Pre-Market : Salesforce gains; Dollar General falls: Stocks in news August 31

Pre-Market active stocks

Gainers

• Salesforce (NYSE:CRM) climbed 5.8% after the software company raised its annual sales forecast, citing strong demand for its cloud solutions. 
• Ciena (NYSE:CIEN) stock jumped 4.2% after the optical networking company reported fiscal third-quarter earnings that above expectations, citing more client activity and a higher backlog. 
• Crowdstrike (NASDAQ:CRWD) shares increased 1.4% after the cybersecurity firm reported better-than-expected second-quarter results, buoyed by its AI-powered cybersecurity platform, which led to new customer wins. 

Losers

• Dollar General (NYSE:DG) stock fell 15% after the discount retailer lowered its 2017 same-store sales projection, citing continued rising inflation and a pullback in discretionary spending. 
• The shares of Victoria’s Secret (NYSE:VSCO) plummeted 6.1% after the lingerie retailer forecasted a drop in third-quarter sales and missed second-quarter earnings projections. 
• Chewy (NYSE:CHWY) stock slumped 4.1% after the pet supplies retailer handed up a weaker-than-expected full-year sales forecast, prompting Evercore ISI to change its position to ‘in line’ from ‘outperform’.  
• Palantir (NYSE:PLTR) stock dropped 3.7% after Morgan Stanley downgraded the big data analytics company to ‘underweight’ from ‘equal weight,’ citing “near-term optimism in the AI product cycle and valuation premium create an unfavorable risk-reward.” 
• Stock in Hostess Brands (NASDAQ:TWNK) declined 0.6% after JPMorgan downgraded the baking firm to ‘neutral’ from ‘overweight’ due to concerns about the economic slowdown. 
• Sage Therapeutics (NASDAQ:SAGE) stock slipped 0.1% as the biotech company announced a 40% workforce reduction, only weeks after the US Food and medicine Administration rejected its medicine to treat severe depressive disorder. 

MARKET MOVERS 

After-Market movers

GAINERS

Eos Energy Enterprises Inc (NASDAQ:EOSE) 55% HIGHER; announced Project AMAZE – American Made Zinc Energy, a $500 million projected expansion and a critical milestone to construct 8 GWh of renewable energy storage production capacity.
Nutanix (NASDAQ:NTNX) 14% HIGHER; announced Q4 EPS of $0.24, $0.08 better than the analyst expectation of $0.16. Revenue for the quarter came in at $494.2M versus the consensus expectation of $475.24M. Nutanix forecasts Q1 2024 revenue of $495-505M, versus the consensus of $487.22M. Nutanix forecasts FY2024 revenue of $2.085-2.115 billion, versus the consensus of $2.08B.
Dell Technologies (NYSE:DELL) 8% HIGHER; posted Q2 EPS of $1.74, $0.60 better than the analyst expectation of $1.14. Revenue for the quarter came in at $22.9B versus the consensus expectation of $20.86B.
MongoDB (NASDAQ:MDB) 5% HIGHER; announced Q2 EPS of $0.93, $0.47 greater than the analyst expectation of $0.46. Revenue for the quarter came in at $423.8M versus the consensus expectation of $393.68M. MongoDB forecasts Q3 2024 EPS of $0.47-$0.50, versus the consensus of $0.27. MongoDB forecasts Q3 2024 revenue of $400-404M, versus the consensus of $389.12M. MongoDB predicts FY2024 EPS of $2.27-$2.35, versus the consensus of $1.55. MongoDB forecasts FY2024 sales of $1.596-1.608B, versus the consensus of $1.55B.
Restaurant Brands International Inc. (NYSE:QSR) 1% HIGHER; stated today that its Board of Directors has granted a share repurchase authorization pursuant to which RBI may purchase up to $1.0B of its common shares over the following 2 years through September 30, 2025. This permission followed the expiration of RBI’s prior 2 year authorisation to repurchase up to the same $1B value of its common shares.
lululemon athletica (NASDAQ:LULU) 1% HIGHER; posted Q2 EPS of $2.68, $0.15 greater than the analyst expectation of $2.53. Revenue for the quarter came in at $2.2B versus the consensus forecast of $2.17B. lululemon athletica forecasts Q3 2024 EPS of $2.23-$2.28, below the average of $2.23. lululemon athletica forecasts Q3 2024 revenue of $2.165-2.19B, versus the consensus of $2.15B. lululemon athletica forecasts FY2024 EPS of $12.02-$12.17, versus the consensus of $11.93. lululemon athletica forecasts FY2024 revenue of $9.51-9.57B, versus the consensus of $9.51B.

