Pre-Market:
Pre-Market
Pre-Market active stocks
Gainers
- FedEx (NYSE:FDX) stock jumped 5.1% after the delivery giant raised its annual earnings estimate, with cost reduction helping to boost operating performance but being offset in part by persistent demand weakness.
- The stock of Marvell (NASDAQ:MRVL) Technology climbed 3.7% after The Information reported that Google is looking to employ the company as a supplier for networking chips used in its data centers.
Losers
- Broadcom (NASDAQ:AVGO) stock slumped 5.9% after The Information revealed that executives at Alphabet-owned Google (NASDAQ:GOOGL) discussed eliminating the business as a supplier of artificial intelligence processors as early as 2027.
- Cisco (NASDAQ:CSCO) shares dipped 4.5% after the digital communications firm revealed intentions to acquire cybersecurity company Splunk (NASDAQ:SPLK), which rose 21%, in a $28 billion cash deal.
- Darden Restaurants (NYSE:DRI) stock dipped 0.3% as the Olive Garden parent company maintained full-year sales and profit targets despite exceeding quarterly estimates thanks to higher menu prices.
- KB Home (NYSE:KBH) stock slumped 3.3% despite the homebuilder reporting a 3% increase in quarterly revenue, aided by strong demand amid a housing shortage. Nonetheless, the corporation reduced its projected average selling price for the year, indicating troubles ahead.
- Frontier Group (NASDAQ:ULCC) stock fell 3.1% after Citi downgraded the airline to ‘neutral’ from ‘buy,’ citing the company’s recent comments about experiencing more pronounced seasonal slowdown, which coincided with data showing a year-over-year decline in December trip bookings.
Upgrades
Truist has increased the price of International Paper.
Truist Securities raised International Paper (NYSE:IP) to Buy from Hold on Thursday, with a $43 price objective, up $13 from the previous one.
Western Digital stock has risen as a result of the upgrading.
Exane BNP Paribas upgraded Western Digital (NASDAQ:WDC) to Outperform from Neutral and boosted its price objective to $58.00 from $36.00 on Wednesday, noting that the current NAND cycle and nearline HDD demand troughed in Q2/23.
Kimco has been promoted to Equal Weight at Wells Fargo.
On Wednesday, Wells Fargo raised Kimco Realty (NYSE:KIM) to Equal Weight from Underweight, with a price objective of $20.00.
Seaport Global Securities raised Enphase Energy (NASDAQ:ENPH) from Neutral to Buy, with a $185.00 price objective.
Five9 (NASDAQ:FIVN) has been upgraded to Buy from Hold, with a price objective of $80.00 upped from $75.00.
Downgrades
Citi’s frontier has been reduced to Neutral.
Frontier (NASDAQ:ULCC) shares fell on Thursday after Citi downgraded the low-cost carrier to Neutral from Buy and reduced its price objective to $5.50 from $16.00.
Brighthouse Financial was laid off by Goldman Sachs.
On Thursday, Goldman Sachs downgraded insurer Brighthouse Financial (NASDAQ:BHF) to Sell from Neutral, lowering its price objective by $4 to $43.
nCino falls after Morgan Stanley downgrade
On Wednesday, Morgan Stanley reduced nCino (NASDAQ:NCNO) from Equalweight to Underweight, with a $24.00 price objective.
Raymond James has reduced its ventas.
Raymond James downgraded Ventas (NYSE:VTR) from Strong Buy to Outperform and reduced its price target to $53.00 from $55.00.
Earnings Calendar
Thursday, September 21
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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.