Pre-Market:Pre-Market
Pre-Market active stocks
Gainers
- Bluebird Bio (NASDAQ:BLUE) shares rose after Morgan Stanley upgraded the gene-therapy company’s rating to “equal-weight” from “underweight.”
Losers
- Lululemon Athletica (NASDAQ:LULU) shares fell in premarket trade in the United States after the apparel company announced fourth-quarter revenue predictions that fell short of consensus estimates.
- DocuSign Inc (NASDAQ:DOCU) shares fell after the e-signature company provided margin projections that some analysts deemed conservative.
- Smith & Wesson Brands (NASDAQ:SWBI) shares also fell after the gunmaker posted earnings per share of $0.14 in the second quarter, which fell short of forecasts.
Stocks in focus
Broadcom (AVGO)
Broadcom (AVGO) stock fluctuated in pre-market trading. The semiconductor company reported quarterly profits that exceeded expectations and provided excellent guidance for the fiscal year ahead. In addition, the company highlighted cyclical slowness in its internet and storage semiconductor businesses. However, Wall Street expects the Hock Tan-led company to perform well in the second half of the year. Broadcom (AVGO) expects $50 billion in revenue in 2024 and EBITDA margins of 60%. See how AVGO fared in the charts.
DocuSign (NASDAQ:DOCU)
DocuSign (NASDAQ:DOCU) stock fell more than 2% before the opening bell, despite the electronic signature company reporting a top and bottom line beat. Its billings climbed by 5% year on year. DOCU also raised its full-year revenue projection, while releasing current-quarter sales guidance that was in line with market expectations. “DocuSign (DOCU) had a solid third quarter, delivering record non-GAAP operating margin and free cash flow,” stated Allan Thygesen, the company’s CEO. Check out the charts to see how DOCU performed.
Carrier Global (CARR)
Carrier Global (CARR) shares rose more than 5% before the market opened, after industrial conglomerate Honeywell (HON) announced it would buy Carrier’s (CARR) Global Access Solutions business for $4.95 billion in cash, in an effort to position it as a leading provider of security solutions for the digital age. CARR’s security division manufactures electronic locks for large corporations, hotels, and hospital chains, and it has three industry-leading brands: LenelS2, Supra, and Onity.
First Solar (FSLR)
First Solar (FSLR) gained over 4% in pre-market trade after Morgan Stanley upgraded the company to Overweight and raised its price objective by 64%. “After the stock’s 20% drop in the last three months, we see an appealing risk-reward profile for the stock.” “With its sold-out position through 2026, we believe First Solar (FSLR) offers one of the strongest risk-adjusted earnings profiles within our U.S. Clean Tech coverage, which when combined with its cost hedging, should result in 1,020 bps of relatively low-risk margin expansion through 2026,” the brokerage said.
Hedge funds and Insider trades
Crown Castle’s CEO resigns in the face of activist investor pressure.
Crown Castle International (NYSE:CCI) stated today that CEO Jay Brown is stepping down due to pressure from Elliott Investment Management. Brown, who has been President, CEO, and Director of the corporation since 2016, will step down on January 16, 2024.
This shift comes in the wake of increasing scrutiny from activist investor Elliott Investment Management, which recently revealed acquiring a stake in Crown Castle worth more than $2 billion.
Pre-market, shares are up more than 1%.
Cathie Wood’s ARK Investment leverages the Palantir slump to buy more shares.
For the first time in around two and a half months, Cathie Wood’s ARK Investment Management funds purchased shares in the data-analysis company Palantir Technologies (NYSE:PLTR).
The ARK Innovation ETF (ARKK) increased its holdings by nearly 1.2 million shares, while the ARK Next Generation Internet ETF (ARKW) and the ARK Fintech Innovation ETF (ARKF) increased their holdings by 232,050 and 145,910 shares, respectively.
This investment choice was made despite a 19.7% dip in Palantir’s stock price from its peak on November 20, despite the stock’s overall growth of 167% since the beginning of the year.
As a result, Palantir’s stock rose little yesterday. The gain occurred despite a recent drop on Wednesday following news that co-founder Stephen Cohen sold almost $13 million in shares.
Insider transactions
Stephen Cohen, co-founder and President of Palantir Technologies (NYSE:PLTR), sold a total of 656,100 shares worth roughly $13 million at $19.1131-$20.0181 per share.
As a result, shares fell more than 6% on Wednesday.
Graham Walmsley, Director at Akero Therapeutics (NASDAQ:AKRO), purchased 100,000 common shares for about $1.7 million at $16.8967-$16.9946 per share. Following the latest purchase, Walmsley now owns 700,000 shares indirectly and 2,168 shares directly.
Fund 1 Investments, a 10% stakeholder of Citi Trends (NASDAQ:CTRN), purchased 78,724 common shares for approximately $1.9M at $23.5868-$23.7938 per share. Following the new transaction, the fund now indirectly owns 1,327,342 shares.
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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.