Pre-Market:
Pre-Market
Pre-Market active stocks
Gainers
- Palantir (NYSE:PLTR) shares jumped after Bloomberg News reported that the data analysis group is poised to secure a contract to overhaul the UK’s National Health Service.
- Netflix (NASDAQ:NFLX) shares edged only marginally higher after the Wall Street Journal reported that the streaming service will raise its prices for its ad-free subscription tier.
- Brooge Holdings (NASDAQ:BROG) shares spiked after the infrastructure provider announced that it had received a takeover offer from UAE-based shipping group Gulf Navigation Holdings.
- Intel (NASDAQ:INTC) stock gained after the semiconductor firm said it planned to spin off its programmable chip unit and hold an initial public offering for the division in two to three years.
- Fluor (NYSE:FLR) shares rose after UBS upgraded its rating of the engineering group to buy.
- Moderna (NASDAQ:MRNA) shares inched up after the drugmaker said an early-stage study showed that its combination COVID-19 and influenza vaccine had generated a strong immune response when compared to individual jabs.
Losers
- Shares in Cal-Maine Foods (NASDAQ:CALM) fell sharply after the egg producer reported first-quarter earnings per share of $0.02 versus analysts’ estimates of $0.33. Revenues of $459.3 million missed projections of $473.37 million, primarily due to the decrease in the net average selling price for conventional eggs.
- Apple (NASDAQ:AAPL) stock decreased after analysts at KeyBanc Capital Markets downgraded their rating of the iPhone maker, citing an expected slowdown in sales.
- U.S.-listed shares in Novartis (NYSE:NVS) edged down after the Swiss drugmaker completed a spin-off of its Sandoz generics and biosimilars division. Shares in the new business slipped on their market debut.
Midday Movers
Pioneer Natural Resources (NYSE:PXD) stock jumped 10.9% after the Wall Street Journal reported that ExxonMobil (NYSE:XOM), down 1.2%, is in talks to buy the shale driller for up to $60 billion.
Walt Disney (NYSE:DIS) stock jumped 2.1% after Bernstein initiated coverage of the entertainment conglomerate with a ‘outperform’ rating, stating that the firm’s planned acquisition of streaming provider Hulu will balance any short-term difficulties and help the company in the long run.
The shares of Virgin Galactic (NYSE:SPCE) increased 2.1% after the space travel business unveiled plans for the Galactic 04 mission, its fifth space voyage in five months.
The stock of General Motors (NYSE:GM) climbed 1.2% after the automaker made a sixth offer to the UAW union in an effort to end the damaging strike.
Losers
Philips (NYSE:PHG) ADRs plummeted 7.4% after the US Food and Drug Administration found the company’s handling of the recall of millions of ventilators used to treat sleep apnea insufficient.
Levi Strauss (NYSE:LEVI) stock slumped 2.7% after the jeans retailer trimmed its estimate following the release of third-quarter sales that fell short of expectations, owing to persistent U.S.-led deterioration in its wholesale business.
Tesla (NASDAQ:TSLA) stock declined 0.5% as the EV manufacturer reduced the cost of some Model 3 and Model Y models in the United States following the company’s disappointing third-quarter deliveries.
Upgrades
Walt Disney began at Bernstein with Outperform.
Walt Disney (NYSE:DIS) was begun with an Outperform rating and a price target of $103.00 by Bernstein.
Vale is promoted at UBS.
Vale SA (NYSE:VALE) shares jumped more than 1% in pre-market trading today after UBS upgraded the firm from Sell to Neutral.
Shoals Technologies Group (NASDAQ:SHLS) shares rose more than 4% in pre-market trading today after Piper Sandler upgraded the firm to Overweight from Neutral with a $28.00 price objective.
TD Cowen upgraded TE Connectivity (NYSE:TEL) to Outperform from Market Perform with a $140.00 price target today, sending shares up more than 1% pre-market.
Downgrades
Bernstein Bernstein launched coverage on Paramount Global (NASDAQ:PARA) with an Underperform rating and a price objective of $11.00.
The corporation cited a reduction in linear, a restricted scale in direct-to-consumer (DTC), and a shaky finance sheet as some of Paramount’s issues.
Oppenheimer AutoZone has reduced its prices.
AutoZone (NYSE:AZO) shares dipped more than 1% in pre-market trading today after Oppenheimer downgraded the business from Outperform to Perform with a $2,600.00 price objective.
The company released its fourth-quarter results last month, with EPS of $46.46 and revenue of $5.69 billion exceeding average projections.
AES Corporation (NYSE:AES) shares fell more than 1% in pre-market trading today after UBS downgraded the company to Neutral from Buy and reduced its price target to $13.00 from $22.00, citing rising interest rates and a slowdown in earnings in the Infrastructure segment due to coal shutdowns.
Oppenheimer downgraded O’Reilly Automotive (NASDAQ:ORLY) from Outperform to Perform, with a $930.00 price target.
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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.