Pre-Market : Roku,Giltab gains; Telefonica, Stem falls: Stocks in news sep 06

Pre-Market active stocks

Gainers

• Roku (NASDAQ:ROKU) shares gained 12% after the video streaming business announced plans to decrease its personnel by 10% and limit new hires in order to cut costs.
• The shares of Gitlab (NASDAQ:GTLB) increased 6% after the software coding platform reported an unexpected profit in the second quarter.
• Tellurian (NYSE:TELL) stock jumped 4.4% after the oil and gas business struck a supply agreement with Baker Hughes (up 0.4%), for its liquefied natural gas export project in the United States.
• Toast (NYSE:TOST) stock increased 4.7% after UBS upgraded the restaurant management software company to ‘buy’ from ‘neutral,’ predicting a 40% gain.
• Moderna (NASDAQ:MRNA) stock increased 0.6% despite the drugmaker’s announcement that clinical trial data revealed its improved COVID-19 vaccine will likely be effective against the coronavirus’s highly modified BA.2.86 subvariant. Rivals Novavax (NASDAQ:NVAX) and Pfizer (NYSE:PFE) have already received approval for their vaccines.

Losers

• Telefonica (NYSE:TEF) ADRs sank 3.6% after the Spanish government stated it is investigating Saudi Arabian business STC’s purchase of a 9.9% stake in the telecoms behemoth in order to protect its strategic interests.
• Stem (NYSE:STEM) stock dropped 3.4% after Morgan Stanley downgraded the energy storage business to ‘equal weight’ from ‘overweight,’ citing worries about the company’s capacity to meet its goals.
• Block (NYSE:SQ) stock fell 2.7% after UBS downgraded the fintech company to ‘neutral’ from ‘buy,’ citing a slowing in gross profit growth in the second half of 2023 and throughout next year due to a downturn in consumer discretionary spending.
• Alaska Airlines (NYSE:ALK) stock declined 0.8% after decreasing its third-quarter pretax margin outlook, while Southwest Airlines (NYSE:LUV) stock plummeted 4.6% and United Airlines (NASDAQ:UAL) stock down 1.3% after the carriers warned of higher fuel costs owing to a rise in crude prices.

UPGRADES BY EXPERTS 

Oracle capitalizes on Barclays’ upgrading

Oracle (NYSE:ORCL) stock rose 2.5% on Tuesday after Barclays upgraded the stock to Overweight from Equal Weight and boosted its price objective to $150 from $126.

Bernstein gives Lowe’s a boost.

On Tuesday, Bernstein upgraded Lowe’s (NYSE:LOW) from Market Perform to Outperform and boosted its price objective to $282 from $252.

Susquehanna upgraded NetApp (NASDAQ:NTAP) to Positive from Neutral and upped its price target to $100 from $62 on Tuesday, resulting in a greater than 2% gain in the stock.

Stryker (NYSE:SYK) was upgraded to Buy from Neutral by BofA Securities, and its price objective was raised to $315 from $310.

DOWNGRADES BY EXPERTS

UBS has reduced its block size due to dwindling growth and profit prospects.

UBS lowered Block (NYSE:SQ) to Neutral from Buy, and reduced the stock’s price target to $65.00 from $102.00.

Morgan Stanley’s stem cut

On Wednesday, Morgan Stanley downgraded Stem (NYSE:STEM) to Equalweight from Overweight and reduced its price objective to $8.00 from $12.00.

General Mills has been lowered ahead of its first-quarter results report.

On Tuesday, Exane BNP Paribas downgraded General Mills (NYSE:GIS) to Neutral from Outperform. The business is scheduled to report its Q1/24 earnings on September 20. The consensus forecast for earnings per share is $1.09, with revenues of $4.92 billion.

The stock of FMC falls as a result of a downgrade by UBS.

FMC (NYSE:FMC) shares fell more than 4% on Tuesday after UBS downgraded the business from Buy to Neutral and reduced its price target to $97.00 from $120.00.

Agiliti falls after BofA downgrading.

Shares of Agiliti (NYSE:AGTI) fell more than 11% on Tuesday after BofA Securities downgraded the firm to Underperform from Neutral and reduced its price target to $11.00 from $18.00.

Earnings Calendar

Wednesday, sep 06 

• UiPath Inc. (PATH), Core & Main Inc. (CNM), Gamestop Corp. (GME), Sprinklr Inc. (CXM) and American Eagle Outfitters (AEO)  

Thursday, Sep 07  

The Toro Company (TTC), DocuSign Inc. (DOCU), Guidewire Software Inc. (GWRE), Smartsheet Inc. (SMAR), Braze Inc. (BRZE), and John Wiley & Sons Inc. (WLY)  

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