Pre-Market : Fabrinet gains; Dick’s falls: Stocks in news August 22

Pre-Market active stocks

Gainers

• Fabrinet (NYSE:FN) stock jumped 21.3% after the electronic manufacturing services provider topped fourth-quarter earnings projections, owing to significant growth in new artificial intelligence technologies. 
• Tesla (NASDAQ:TSLA) shares increased 4.1%, with the EV manufacturer’s stock continuing to rise after posting its largest one-day percentage gain since March the previous session. 
• Baidu (NASDAQ:BIDU) shares jumped 4.1% after the Chinese internet company reported higher-than-expected revenue growth in the second quarter, boosted by advertising growth. 
• Lowe’s (NYSE:LOW) stock increased 2.8% after the home improvement retailer reported a smaller-than-expected dip in quarterly comparable sales, aided by delayed spring season sales and sustained customer spending on smaller projects. 
•  Nvidia (NASDAQ:NVDA) stock jumped 1.8% on Tuesday, adding to the previous session’s substantial gains, as investors seek exposure to the chip designer ahead of Wedn esday’s quarterly earnings. 
• Zoom (NASDAQ:ZM) stock jumped 1.8% after the video-conferencing platform forecasted third-quarter profit above forecasts, a promising indication for the firm, which has attempted to overcome a post-pandemic slowdown by delivering a broader range of collaboration capabilities. 
• Microsoft (NASDAQ:MSFT) shares jumped 1.2% after the software behemoth presented a revised version of its merger with “Call of Duty” creator Activision Blizzard (NASDAQ:ATVI), which rose 1%, in an attempt to win approval from U.K. competition authorities for the video-gaming industry’s largest-ever tie-up. 
• The shares of Medtronic (NYSE:MDT) climbed 0.8% after the medical device firm upgraded its annual profit prediction, betting on increased demand for its goods as surgical operation volumes increase. 
• Amazon (NASDAQ:AMZN) shares climbed 0.7% after Wedbush added the online retailing behemoth to its Best Ideas List, citing its underrated core business. 

Losers

• Dick’s Sporting Goods (NYSE:DKS) stock fell 19% after the athletics goods retailer disclosed a profit decrease and cut its earnings forecast for the year due to an increase in retail theft and weak sales.
• Macy’s (NYSE:M) stock dipped 1.4% on Tuesday as the department store company reported a drop in quarterly profit, weighed down by heavy discounting and increased promotions to remove spring and early summer items.
• Coty (NYSE:COTY) stock dipped 0.2% after the perfume and cosmetics company announced a lower-than-expected annual profit prediction, overshadowing good fourth-quarter revenue as customers splurged on both high-end and low-cost products.

MARKET MOVERS 

After-Market movers

GAINERS

• Apellis Pharmaceuticals, Inc. (NASDAQ:APLS) rose 33% after providing an update on injection kits and an update on rare cases of retinal vasculitis reported in real-world treatment with SYFOVRE® (pegcetacoplan injection) for geographic atrophy (GA) secondary to age-related macular degeneration (AMD).
• Urban Outfitters (NASDAQ:URBN) is up 4% after reporting Q2 earnings per share of $1.10, $0.21 higher than the average expectation of $0.89. Revenue for the quarter was $1.27 billion, compared to the consensus forecast of $1.25 billion.
• Toll Brothers (NYSE:TOL) is up 1% after reporting Q3 earnings per share of $3.73, $0.89 higher than the analyst expectation of $2.84. Revenue for the quarter was $2.69 billion, compared to the consensus forecast of $2.4 billion.

LOSERS

La-Z-Boy Incorporated (NYSE:LZB) 1% LOWER; posted $0.62 EPS in the first quarter, $0.08 higher than the analyst expectation of $0.54. Revenue for the quarter was $482 million, compared to the consensus estimate of $476.2 million. La-Z-Boy expects revenue of $490-510 million in the second quarter of 2024.

