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HomeMarket AnalysisPre-Market : Dr Horton gains ; Netflix Falls: Stocks in news

Pre-Market : Dr Horton gains ; Netflix Falls: Stocks in news

Pre-Market

Pre-Market active stocks

Gainers

  • DR Horton (NYSE:DHI) stock jumped 3.8% after the home builder boosted its full-year revenue outlook, citing strong demand and easing labour and construction supply issues.
  • Johnson & Johnson (NYSE:JNJ) stock jumped 1.4% after the pharmaceutical firm exceeded second-quarter profits projections and raised its profit forecast for 2023 as it expands its drug and medical device pipeline.
  • Abbott Laboratories (NYSE:ABT) stock increased 0.7% after the medical device maker topped second-quarter earnings projections, owing to a resurgence in surgical operation numbers and demand for its diabetes care products.
  • AB InBev ADRs (NYSE:BUD) gained 0.6% after Morgan Stanley upgraded the brewer to ‘overweight’ from ‘neutral,’ saying it is now attractively valued following the Bud Light incident.
  • Philip Morris (NYSE:PM) stock increased 0.1% after the tobacco company reported a quarterly profit that was bolstered by a reduction in increasing tobacco and labour expenses as well as strong demand for its Zyn and IQOS products.

Losers

  • Netflix (NASDAQ:NFLX) stock slumped 6.4% as the streaming giant’s quarterly revenue and projection fell short of expectations, despite the fact that it added nearly 6 million subscribers.
  • Tesla (NASDAQ:TSLA) stock dropped 3.6% as CEO Elon Musk indicated plans to maintain price reduction, reducing future margins, outweighing the EV manufacturer comfortably exceeding second-quarter profit projections.
  • Taiwan Semiconductor Manufacturing (NYSE:TSM) stock dropped 3.5% after the Taiwanese chipmaker forecasted a 10% reduction in 2023 sales and indicated investment spending at the low end of projections.
  • Blackstone (NYSE:BX) stock sank 3.2% after the asset management reported a roughly 40% reduction in second-quarter distributable earnings due to a steep drop in asset sales.
  • American Airlines (NASDAQ:AAL) stock fell 1.3%Despite upping its year prediction for adjusted profit despite fears of an impending economic slowdown, American Airlines (NASDAQ:AAL) stock slumped 1.3%.
  • IBM (NYSE:IBM) stock dropped 0.9% as the tech giant’s second-quarter earnings fell short of estimates, hampered by a drop in sales of its mainframe computers as businesses curtailed IT investment.

MARKET MOVERS 

JNJ
Johnson & Johnson

168.38
6.073%

INTC
Intel Corp

33.37
3.163% 

GS
Goldman Sachs Group Inc
350.86
3.028%

CRM
Salesforce Inc

228.16
2.65% 

BA
Boeing Co

213.61
2.402% 

MSFT
Microsoft Corp

346.87
2.312%  

MRK
Merck & Co Inc

108.46
2.369% 
NKE
Nike Inc
107.53
2.139%  

IBM
International Business Machines Corp

138.38
2.141%
AAPL
Apple Inc
193.13
1.01%

AFTER MARKET MOVERS

GAINERS

  • Digital World Acquisition Corp (NASDAQ:DWAC) 32% UP; The Securities and Exchange Commission today announced that Digital World Acquisition Corporation (DWAC) has settled fraud allegations.
  • Scholastic Corp (NASDAQ:SCHL) is up 8% after reporting Q4 earnings per share of $2.26, $0.56 higher than the average expectation of $1.70. Revenue for the quarter was $528.3 million, compared to the consensus expectation of $541.76 million.

LOSERS

  • CSX Corp. (NASDAQ:CSX) is down 5% after reporting $0.49 EPS in the second quarter, compared to the $0.49 analyst expectation. Revenue for the quarter was $3.7 billion, compared to the consensus forecast of $3.73 billion.
  • Intuitive Surgical (NASDAQ:ISRG) is down 5% after reporting Q2 earnings per share of $1.42, $0.09 higher than the average expectation of $1.33. Revenue for the quarter was $1.76 billion, compared to the consensus estimate of $1.74 billion.
  • Knight Transportation (NYSE:KNX) is down 3%; it posted $0.49 EPS in the second quarter, $0.10 less than the analyst forecast of $0.59. Revenue for the quarter was $1.6 billion, compared to the average forecast of $1.6 billion. Knight Transportation expects FY2023 earnings per share of $2.10-$2.30, compared to the average of $2.76.

