Pre-market : Designer brands gains Game stop Falls in/ Stocks June 8th

Pre-market active stocks

Gainers

• Designer Brands (NYSE:DBI) stock rose 5.3%The stock of apparel retailer Designer Brands (NYSE:DBI) increased 5.3% after the announcement of a $100 million share repurchase plan, obscuring the company’s bad first quarter, which led it to lower its full-year forecast.
• Lucid Group (NASDAQ:LCID) stock rose 2.2%The share price of Lucid Group (NASDAQ:LCID) increased 2.2% after Zhu Jiang, the company’s head of operations in China, revealed that it is getting ready to enter the largest auto market in the world.
• Amazon (NASDAQ:AMZN) stock rose 1%The stock of online retailer Amazon (NASDAQ:AMZN) increased 1% after Wells Fargo started covering it with a ‘overweight’ recommendation. The bank cited the company’s recent switch to a regional fulfillment strategy for deliveries, which may increase the share price by 30%.

Losers

• GameStop (NYSE:GME) stock fell 21%The shares of struggling video game retailer GameStop (NYSE:GME) dropped 21% after it declared that it had “terminated” CEO Matt Furlong and named Ryan Cohen executive chairman in an effort to boost declining sales.
• Las Vegas Sands (NYSE:LVS) stock fell 1% ; The shares of Las Vegas Sands (NYSE:LVS) dropped 1% after Jefferies changed its recommendation from ‘buy’ to ‘hold’ on the casino resort, citing a lack of near-term catalysts.
• Meta Platforms (NASDAQ:META) stock fell 0.8%After EU industry leader Thierry Breton urged the tech giant to take action against content aimed at children, Meta Platforms’ (NASDAQ:META) stock dropped 0.8%.
• Tesla (NASDAQ:TSLA) stock fell 0.2%; Following news that Tesla (NASDAQ:TSLA) is in talks to build a car factory in Spain, an investment that might top €4.5 billion (1 euro = $1.0734), the electric vehicle manufacturer’s stock dipped 0.2%.

MARKET MOVERS 

AFTER MARKET ACTIVE STOCKS

GAINERS

• DocuSign (NASDAQ:DOCU) 6% HIGHER; DocuSign (NASDAQ:DOCU) closed out the first quarter with earnings per share of $0.72, $0.17 higher than the $0.55 average expectation. In contrast to the consensus forecast of $641.69M, actual revenue for the quarter was $661.4M. Compared to the consensus estimate of $670.4M for Q2 2024, DocuSign Inc. expects revenue of $675–679M. Contrary to the average estimate of $2.7B, DocuSign Inc. expects FY2024 sales of $2.713–2.725B.
• Braze Inc (NASDAQ:BRZE) 8% HIGHER; Braze Inc. (NASDAQ:BRZE) posted Q1 EPS of ($0.13), $0.05 more than the analyst expectation of ($0.18). This represents an increase of 8%. Compared to the average expectation of $98.99M, the actual revenue for the quarter was $101.8M. In contrast to the consensus estimate of ($0.16), Braze, Inc. expects Q2 2024 EPS of ($0.13)-($0.14). Contrary to the consensus estimate of $107.18M, Braze, Inc. expects Q2 2024 revenue of $108-109M. Compared to the consensus estimate of ($0.55), Braze, Inc. expects FY2024 EPS of ($0.51)-($0.55). Compared to the consensus estimate of $436.43M, Braze, Inc. expects FY2024 revenue of $442.5-446.5M.
• Tesla, Inc. (NASDAQ:TSLA) 3% HIGHER; GM will utilize Tesla’s NACS connector architecture and charging stations; Tesla, Inc. (NASDAQ:TSLA) is up 3%.
• General Motors (NYSE:GM) is up 3% and collaborates with Tesla on EV charging.

LOSERS

• Planet Labs PBC (NYSE:PL) 15% LOWER; Planet Labs PBC (NYSE:PL) reported Q1 EPS of ($0.13), $0.02 higher than the analyst forecast of ($0.15), resulting in a 15% lower share price. In contrast to the average forecast of $52.92 million, actual revenue for the quarter was $52.7 million. Compared to the consensus estimate of $60.7M for Q2 2024, Planet Labs anticipates revenue of $53–55M. Non-GAAP Gross Margin is anticipated to be in the 48% to 49% range. The anticipated range for the adjusted EBITDA loss is between ($20)M and ($17)M. Unlike the consensus estimate of $257M, Planet Labs anticipates FY2024 sales of $225-235M.

