit in Q3 after a loss a year earlier. The Omnicare long-term care write-down and $5.2B opioid litigation charge cost CVS $2.5B in Q3 2022. Charts show CVS performance.

SunPower (SPWR)

Before the opening bell, SunPower (SPWR) shares were among the most frequently traded, falling over 11%. cut-than-expected client demand and delayed sales recognition from extended cycle durations caused the solar manufacturer to cut its 2023 guidance. A week after SPWR announced that it will need to restate its financial results for FY 2022 and the first two quarters of 2023 due to inaccuracies that may affect borrowing covenants, the business released its preliminary Q3 results.

Norwegian Cruise Line Holdings (NCLH)

Norwegian Cruise Line Holdings (NCLH) stock fell 0.7% pre-market. As Carnival Corp (CCL) and Royal Caribbean (RCL) reported solid Q3 results, the business also predicted strong demand and bookings. NCLH reported record Q4 bookings. NCLH’s results follow a Reuters exclusive that indicated a unit of the cruise line operator was canceling stops in Israel in 2024 due to the ongoing fighting with Hamas.

Airbnb (ABNB)

Airbnb (ABNB) Class A shares will be watched after the closing bell for Q3 earnings. Wall St. anticipates ABNB to earn $2.10 per share on $3.37B in revenue. The company outperformed revenue, profit, and booking projections in Q2 in August. Active listings on its platform topped 7M in Q2, driven by North American demand and EMEA rebound.

Weekly Earnings Calendar

Wednesday, NOV 01

Airbnb (ABNB), BP (BP), CVS Health (CVS), Dupont (DD), Estee Lauder (EL), Humana (HUM), Modelez (MDLZ), Norwegian Cruise (NCLH), Qualcomm (QCOM), Yum Brands (YUM).

Thursday, NOV 02

Apple (AAPL), Booking Holdings (BKNG), Carvana (CVNA), Coinbase (COIN), ConocoPhillips (COP), Duke Energy (DUK), Moderna (MRNA), Molson Coors (TAP) Palantir (PLTR) Starbucks (SBUX).

Friday, NOV 03

Bloomin Brand (BLMN), CBOE (CBOE), ominion (D), Fluor (FLR), Monster Beverage (MNST), Restaurant Brands (QSR).

For Details

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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.