MIDDAY MOVERS

GAINERS

  • Johnson & Johnson (NYSE:JNJ) stock jumped 6.2% after the pharmaceutical firm exceeded second-quarter profits projections and raised its profit forecast for 2023 as it expands its drug and medical device pipeline.
  • Abbott Laboratories (NYSE:ABT) stock jumped 4% after the medical device maker topped second-quarter earnings projections, owing to a resurgence in surgical operation numbers and demand for its diabetes care products.
  • IBM (NYSE:IBM) stock climbed 2.7% after the computing behemoth’s second-quarter earnings fell short of estimates, hampered by a drop in sales of its mainframe computers as businesses curtailed IT investment.
  • AB InBev ADRs (NYSE:BUD) climbed 0.6% after Morgan Stanley raised its rating on the brewer to ‘overweight’ from ‘neutral,’ saying it is now fairly valued following the Bud Light scandal.

Losers

  • Tesla (NASDAQ:TSLA) stock dropped 8.5% as CEO Elon Musk indicated plans to maintain price reduction, reducing future margins, outweighing the EV manufacturer comfortably exceeding second-quarter profit projections.
  • Netflix (NASDAQ:NFLX) stock slumped 8.3% after the streaming giant’s quarterly revenue and projection fell short of expectations, despite the fact that it added roughly 6 million subscribers.
  • American Airlines (NASDAQ:AAL) stock fell 5.7%; Despite upping its year prediction for adjusted profit despite fears of an impending economic slowdown, American Airlines (NASDAQ:AAL) stock slumped 5.7%.
  • Taiwan Semiconductor Manufacturing (NYSE:TSM) stock dropped 4.5% after the Taiwanese chipmaker forecasted a 10% reduction in 2023 sales and indicated investment spending at the low end of projections.
  • DR Horton (NYSE:DHI) shares were down 1.5% after the home builder upped its full-year revenue outlook, citing strong demand and easing labour and construction supply issues.
  • Blackstone (NYSE:BX) stock declined 0.3% after the asset management reported a nearly 40% drop in second-quarter distributable earnings due to a steep drop in asset sales.

UPGRADES BY EXPERTS

Wolfe rated AMD Outperform.

Wolfe Research added Advanced Micro Devices (NASDAQ:AMD) to its Wolfe Alpha List as its top pick with an Outperform rating and $150.00 price target.

JPMorgan upgrade boosts Cisco.

Cisco Systems (NASDAQ:CSCO) shares surged over 2% yesterday after JPMorgan upgraded the company to Overweight from Neutral and boosted its price objective to $62.00 from $55.00.

bluebird bio (NASDAQ:BLUE) shares rose more than 16% yesterday after BofA Securities upgraded the firm to Buy from Neutral and boosted its price objective to $10.00 from $6.00, citing the underappreciation of its sickle cell disease (SCD) gene therapy product, lovo-cell.

Benchmark upgraded Helmerich and Payne (NYSE:HP) to Buy from Hold yesterday.

Q3/23 results are due July 27. Street projections are $0.91 EPS and $707.83 million revenues.

DOWNGARDES BY EXPERTS

Intel began with an Underperform rating at Wolfe.

According to InvestingPro, Wolfe Research launched coverage on Intel (NASDAQ:INTC) with an Underperform rating and a price target of $27.00. In premarket trade, shares were down 1.5% to $33.96.

Following the Q2 beat, Carvana fell to Underperform.

Following the company’s reported better-than-expected Q2 earnings, which led the stock to soar more than 40% yesterday, RBC Capital downgraded Carvana (NYSE:CVNA) to Underperform from Sector Perform while lifting its price objective to $30.00 from $9.00.

JPMorgan downgraded Joby Aviation (NYSE:JOBY) to Underweight from Neutral with a price objective of $6.00 (down from $5.00) yesterday.CFRA downgraded J.B. Hunt Transport Services (NASDAQ:JBHT) from Hold to Sell with a $167.00 price target following the company’s Q2 results report, which missed Street projections due to reduced client rates and volume.

Earnings Calendar

Thursday JULY 20

J&J (JNJ), Abbott Labs (ABT), Philip Morris (PM), Intuitive Surgical (ISRG), Marsh McLennan (MMC), CSX (CSX), Freeport-McMoran (FCX), Truist Financial Corp (TFC), Capital One Financial (COF), DR Horton (DHI), Travelers (TRV), Newmont Goldcorp (NEM), PPG Industries (PPG), Genuine Parts (GPC), SSE (SSE), Fifth Third (FITB), 3I Group (III),
WR Berkley (WRB), Snap-On (SNA), Pool (POOL), American Airlines (AAL), KeyCorp (KEY), MarketAxesss (MKTX).

FRIDAY JULY 21

American Express (AXP), Schlumberger (SLB), Roper Technologies (ROP), NVR (NVR), Regions Financial (RF), Huntington Bancshares (HBAN), IPG (IPG), Comerica (CMA)

For details

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