Pre-Market : Regeneron gains; Qualcomm falls: Stocks in news August 03

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Pre-Market active stocks

Gainers

• Regeneron (NASDAQ:REGN) stock jumped 4.8% after the pharmaceutical company exceeded its quarterly earnings forecast, thanks to high demand for the eczema medication Dupixent.
• Warner Bros. Discovery (NASDAQ:WBD) stock jumped 3.6% after the entertainment conglomerate reported higher-than-expected second-quarter core profit as subscriber growth at its HBO Max streaming service boosted advertising income.
• The shares of DoorDash (NYSE:DASH) increased nearly 3.5% after the meal delivery company upgraded its annual core profit prediction and reported an encouraging quarterly revenue as grocery and food orders increased.
• Moderna (NASDAQ:MRNA) stock increased 1.7% after the drugmaker announced higher-than-expected sales in the second quarter, despite a significant drop in post-pandemic demand for its COVID-19 vaccine.
• Hasbro (NASDAQ:HAS) stock increased 1.5% after the toymaker exceeded revenue projections for the second quarter. However, it reduced its full-year revenue prediction since the ongoing writers’ strike is projected to hurt its entertainment segment.

Losers

• Qualcomm (NASDAQ:QCOM) stock plunged 9% as the chipmaker issued bleak guidance for the current quarter, following mixed third-quarter results in which revenue fell short of expectations due to weaker smartphone demand.
• PayPal (NASDAQ:PYPL) stock slumped 8% after the digital payments company revealed dismal second-quarter profitability that outweighed a positive outlook.
• Roku (NASDAQ:ROKU) stock dipped 2% after Citigroup downgraded the video streaming business to ‘neutral’ from ‘buy,’ claiming that the majority of prospective growth has already been incorporated into the stock price.
• ConocoPhillips (NYSE:COP) stock slumped 1.8% on Thursday after the U.S. shale producer announced a drop in second-quarter profit as energy prices fell from last year’s highs.

MARKET MOVERS 

After-Market movers

GAINERS

• Atlassian (NASDAQ:TEAM) 23% higher; Q4 EPS of $0.57 beat consensus estimate of $0.36. Revenue for the quarter was $939 million versus the consensus estimate of $920.4 million. Atlassian expects $950-970 million in Q1 2024.
• Booking Holdings (NASDAQ:BKNG) 11% higher; Q2 EPS of $37.62, $6.02 greater than consensus estimate of $28.87. Compared to the average forecast of $5.16 billion, quarterly revenue was $5.46 billion.Amazon (NASDAQ:AMZN) 8% higher; Q2 EPS $0.65, $0.30 greater than consensus expectation of $0.35. Revenue for the quarter was $134.4 billion versus the consensus forecast of $131.45 billion. Amazon expects Q3 2023 sales of $138-143 billion, versus the consensus of $138.25 billion.

LOSERS

• DigitalOcean Holdings Inc (NYSE:DOCN)(DOCN) 18% lower; forecasts Q2 EPS of at least $0.41, matching analyst estimates. Quarterly revenue was $170 million versus the consensus estimate of $169.96 million. DigitalOcean expects Q3 2023 sales of $172.5-174 million versus the consensus of $179.51 million. DigitalOcean expects FY2023 sales of $680-685 million versus the consensus of $704.14 million.
• Fortinet (NASDAQ:FTNT) 17% down; Q2 EPS $0.38, $0.04 better than analyst expectation of $0.34. Quarterly revenue was $1.29 billion, below the consensus forecast of $1.31 billion. Fortinet expects Q3 2023 EPS of $0.35-$0.37, vs to $0.36 consensus. Fortinet expects Q3 2023 revenue of $1.315-1.375 billion versus the consensus of $1.38 billion. Fortinet expects FY2023 EPS of $1.49-$1.53, compared to $1.46 consensus. Fortinet expects FY2023 revenue of $5.35-5.45 billion versus the consensus of $5.47 billion.
• CarGurus, Inc. (NASDAQ:CARG) 11% LOWER; Announced it will delay its second quarter 2023 results release and conference call, previously scheduled for 5:00 p.m. Eastern Time on August 3, 2023.
• Apple (NASDAQ:AAPL) 3% down; Q3 EPS of $1.26, $0.07 greater than consensus estimate of $1.19. Compared to the average forecast of $81.73 billion, quarterly revenue was $81.8 billion.