MIDDAY MOVERS

GAINERS

• Shares of Carvana Co (NYSE:CVNA) increased 43% after the online dealer in used cars indicated it anticipated higher profits. More than $50 million was predicted for second-quarter earnings before taxes, interest, depreciation, and amortization.
• Semtech Corporation (NASDAQ:SMTC) shares rose 7%; Shares of semiconductor supplier Semtech Corporation (NASDAQ:SMTC) increased 7% as a result of the company’s unexpected adjusted profit report and the impending appointment of a new CEO.
• Shares of Adobe Systems Incorporated (NASDAQ:ADBE) increased 4.9% after the company said that large enterprises will now have access to its Firefly artificial intelligence technologies.

LOSERS

• GameStop Corp (NYSE:GME) shares are down 17% A day after the video game retailer GameStop Corp (NYSE:GME) stated it had fired its CEO and named shareholder Ryan Cohen as executive chairman, the stock has fallen 17%. Sales dropped 11% in the most recent quarter.
• Shares of Rent the Runway Inc (NASDAQ:RENT) dropped 15% after the clothes rental company forecasted lower fiscal second-quarter sales than anticipated but about in line full-year sales.

Upgrades by Experts

Wells Fargo started following Amazon.com (NASDAQ:AMZN) and gave it an Overweight rating with a $159.00 price target. Edgewater Research, meanwhile, raised the company’s rating to Outperform from Market Perform.

Upgraded to Outperform for Aptive

Aptiv (NYSE:APTV) was raised by Wolfe Research from Peerperform to outperform with a $130.00 price objective.

Evercore ISI boosted its price objective for Marsh & McLennan (NYSE:MMC) from $195.00 to $199.00 and upgraded the company to Outperform from In Line, anticipating a 4-5% increase in consensus EPS with more visibility given a greater capacity to use Centres of Excellence.

Piper Sandler raised its price target for Glaukos (NYSE:GKOS) from $55.00 to $80.00 and changed its rating from neutral to overw

eight because it thinks the street is underestimating the ramp of both iStent Infinite and, more importantly, iDose.

Downgrades by Experts

This week, EPAM earned its sixth downgrade.

EPAM Systems (NYSE:EPAM) was downgraded by Morgan Stanley to Equal Weight from Overweight, and the firm lowered its price target from $350.00 to $220.00.

Downgraded to Hold: Las Vegas Sands

Pre-market trading today saw a more than 1% decline in Las Vegas Sands (NYSE:LVS) shares after Jefferies lowered its price objective from $69.00 to $65.00 and downgraded the stock to Hold from Buy.

Solid Power (NASDAQ:SLDP) was downgraded by Wolfe Research from Peerperform to underperform with a $2.00 price objective.

Morgan Stanley cut its price objective for Carrier Global (NYSE:CARR) from $49.00 to $47.00 and downgraded the stock from Overweight to Equal Weight.

Insider trading

Cactus; Gains on $150 million buyback drive up Q2 outlook for Cactus

Cactus (NYSE:WHD) reported that its board had approved a share repurchase program for $150 million.

The stock is expected to “react well to the strong 2Q23 guidance revision and buyback program,” according to Stifel analysts, who have reiterated their Buy rating and $61 per share price objective for the stock.

Insider Actions

• ·     Akoya Biosciences (AKYA) 8.7M share Spot Secondary priced at $5.00.
• ·     Atour Lifestyle (ATAT) 5.8M share Secondary priced at $14.80.
• ·     Blue Bird (BLBD) 4.5M share Secondary priced at $20.00.
• ·     Corebridge (CRBG) 65M share Secondary priced at $16.25.
• ·     GE HealthCare (GEHC) 25M share Secondary priced at $78.00.
• ·     Mobileye (MBLY) 38.5M share Secondary priced at $42.00.
• ·     Skyward Specialty Insurance (SKWD) 3.9M share Secondary priced at $23.00.
• ·     Sterling Check (STER) 8M share Secondary priced at $12.25.

Earnings Calendar

Thursday, June 8, 2023

Saputo (SAP)

Friday, June 9, 2023

N.E.