Pre-Market: Clorox, ConAgra, and Rivian all fall; Polestar and Blackberry rise. OCT-5

Pre-Market:

Pre-Market

Pre-Market active stocks

Gainers

• Polestar (NASDAQ:PSNY) stock increased 3.4% after the EV maker announced that it delivered 13,000 vehicles in the third quarter and was on track to deliver 60,000-70,000 vehicles this year.  
• Blackberry (TSX:BB) stock increased 3.1% after the technology giant revealed plans to split its Internet of Things and cybersecurity business segments and launch a subsidiary initial public offering for the IoT division next fiscal year. 
• The shares of Nvidia (NASDAQ:NVDA) climbed 0.8% after Evercore ISI labeled the semiconductor a “top play” as earnings season approaches. The stock has a ‘overweight’ rating and plenty of room for growth. 
• Constellation Brands (NYSE:STZ) stock remained unchanged, despite the fact that the beverage giant raised its annual profit estimate after exceeding sales projections in the second quarter. This year, the stock has increased almost 8%.

Losers

• Rivian (NASDAQ:RIVN) stock slumped 9.2% after the electric vehicle manufacturer announced intentions to sell $1.5 billion in convertible green notes expiring in October 2030.  
• Clorox (NYSE:CLX) stock slumped 3.9% after the cleaning product producer warned it expects to lose money in the first quarter following a cyberattack in August that caused product outages and disrupted supplies and operations. 
•   Exxon (NYSE:XOM) stock declined 1.2% after the oil giant said it will report a third-quarter operating profit of $8.3 billion to $11.4 billion, down from the previous year’s record but up from the second quarter.  
• ConAgra Foods (NYSE:CAG) stock dipped 1.2% as the packaged food company reported weakening demand for its products, despite the fact that it turned a profit in the first quarter thanks to numerous rounds of price increases.  

Upgrades

America Movil receives two enhancements.

BofA Securities raised America Movil (NYSE:AMX) (BMV:AMXB) to Buy from Neutral on Thursday, closely following UBS’s upgrade to Buy from Neutral with a price objective of $22.00 (down from $25.00) on Wednesday.

UBS said on Wednesday that the firm is too cheap to ignore due to improved operations, stronger cash conversion, and attractive valuation multiples: “Since August, we’ve seen (a) MXN -6%, (b) AMX losing ground in the MSCI, and (c) worsening macro sentiment in MX (IPC -7%).” As a result, AMX shares declined 20% during the same time period,” the analysts noted.
Following an almost 3% gain in yesterday’s trade, shares were marginally down in the premarket.

O’Reilly Automotive upgraded ahead of third-quarter earnings.

O’Reilly Automotive (NASDAQ:ORLY) shares were up more than 1% in pre-market trading Thursday after Citi upgraded the stock to Buy from Neutral and increased its price objective to $1,040.00 from $983.00.
On October 25, the corporation will report its Q3/23 earnings. The consensus expectation for EPS is $10.31 and revenue is $4.06 billion.

Orange gains as a result of BofA’s double-upgrade

Orange (NYSE:ORAN) shares gained more than 2% on Wednesday after BofA upgraded the firm to Buy from Underperform and boosted its price objective to $13 from $8.80.
Several thematic drivers and financial profiles that investors prefer in the European telecom sector, according to the analysts, include better competitive trends, a road to lower investment needs, in-market consolidation chances, infrastructure ownership, and a path to increased dividend returns.

The stock of Olaplex has risen as a result of the Barclays upgrade.

Shares of Olaplex (NASDAQ:OLPX) rose more than 5% on Wednesday after Barclays upgraded the business from Underweight to Equalweight.
Analysts believe Olaplex can stabilize its operations, which will likely prevent the stock’s further decline. However, they believe it will be difficult to see considerable stock appreciation from this point forward.

Downgrades

Clorox reduced instructions because to a computer assault.

Clorox (NYSE:CLX) was downgraded to Market Perform from Outperform by Raymond James on Thursday after the company’s guidance decrease was “significantly worse than we expected” following an August cyberattack.
In the premarket, shares were down 4.3%.

Carrier Global was downgraded to underperform at BofA.

Carrier Global (NYSE:CARR) was downgraded to Underperform from Neutral by BofA, and its price objective was reduced to $55 from $62.
According to the analysts, “upward valuation rerating post-Viessmann acquisition announcement” as well as “increasingly negative datapoints on Europe’s heat pump demand trends” were mentioned.

Citi has reduced the price of Tractor Supply.

Tractor Supply firm (NASDAQ:TSCO) shares fell more than 1% in pre-market trading today after Citi downgraded the firm to Neutral from Buy and reduced its price objective from $250.00 to $207.00.

Raymond James downgraded Comerica Inc (NYSE:CMA) from Strong Buy to Outperform and reduced its price target to $53.00 from $57.00.

Nextera Energy (NYSE:NEE) was downgraded from Overweight to Sector Weight by KeyBanc.

Weekly Earnings Calendar

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. 

Pre-Market: Pre-Market: Pre-Market: Pre-Market: Pre-Market: Pre-Market: Pre-Market: Pre-Market: Pre-Market: Pre-Market: Pre-Market:

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.