MIDDAY MOVERS

GAINERS

• Fabrinet (NYSE:FN) stock climbed 28% after the electronic manufacturing services provider topped fourth-quarter earnings projections, owing to significant growth in new artificial intelligence technologies. 
• Lowe’s (NYSE:LOW) stock increased 3.7% after the home improvement retailer reported a smaller-than-expected dip in quarterly comparable sales, aided by delayed spring season sales and sustained customer spending on smaller projects. 
• The shares of Medtronic (NYSE:MDT) climbed 3% after the medical device firm upgraded its annual profit prediction, betting on increased demand for its goods as surgical operation volumes increase. 
• Baidu (NASDAQ:BIDU) stock jumped 3% after the Chinese internet company reported higher-than-expected revenue growth in the second quarter, boosted by advertising growth. 
• Tesla (NASDAQ:TSLA) shares increased 0.8%, with the EV manufacturer’s stock continuing to rise after posting its largest one-day percentage gain since March the previous session. 
•  Microsoft (NASDAQ:MSFT) shares jumped 0.3% after the software behemoth presented a revised version of its merger with “Call of Duty” creator Activision Blizzard (NASDAQ:ATVI), which rose 0.9%, in an attempt to win approval from U.K. competition authorities for the video-gaming industry’s largest-ever.

LOSERS

• Dick’s Sporting Goods (NYSE:DKS) stock fell 23% after the athletics goods retailer disclosed a profit decrease and cut its earnings forecast for the year due to an increase in retail theft and weak sales. 
•  Macy’s (NYSE:M) stock plunged 13% on Tuesday as the department store company reported a drop in quarterly profit, weighed down by heavy discounting and increased promotions to remove spring and early summer items.  
• Coty (NYSE:COTY) stock slumped 2.6% after the perfume and cosmetics company announced a lower-than-expected annual profit outlook, overshadowing good fourth-quarter revenue as customers splurged on both high-end and low-cost items.  
• The shares of Amazon (NASDAQ:AMZN) fell 0.3% after Wedbush added the online retailing behemoth to its Best Ideas List, claiming that its core business is underestimated. 

UPGRADES BY EXPERTS 

JPMorgan began with Overweight Restaurant Brands.
JPMorgan began coverage of Restaurant Brands International (NYSE:QSR) with an Overweight rating and a $82.00 price target.

AppLovin benefits from Jefferies’ update.
AppLovin (NASDAQ:APP) shares rose more than 4% in pre-market trading today after Jefferies upgraded the stock to Buy from Hold and boosted its price objective to $50.00 from $20.00.

Aramark (NYSE:ARMK) shares gained more than 1% in pre-market trading today after UBS upgraded the firm to Buy from Neutral with a $43.00 price objective.

Citi raised Insulet (NASDAQ:PODD) to Buy from Neutral, with a price target of $265.00 (down from $273.00), as the firm’s valuation has narrowed dramatically, with the shares down 29% year to date.

DOWNGRADES BY EXPERTS

• Following Q2 earnings, the target has been reduced to Neutral. 
• Daiwa Securities downgraded objective (NYSE:TGT) from Outperform to Neutral and reduced its price objective to $134.00 from $163.00.  
• Certara was fired from Jefferies. 
• Certara (NASDAQ:CERT) shares dipped more than 1% in pre-market trading today after Jefferies downgraded the firm to Hold from Buy and reduced its price objective from $24.50 to $17.00.  
• Xcel Energy (NASDAQ:XEL) shares dipped more than 1% in pre-market trading today after BofA Securities downgraded the firm to Neutral from Buy and reduced its price objective from $72.00 to $60.00.  
• Goldman Sachs downgraded Evercore Partners (NYSE:EVR) from Buy to Neutral and reduced its price objective from $158.00 to $140.00. 

Earnings Calendar

Monday, August 21 

• Zoom Video Communications (ZM),  Nordson Corp. (NDSN),  Fabrinet (FN),  Qifu Technology Inc. (QFIN),

Tuesday, August 22 

• Lowe’s Companies (LOW),  Medtronic (MDT),  Baidu (BIDU),  KE Holdings (BEKE),  Dick’s Sporting Goods (DKS),  Coty Inc. (COTY), BJ’s Wholesale Club (BJ),  Toll Brothers (TOL),  Macy’s (M),  Urban Outfitters (URBN),  La-Z-Boy Inc. (LZB)  

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