Pre-Market:
Pre-Market
Pre-Market active stocks
Gainers
- AMC Entertainment (NYSE:AMC) stock surged 7.3% after the movie chain said that it garnered around $325.5 million in new equity capital through the sale of 40 million shares.
- Etsy (NASDAQ:ETSY) stock jumped 4.5% after Wolfe Research upgraded the online marketplace to ‘outperform’ from ‘peer perform’, expecting growth to rise when the economy strengthens.
- Carnival (NYSE:CCL) stock jumped 1.8% after Redburn changed its stance on the cruise operator to ‘buy’ from ‘neutral’, predicting potential upside of nearly 50%.
- MetLife (NYSE:MET) stock jumped 0.7% after Jefferies upgraded the insurer to ‘buy’ from ‘hold’, saying the business has generated above-peer improvement in excess capital, mostly on the reinsurance transaction announced in May.
Losers
- Vital Energy (NYSE:VTLE) stock plummeted 7% after the business announced deals valued at nearly $1.17 billion to extend its property in the Permian Basin, the highest producing oil sector in the U.S.
- HP (NYSE:HPQ) stock slumped 2.4% after Warren Buffett’s Berkshire Hathaway (NYSE:BRKa) sold nearly 5.5 million shares of the information technology business, according to a filing.
- Starbucks (NASDAQ:SBUX) stock declined 0.3% as the coffee chain revealed that former CEO Howard Schultz is stepping down from the board, marking his exit from leadership at the firm.
Upgrades
Ford and General Motors assumed at Buy
On Wednesday, a new UBS lead analyst assumed coverage of Ford (NYSE:F) and General Motors (NYSE:GM) with Buy ratings and a $15.00 price target,
Cintas improves on BofA upgrade.
On Tuesday, BofA Securities upgraded Cintas (NASDAQ:CTAS) from Neutral to Buy and increased its price objective to $580.00 from $523.00.
On September 26, the company will report its Q1/24 earnings. The consensus expectation for EPS is $3.65 and revenue is $2.33 billion.
Piper Sandler raised UMB Financial (NASDAQ:UMBF) to Overweight from Neutral on Wednesday, with a price objective of $74.00.
The decision to change the rating is based on the company’s comparatively discounted valuation in comparison to its historical premium over peers, as well as the expectation of company-specific catalysts driving outperformance in the present market environment.
Based on recent market assessments, Citi upgraded BRP (NASDAQ:DOOO) to Buy from Neutral on Tuesday and upped its price objective to $94.00 from $81.00.
Downgrades
Oracle has been downgraded yet again.
JPMorgan downgraded Oracle (NYSE:ORCL) to Neutral from Overweight on Wednesday, following the company’s dismal Q2 outlook, which caused shares to plummet more than 13% in Tuesday’s session.
JPMorgan also reduced the software giant’s price objective from $112 to $100. According to the analysts, while Oracle still has characteristics such as strong growth in its cloud segment, AI-related contract wins, margin expansion, and good recurring revenue growth, its valuation has reached more than 25x EV/uFCF, making a higher price target difficult to justify.
Morgan Stanley cuts acelyrin after dismal Izokibep trial results.
Morgan Stanley lowered Acelyrin (NASDAQ:SLRN) to Equalweight from Overweight and reduced its price objective to $19.00 from $39.00. The business announced the failure of its Phase 2b/3 trial testing izokibep for the treatment of moderate-to-severe Hidradenitis Suppurativa (HS) on Tuesday.
Citi downgraded Ecopetrol (NYSE:EC) to Neutral from Buy, with a $12.50 price target.
Goldman Sachs downgraded Ultrapar (NYSE:UGP) from Buy to Neutral with a $4.00 price target.
Earnings Calendar
Thursday, September 14
Adobe Inc. (ADBE) and Copart Inc. (CPRT)
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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.