Pre-Market:Pre-Market
Pre-Market active stocks
Gainers
- Intel (NASDAQ:INTC) shares gained 7% after the chipmaker provided better-than-expected guidance for the current quarter following third-quarter profits that significantly exceeded analyst projections amid evidence that PC demand had bottomed out.
- Amazon (NASDAQ:AMZN) shares increased 6.1% after the e-commerce giant revealed third-quarter results that above forecasts, as growth in its cloud business stabilized and advertising growth increased.
- The stock of AbbVie (NYSE:ABBV) increased 1.6% after the pharmaceutical company upped its annual profit prediction after topping quarterly profits estimates, aided by a lower-than-expected drop in sales of its blockbuster arthritis medicine, Humira, and robust demand for other drugs.
- The shares of Colgate-Palmolive (NYSE:CL) climbed 1.1% after the consumer goods business upped its annual organic sales and profit expectations for the third time this year, citing price increases and solid demand for its self-care and pet nutrition products.
- Exxon Mobil (NYSE:XOM) shares increased 0.3% after the oil major reported a $9.1 billion third-quarter profit, a 54% decrease from a year ago but an increase from the previous quarter as oil prices recovered.
Losers
- Enphase Energy (NASDAQ:ENPH) stock fell 19% after the solar inverter manufacturer failed quarterly revenue predictions and provided full-year guidance that fell far short of expectations.
- Sanofi ADRs (NASDAQ:SNY) plunged 18% after the French drugmaker lowered its 2025 profit target as part of a strategy to float its consumer healthcare division while increasing development spending.
- The stock of Natwest (NYSE:NWG) plummeted 10% after the Financial Conduct Authority said it found potential “regulatory breaches” in the U.K.-based lender’s handling of the decision to cancel former Brexit party leader Nigel Farage’s accounts.
- Ford (NYSE:F) stock slumped 3.4% after the automaker lowered its full-year earnings prediction owing to “uncertainty” about the ratification of its contract with the United Auto Workers union.
- Chevron (NYSE:CVX) stock dipped 2% as the oil giant disclosed a drop in third-quarter earnings despite higher oil prices, just days after agreeing to pay $53 billion for smaller U.S. rival Hess (NYSE:HES).
- JPMorgan (NYSE:JPM) stock dipped 0.9% after the firm announced that CEO Jamie Dimon would sell a portion of his bank stock holdings in 2024 for financial diversification and tax planning.
Upgrades
Upgrade boosts Rivian Automotive
Rivian Automotive (NASDAQ:RIVN) shares rose more than 2% pre-market today after Cantor Fitzgerald upgraded the firm to Overweight from Neutral with a $29.00 price target, following a 27% decrease in the past month and a 12% drop YTD.
Its potential upside of over 79% makes it a good starting place for long-term investors who are fine with volatility, analysts say.
Intel upgraded at HSBC after Q3 beat.
HSBC upgraded Intel (NASDAQ:INTC) to Hold from Reduce and boosted its price objective to $33.00 from $27.00.
In pre-market trading, Intel shares rose over 7% after its Q3 beat and strong forecast. Intel’s Q3 earnings of $0.41 per share and revenue of $14.2 billion above expectations of $0.22 and $13.53B, respectively.
Intel expects Q4/23 EPS of $0.44 and revenue of $14.6B to $15.6B, compared to average projections of $0.31 and $14.35B.
Strong Buy start and Roblox upgrade
Raymond James initiated coverage on Roblox (NYSE:RBLX) with a Strong Buy rating and $41.00 target. They emphasized Roblox’s long-term growth potential, citing rising video game trends, foreign expansion opportunities, advertising revenue, and non-gaming prospects like education.
Truist Securities upgraded the stock to Buy from Hold and raised its price target to $37.00 from $35.00. AI efficiencies, Roblox’s potential for growth in core business, immersive advertising, and other platforms, and the upcoming Investor Day may illuminate some of these opportunities, make the firm optimistic.
Roblox shares are up almost 3% pre-market.
JPMorgan upgrades Yelp.
JPMorgan upgraded Yelp (NYSE:YELP) from Underweight to Neutral with a $39.00 price target.
The business will report Q3/23 earnings on Nov. 2. Street projections are $0.35 EPS and $340.51 million sales.
Downgrades
Southwest Airlines cut after Q3 miss
Southwest Airlines (NYSE:LUV) shares fell more than 2% pre-market today after TD Cowen downgraded the firm to Market Perform from Outperform and lowered its price objective to $20.00 from $26.00 after its Q3 miss.
Quarterly EPS was $0.38, below the expectation of $0.39. Against the $6.56B consensus, revenue was $6.5 billion.
PTC Therapeutics downgraded to sell after Q3 pipeline update
Citi downgraded PTC Therapeutics (NASDAQ:PTCT) to Sell from Neutral and lowered its price objective to $17.00 from $29.00.
The rating adjustment follows PTC (NASDAQ:PTC)’s Q3/23 earnings and pipeline update, which dropped its share price by over 21% pre-market.
After BofA Securities downgraded Hasbro (NASDAQ:HAS) to Neutral from Buy and lowered its price objective to $53.00 from $90.00, shares slid more than 1% pre-market.
The stock dropped almost 11% yesterday after the company disclosed weak Q3 results and a weak outlook.
Wells Fargo downgraded Datadog (NASDAQ:DDOG) from Overweight to Equal Weight and lowered its price target to $95.00 from $120.00.
Earnings Calendar
Friday, Oct 27
- Exxon Mobil Corporation (XOM)
- Chevron Corporation (CVX)
- AbbVie Inc. (ABBV)
for Details read
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.