Pre-Market: gains for Arm, Goldman Sachs, and KeyCorp; falls for Ford, Adobe, and Nucor. Sep 15

Pre-Market:

Pre-Market

Pre-Market active stocks

Gainers

• Arm Holdings (NASDAQ:ARM) stock increased 4.2%, with the British chip designer expected to continue to rise following a positive launch on Thursday, in demand following a heavily oversubscribed IPO, putting its valuation above $72 billion.
• KeyCorp (NYSE:KEY) stock increased 1.9% after Piper Sandler updated its outlook on the regional lender to ‘overweight’ from ‘neutral’.
• AB Inbev (NYSE:BUD) ADRs increased 0.5% after TD Cowen launched coverage with a ‘outperform’ rating on the Bud Light owner, stating the world’s largest brewer has a strong position in Middle and South America and trends in the United States are stabilizing.
• Goldman Sachs (NYSE:GS) stock climbed 0.4% after the Wall Street Journal reported that the investment bank wants to start a sports franchise arm to offer high net worth customers ownership in sports teams.

Losers

• Adobe (NASDAQ:ADBE) stock plummeted 2.8% as the computer software company provided a bleak revenue outlook despite growing AI excitement.
• The stock of Nucor (NYSE:NUE) slumped 2.7% after the largest US steelmaker anticipated a reduction in profitability in the third quarter of this year, blaming lower pricing.
• Ford (NYSE:F) and General Motors (NYSE:GM) both fell roughly 1% as the United Auto Workers union went on strike at their respective plants, marking the most ambitious industrial labor action in decades in the United States.

Upgrades

At Wolfe, Applied Materials began with Outperform.
Wolfe Research launched coverage on Applied Materials (NASDAQ:AMAT) with an Outperform rating and a $185.00 price target, designating it a Top Pick.

Following the Q2 earnings beat, Semtech receives two upgrades.
Semtech (NASDAQ:SMTC) received two upgrades after posting Q2 results that exceeded consensus predictions, although Q3 guidance fell short of expectations.
As a result, stocks rose by more than 10% yesterday.
Meanwhile, Susquehanna raised the stock to Positive from Neutral, with a $30.00 price target.

DA Davidson upgraded First Bancorp (NASDAQ:FBNC) to Buy from Neutral with a price objective of $34.00 (up from $36.50) yesterday.

Citi raised Virtu Financial (NASDAQ:VIRT) to Buy from Neutral with a $20.00 price target after the company’s stock dropped more than 8% on Wednesday following a recent SEC filing complaint against it. Citi believes that the market’s reaction to the news has been exaggerated. Yesterday, the stock closed up more than 6%.

Downgrades

RTX has suffered two more downgrades.
RTX (NYSE:RTX) was downgraded twice yesterday after the firm warned of a $3 billion financial damage and advised airlines that it may have to ground hundreds of planes due to a manufacturing issue in its Geared Turbofan (GTF) engines. The company also reduced its yearly sales projection by $5.5 billion and reduced its free cash flow target for 2025 to $7.5 billion from $9 billion.

Truist Securities downgraded Vornado Realty Trust (NYSE:VNO) to Hold from Buy with a price target of $27.00 (from $22.00). The downgrade is primarily due to the stock’s recent strong performance, as well as inherent risks in the office sector and Vernado’s high financial leverage, according to the firm.

DA Davidson reduced New Relic (NYSE:NEWR) from Buy to Neutral with a $87.00 price target.

Carrier Global (NYSE:CARR) was downgraded to Neutral from Buy by Mizuho Securities, and its price target was reduced to $61.00 from $63.00.

Earnings Calendar

Friday, September 15  

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.