MIDDAY MOVERS

GAINERS

• The shares of Regeneron (NASDAQ:REGN) increased 6.4% after the pharmaceutical company exceeded its quarterly earnings forecast, thanks to high demand for the eczema medication Dupixent.
• Hasbro (NASDAQ:HAS) stock jumped 2.6% after the toymaker exceeded revenue projections for the second quarter. However, it reduced its full-year revenue prediction since the ongoing writers’ strike is projected to hurt its entertainment segment.
• The shares of DoorDash (NYSE:DASH) increased approximately 2% after the meal delivery company upgraded its annual core profit prediction and reported an upbeat quarterly revenue as grocery and food orders increased.
• Warner Bros. Discovery (NASDAQ:WBD) stock jumped 1.7% after the entertainment conglomerate reported higher-than-expected second-quarter core profit as subscriber growth at its HBO Max streaming service boosted advertising income.
• Moderna (NASDAQ:MRNA) shares increased 0.3% after the drugmaker announced higher-than-expected sales in the second quarter, despite a significant drop in post-pandemic demand for its COVID-19 vaccine.

LOSERS

• PayPal (NASDAQ:PYPL) stock plunged 10% after the digital payments company posted dismal second-quarter profitability that outweighed a positive outlook.
• Qualcomm (NASDAQ:QCOM) stock slumped 8.9% as the chipmaker issued bleak guidance for the current quarter, following mixed third-quarter results in which revenue fell short of expectations due to weaker smartphone demand.
• Roku (NASDAQ:ROKU) shares dipped 1.9% after Citigroup downgraded the video streaming business to ‘neutral’ from ‘buy,’ claiming that the majority of prospective growth has already been incorporated into the stock price.

UPGRADES BY EXPERTS

Pinterest updated after the Q2 results

Rosenblatt boosted its price target for Pinterest (NYSE:PINS) to $35.00 from $27.00 and upgraded the stock from neutral to buy.

Peerperform was upgraded by Comcast.

Comcast (NASDAQ:CMCSA) was raised from Underperform to Peerperform by Wolfe Research.

Pre-market trading for Hayward (NYSE:HAYW) saw a gain of more than 1% after Stifel upgraded the stock from Hold to Buy and increased its price objective from $14.00 to $16.50.

BofA Securities increased its price objective for Vertiv (NYSE:VRT) to $40.00 from $14.00 and upgraded the stock from underperform to buy.

DOWNGRADES BY EXPERTS

Qualcomm was downgraded following third-quarter earnings.

Following Q3 earnings, Deutsche Bank downgraded Qualcomm (NASDAQ:QCOM) to Hold from Buy and reduced its price objective to $120.00 from $130.00.

Roku switched to Neutral.

Citi downgraded Roku (NASDAQ:ROKU) to Neutral from Buy, with a $100.00 price objective (down from $75.00).

Cambium Networks (NASDAQ:CMBM) shares plummeted more than 4% in premarket trading today after JPMorgan downgraded the firm to Underweight from Neutral and reduced its price objective from $17.00 to $12.00.

Southwest Airlines (NYSE:LUV) was downgraded to Underperform from Hold by Jefferies, and its price objective was reduced to $25.00 from $40.00.

Earnings Calendar

Friday, August 4

Enbridge Inc. (ENB), NatWest Group (NWG), Sumitomo Mitsui Financial Group (SMFG), Dominion Energy (D), and Liberty Media Corp. (FWONA) report earnings

Thursday, August 3

Apple (AAPL), Amazon (AMZN), ConocoPhillips (COP), Amgen (AMGN), Stryker Corporation (SYK), Booking Holdings (BKNG), Gilead Sciences (GILD), Airbnb (ABNB), Cigna (CI), and Occidental Petroleum (OXY) report earnings

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