Pre-Market:
Pre-Market
Pre-Market active stocks
Gainers
- Lockheed Martin (NYSE:LMT) jumped 4.8%, Northrop Grumman (NYSE:NOC) rose 3.3%, and RTX (NYSE:RTX) rose 3.6%, as these defense stocks rose on the prospect of more expenditure as geopolitical tensions intensified.
- Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) both increased 2.5% and 2.6%, respectively, after oil prices soared as the Middle East crisis heightened fears about future world supplies.
- The shares of Walt Disney (NYSE:DIS) climbed 1.3% after the Wall Street Journal reported that activist investor Nelson Peltz’s Trian Fund Management has raised its interest in the entertainment conglomerate, and the activist investor is expected to want numerous board seats, including one for himself.
Losers
- United Airlines (NASDAQ:UAL) stock fell 2.8%, American Airlines (NASDAQ:AAL) stock fell 3%, and Delta Air Lines (NYSE:DAL) stock fell 3%, as several airlines canceled or reduced flights to Israel in response to the escalation of violence between the country’s forces and the Palestinian group Hamas.
- The stock of Spotify (NYSE:SPOT) slumped 2.2% after Redburn-Atlantic cut its rating on the audio streaming service to ‘neutral’ from ‘buy,’ expecting that the company’s new audiobook offer will be gross margin dilutive.
- Bristol-Myers Squibb (NYSE:BMY) stock dipped 1.3% after the pharmaceutical company announced a $5.8 billion acquisition of cancer medicine Mirati Therapeutics (NASDAQ:MRTX), down 5.2%.
- Citigroup (NYSE:C) declined 0.9% after agreeing to sell its retail wealth management portfolio in mainland China to HSBC (NYSE:HSBC), which lost 2.4%.
Upgrades
Arm Holdings began with buy recommendations from a number of Wall Street organizations.
Several brokerages, including Goldman Sachs, Citi, Jefferies, Guggenheim, Deutsche Bank, and Mizuho Securities, began covering of Arm Holdings (NASDAQ:ARM) with buy-equivalent recommendations roughly a month following the company’s market debut.
The purchase calls came in response to forecasts for strong top- and bottom-line growth from the SoftBank-backed chipmaker.
In the premarket, shares were up 0.7% to $54.43.
On Holding (NYSE:ONON) shares gained more than 1% in pre-market trading today after Baird upgraded the firm to Outperform from Neutral with a $33 price objective.
This move comes as On shares have slumped 23% since early April and are now only 5% over their IPO price for 2021, owing to sector-wide compression to growth multiples.
Williams Trading raised its rating on On Holding from Sell to Hold with a $26.00 price target.
And Barclays boosted its price target on Zscaler (NASDAQ:ZS) to $190.00 from $176.00, noting the growth potential in SASE as a significant driver for the upgrade and putting Zscaler as a leader in the SASE industry.
Downgrades
Spotify is being downgraded.
Pre-market, Spotify (NYSE:SPOT) shares slid more than 2% after Redburn-Atlantic downgraded the firm to Neutral from Buy and reduced its price objective to $160 from $170.
Separately, Evercore ISI reduced Splunk’s (NASDAQ:SPLK) price target to $157.00 from Outperform.
Earnings Calendar
Monday
No Earnings
Tuesday
- PepsiCo. (PEP)
- Neogen Corp. (NEOG)
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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.