LOSERS

• Hashicorp Inc (NASDAQ:HCP) 4% LOWER; posted Q2 EPS of ($0.10), $0.05 better than the analyst estimate of ($0.15). Revenue for the quarter came in at $143.2M versus the consensus expectation of $138.22M. HashiCorp forecasts Q3 2024 EPS of ($0.05)-($0.03), vs the average of ($0.04). HashiCorp forecasts Q3 2024 revenue of $142-144M, versus the consensus of $141.74M. HashiCorp forecasts FY2024 EPS of ($0.23)-($0.21), versus the consensus of ($0.26). HashiCorp forecasts FY2024 revenue of $571-575M, vs the consensus of $567.59M.
• Broadcom (NASDAQ:AVGO) 3% LOWER; posted Q3 EPS of $10.54, $0.11 greater than the analyst expectation of $10.43. Revenue for the quarter came in at $8.88B versus the consensus expectation of $8.85B. Broadcom forecasts Q4 2023 revenue of $9.27B, versus the consensus of $9.28B. Fourth quarter Adjusted EBITDA forecast of about 65 percent of anticipated revenue.

MIDDAY MOVERS

GAINERS

Ciena (NYSE:CIEN) stock jumped 15.8% after the optical networking company reported fiscal third-quarter earnings that above expectations, citing more customer activity and a higher backlog.
Crowdstrike (NASDAQ:CRWD) stock jumped 9.1% after the cybersecurity firm reported better-than-expected second-quarter results, helped by its AI-powered cybersecurity platform.
Despite expecting a fall in third-quarter sales and missing second-quarter results projections, Victoria’s Secret (NYSE:VSCO) stock surged 7.7%.
Salesforce (NYSE:CRM) climbed 3.7% after the software company raised its annual sales forecast, citing strong demand for its cloud solutions.
Sage Therapeutics (NASDAQ:SAGE) stock climbed 2.4% after the biotech company announced a 40% employee reduction, just weeks after the US Food and medicine Administration rejected to approve its medicine to treat severe depressive disorder.

LOSERS 

Dollar General (NYSE:DG) stock fell 12.7% after the discount retailer lowered its 2017 same-store sales projection, citing continued rising inflation and a pullback in discretionary spending.
Chewy (NYSE:CHWY) stock slumped 11.4% after the pet supplies retailer handed up a weaker-than-expected full-year sales projection, prompting Evercore ISI to change its position to ‘in line’ from ‘outperform’.
Palantir (NYSE:PLTR) stock dropped 8.5% after Morgan Stanley downgraded the big data analytics company to ‘underweight’ from ‘equal weight,’ citing “near-term optimism in the AI product cycle and valuation premium create an unfavorable risk-reward.”

UPGRADES BY EXPERTS 

Morgan Stanley increased the value of 3M. 

Morgan Stanley boosted its price objective on 3M (NYSE:MMM) to $113.00 from $102.00 and upgraded it to Equalweight from Underweight. 

Sunrun receives an upgrade at Citi 

Sunrun (NASDAQ:RUN) shares increased more than 1% yesterday after Citi upgraded the stock to Buy from Neutral with a price objective of $21 (up from $25), citing that headwinds have been factored in and the value is attractive. 

Pinduoduo (NASDAQ:PDD) was upgraded to Buy from Neutral by Goldman Sachs, with a price objective of $129.00 raised from $97.00. 

Vasta Platform (NASDAQ:VSTA) shares gained roughly 2% in pre-market trading today after JPMorgan upgraded the firm to Overweight from Neutral with a $5.50 price objective. 

DOWNGRADES BY EXPERTS

Morgan Stanley downgrading causes Palantir Technologies stock to fall. 

Palantir Technologies (NYSE:PLTR) shares were down more than 4% in pre-market trading today after Morgan Stanley downgraded the firm to Underweight from Equalweight, with a price target of $9.00 (down from $8.00).  

Following Q2 earnings, the box has been reduced to Hold. 

Craig-Hallum reduced its price objective for Box (NYSE:BOX) to $30.00 from $35.00 and downgraded it to Hold from Buy.  

Following the company’s Q2 earnings announcement, Evercore ISI downgraded Chewy (NYSE:CHWY) to In Line from Outperform and reduced its price objective to $35.00 from $53.00. 

Pre-market, shares slid roughly 5% as the company issued a lower-than-expected full-year sales projection. 

Following the company’s reported Q2 failure and dismal forecast, which resulted in a share price decrease of more than 5% pre-market today, Wells Fargo downgraded Victoria’s Secret (NYSE:VSCO) to Equal Weight from Overweight and reduced its price objective to $18.00 from $34.00. 

Earnings Calendar

Thursday, August 31 

Broadcom (AVGO), UBS (UBS), Vmware (VMW), Lululemon Athletica (LULU), Dell Technologies (DELL), Dollar General (DG), KE Holdings Inc. (BEKE), Hormel Foods Corp. (HRL), Campbell Soup Company (CPB), and Ciena Corporation (CIEN) 

Wednesday, August 30 

•  Salesforce (CRM), CrowdStrike Holdings (CRWD), Brown Forman Corporation (BF.A, BF.B), Veeva Systems Inc. (VEEV), The Cooper Companies (COO), Chewy Inc. (CHWY), Okta Inc. (OKTA), and Five Below (FIVE) 

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