Pre-Market: gains for Point Biopharma and ALX Oncology; down for McCormick and Airbnb. OCT-3

Pre-Market:

Pre-Market

Pre-Market active stocks

Gainers

• Point Biopharma (NASDAQ:PNT) shares soared after Eli Lilly & Co (NYSE:LLY) announced a $1.4 billion acquisition of the cancer firm to expand its oncology medications into radioligand treatments, which deliver radiation to tumor cells at a closer range.
• ALX Oncology (NASDAQ:ALXO) stock jumped after the company released interim mid-stage data from a trial of its medication for advanced stomach cancer.
• Warner Music Group (NASDAQ:WMG) shares rose after UBS analysts upgraded the entertainment company’s rating to buy from neutral.
• HP (NYSE:HPQ) shares increased after Bank of America analysts upgraded the stock’s rating to buy from underperform.
• Oddity Tech Ltd. (NASDAQ:ODD) stock rose after Truist Securities upgraded its rating from hold to buy, noting the beauty and wellness platform’s “compelling” value.
• Fiverr International (NYSE:FVRR) shares increased after Roth MKM analysts raised their rating to buy from neutral, stating that corporate purchasers and freelancers have a little more optimistic stance on gig platforms than earlier in the year.

Losers

• McCormick (NYSE:MKC) stock fell after the spice maker reported lower-than-expected net revenues and a larger-than-expected reduction in product volume, owing in part to slowing demand in its Asia-Pacific business.
• Airbnb (NASDAQ:ABNB) shares dipped after KeyBanc Capital Markets analysts downgraded the short-term home rental business, citing a slowing in post-pandemic tourism activity.
• Nvidia (NASDAQ:NVDA) shares fell slightly despite KeyBanc Capital upping their price objective for the chipmaker and AI darling from $670 to $750.

Downgrades

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. 

Weekly Earnings Calendar

Tuesday, Oct. 3  

McCormick & Company (MKC),  

Cal-Maine Foods Inc. (CALM),  

Novagold Resources Inc. (NG) 

Wednesday, Oct. 4  

RPM International Inc. (RPM),  

Acuity Brands Inc. (AYI),  

 Helen of Troy Ltd. (HELE)  

Thursday, Oct. 5  

Constellation Brands (STZ),  

Lamb Weston Holdings (LW),  

ConAgra Brands (CAG) 

Levi Strauss & Co. (LEVI)  

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.