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HomeMarket AnalysisPre-market : Rivian, Wolf gains: UPS, CION Falls/ Stocks July 6th

Pre-market : Rivian, Wolf gains: UPS, CION Falls/ Stocks July 6th

Pre-market active stocks

Gainers

  • Wolfspeed (NYSE:WOLF) stock soared 15% Renesas Electronics (TYO:6723) struck a ten-year arrangement with the chipmaker for the supply of wafers to scale up the entry into the power device industry, valued up to $2 billion, sending Wolfspeed’s (NYSE:WOLF) stock up 15%.
  • Rivian Automotive (NASDAQ:RIVN) stock rose 7.7%; As part of long-term plans to electrify its transportation network, e-commerce giant Amazon (NASDAQ:AMZN) will deploy its first European vans produced by the EV manufacturer in Germany over the coming weeks, driving up the stock price of Rivian Automotive (NASDAQ:RIVN) by 7.7%.
  • Netflix (NASDAQ:NFLX) stock rose 0.8%  The price of Tesla’s (NASDAQ:TSLA) Model 3 and Y electric vehicles in Japan has been reduced by low single-digit percentages as of this month’s first day.

Losers

  • Coinbase (NASDAQ:COIN) stock fell 2.5%  The shares of cryptocurrency exchange Coinbase (NASDAQ:COIN) dropped 2.5% after Piper Sandler downgraded it from ‘overweight’ to ‘neutral’, citing the uncertainty created by the recent SEC lawsuit as well as the ongoing lack of legal clarity in the U.S.
  • United States Steel (NYSE:X) stock fell 2.3% The price of United States Steel (NYSE:X) dropped 2.3% after Exane BNP Paribas changed its rating on the steelmaker from ‘outperform’ to ‘neutral’ ahead of its most recent earnings announcement.
  • United Parcel Service (NYSE:UPS) stock fell 2.1%The Teamsters Union claimed that United package Service (NYSE:UPS) had “walked away” from contract negotiations, an allegation that was refuted by the company. As a result, the stock of the package delivery company dropped 2.1%, increasing the risk of a strike.

MARKET MOVERS 


BA
Boeing Co

213.31
1.133%  
INTC
Intel Corp

32.51
3.302%

CRM
Salesforce Inc
213.82
1.025%

MMM
3M Co

98.63
2.482% 

WBA
Walgreens Boots Alliance Inc

225.01
1.347%

GS
Goldman Sachs Group Inc

320.05
2.009% 

KO
Coca-Cola Co

61.03
0.743%
NKE
Nike Inc
107.1
1.842%

MCD
McDonald’s Corp

296.9
0.699%
DOW
Dow Inc
52.84
1.748%

MIDDAY MOVERS

GAINERS

  • Wolfspeed (NYSE:WOLF) stock rose 13.6% after Renesas Electronics (TYO:6723) struck a 10-year, $2 billion wafer supply arrangement with the chipmaker to expand up the power device market.
  • Rivian Automotive (NASDAQ:RIVN) shares increased 2.2% as Amazon (NASDAQ:AMZN) prepared to deploy its first European vans produced by the EV maker in Germany over the coming weeks as part of its long-term aspirations to electrify its transportation network.
  • Netflix (NASDAQ:NFLX) stock increased 0.6% after Goldman Sachs upgraded it to Neutral from Sell, noting “overall positive current operating performance.”
  • Tesla (NASDAQ:TSLA) stock rose 0.3%After cutting Model 3 and Model Y pricing in Japan by low single-digit percentages from the start of the month, Tesla (NASDAQ:TSLA) stock increased 0.3%.

LOSERS

  • United Parcel Service (NYSE:UPS) stock fell 2.2%; After the Teamsters Union announced UPS had “walked away” from contract negotiations, UPS stock dipped 2.2%.
  • United States Steel (NYSE:X) stock fell 4.3%; Exane BNP Paribas downgraded US Steel (NYSE:X) to Neutral ahead of its latest earnings announcement.
  • Coinbase (NASDAQ:COIN) stock dipped 0.4%; after Piper Sandler downgraded the cryptocurrency exchange to Neutral from Overweight, citing the SEC’s recent action and U.S. regulatory uncertainties.

AFTER MARKET MOVERS

GAINERS

  • Spirit Airlines (NYSE:SAVE) 2% higher after rival JetBlue canceled the Northeast Alliance (NEA) with American Airlines (NASDAQ:AAL) after declining to appeal a court verdict.
  • Nkarta Inc (NASDAQ:NKTX) 2% higher; Alyssa Levin named Chief Financial and Business Officer.
  • Plug Power (NASDAQ:PLUG) 1% higher; adds to intraday gains after Citi initiated coverage with a Buy rating and $13.00 price target.

LOSERS

  • JetBlue Airways Corp (NASDAQ:JBLU) 1% lower; dissolved the Northeast Alliance (NEA) with American Airlines after declining to appeal a court verdict.

UPGRADES BY EXPERTS

Goldman Sachs upgrades Netflix.

Goldman Sachs boosted its price objective for Netflix (NASDAQ:NFLX) from $230.00 to $400.00 and upgraded the stock from Sell to Neutral.

Upgrade to Outperform for Nucor

Exane Nucor (NYSE:NUE) was upgraded by BNP Paribas from Neutral to Outperform with a $191.00 price objective.

On July 25, the company is expected to release its Q2/23 earnings. Street projections put the EPS at $5.39 and the revenues at $9.61 billion.

Shares of BioMarin Pharmaceutical (NASDAQ:BMRN) increased more than 1% before the opening bell today after BMO Capital raised its rating for the business from Market Perform to Outperform with a $102.00 price target.

The company anticipates that although good announcements on Voxzogo growth and Roctavian dosing would drive upside, Biomarin’s core business will serve as downside protection.

Citi increased its price objective for Transocean (NYSE:RIG) from $6.50 to $9.50 and upgraded the stock from Neutral to Buy. Premarket share prices increased by more than 1%.

DOWNGRADES BY EXPERTS

Piper Sandler lowers its valuation for Coinbase

Today’s pre-market decline in Coinbase Global (NASDAQ:COIN) shares was more than 2% after Piper Sandler lowered its price objective from $65.00 to $60.00 and downgraded the stock from Overweight to Neutral.

Prior to Q2 earnings, US Steel was downgraded.

Today’s pre-market decline in United States Steel (NYSE:X) shares came after Exane BNP Paribas downgraded the stock from Outperform to Neutral with a $26.00 price objective.

Lumentum (NASDAQ:LITE) was reduced by Barclays to Underweight from Equal Weight, with a $42.00 (up from $40.00) price objective. Pre-market share prices fell by over 5% today.

Shares of VICI Properties (NYSE:VICI) decreased by about 1% in pre-market trading after Deutsche Bank lowered its price objective from $39.00 to $34.00 and downgraded the business from Buy to Hold.

Earnings Calendar

TUESDAY JULY 6

N/E

MONDAY JULY 7

Yaskawa Electric Corp. (6506)

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