Pre-Market: Losses for AutoZone, Starbucks, and Block ; gains for Dell and Tesla. Sep-19th

Pre-Market:

Pre-Market

Pre-Market active stocks

Gainers

• Instacart is preparing to make its Nasdaq debut after its IPO was priced at $30 per share, the high end of its suggested price range.  
• Dell (NYSE:DELL) shares increased 1.3% after Daiwa Securities upgraded the PC maker to ‘outperform’ from ‘neutral,’ citing excellent second-quarter results and expanding AI sales.  
• The stock of Boston Scientific (NYSE:BSX) increased 0.9% after the medical device manufacturer agreed to buy Relievant Medsystems, a medical technology business, for $850 million in cash and milestone payments.  
• Tesla (NASDAQ:TSLA) stock climbed 0.2% after the Wall Street Journal reported that the electric vehicle manufacturer was in talks with Saudi Arabia about establishing a production site in the kingdom.  
• Target (NYSE:TGT) stock climbed 0.2% after the company announced plans to hire roughly 100,000 people for the holiday season and begin offering big discounts in October, as it braces for a competitive shopping season. 

Losers

• Starbucks (NASDAQ:SBUX) slumped 1.3% after TD Cowen downgraded the coffee business from ‘outperform’ to’market perform,’ citing expected decreased Chinese consumer spending.
• Block (NYSE:SQ) stock dipped 1.3% after Alyssa Henry, CEO of the fintech’s unit Square, announced her departure after more than nine years with the firm.
• CVS Health (NYSE:CVS) climbed 0.9% after Evercore ISI upgraded the drugstore operator to ‘outperform’ from ‘in line,’ citing “improving operational issues and an attractive current valuation.”

Upgrades

Dell was promoted to Outperform.
Dell (NYSE:DELL) stock was up about 2% in pre-market trading Tuesday after Daiwa Securities upgraded the PC maker to Outperform from Neutral and increased its price objective to $80.00 from $50.00.

CVS Health Outperforms Evercore Stamps
Evercore ISI upgraded CVS Health (NYSE:CVS) to Outperform on Tuesday, with a price objective of $83.
Analysts at Citigroup noted that they “see operational issues improving and an attractive current valuation” at the pharmacy titan.

Globus Medical was upgraded due to its low worth.

Globus Medical (NYSE:GMED) shares rose 1.7% in pre-market trading Tuesday after Stifel upgraded the medical equipment company to Buy from Hold with a price target of $61.00, a $4 decrease from the previous one.
Globus’ valuation has been depressed due to the market’s “pessimistic view” of its recent merger with NuVasive (NASDAQ:NUVA), with the combined company’s valuation substantially below historical levels for both standalone businesses, according to the analysts.

Rackspace Technology has been improved to perform better.

Rackspace Technology (NASDAQ:RXT) was on a roll Tuesday after Raymond James upgraded the cloud computing company to Outperform from Market Perform with a $3.50 price objective.

INSIDE TRADES

Wallman, the director of CECO Environmental, purchases $160,000 in stock.
CECO Environmental (CECO) Director Richard Wallman declared the purchase of 10,000 common shares on 09/18/23 for $15.99 in a Form 4 filing with the SEC this morning. The buying price was $159,900.
Following the latest transaction, Wallman now holds a total of 133,205 shares personally and 52,000 indirectly.

Walsh Jr., a Semtech director, purchases $500k in stock.
Semtech (SMTC) Director Paul Walsh Jr. disclosed the purchase of 20,000 common shares on 09/18/23 at $24.826 in a Form 4 filing late Monday.The buying price was $496,520.
Following the latest acquisition, Walsh Jr. now owns a total of 20,888 common shares.

Rodgers, the director of Enphase Energy, purchases more than $4 million in stock.

Thurman Rodgers, Director of Enphase Energy (ENPH), disclosed the acquisition of 32600 common shares on 09/14/23 at prices ranging from $122.471 to $122.84.The total purchasing price was $4,001,926.78.
Rodgers now owns 85,200, 4,100, and 4,100 indirectly, as well as 1,526 directly, following the latest purchases.

Ironwood Pharma’s CFO purchases $300,000 in stock.

Ironwood Pharma (IRWD) SVP/Chief Financial Officer, Sravan Emany, declared the purchase of 36,072 common shares on 09/15/23 at $8.32 in a Form 4 filing after the close.

Earnings Calendar

Tuesday, September 19 

• AutoZone (AZO), Endava PLC (DAVA), and Apogee Enterprises Inc. (APOG)

Wednesday, September 20 

• FedEx Corp. (FDX), General Mills (GIS), and KB Home (KBH)

Thursday, September 21 

• Darden Restaurants (DRI) and FactSet Research Systems Inc. (FDS)

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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.