Pre-Market:Pre-Market

Pre-Market active stocks

Gainers

• Roku (NASDAQ:ROKU) stock jumped 18% after the streaming service estimated fourth-quarter revenue would be higher than expected, following better-than-expected revenue growth in the previous three months.  
•     The shares of DoorDash (NASDAQ:DASH) jumped 11% after the meal delivery business anticipated fourth-quarter core profit above predictions after exceeding sales expectations, thanks to an increase in delivery orders.  
• Starbucks (NASDAQ:SBUX) shares surged 6.9% after the coffee company topped fourth-quarter earnings projections, with robust demand for its products in North America offsetting a slow recovery in China.   
•      Qualcomm (NASDAQ:QCOM) shares surged 5.6% on the chipmaker’s solid guidance, which indicated to an easing of the two-year-long smartphone market slump, headed by a resurgence in China.   
• The shares of Electronic Arts (NASDAQ:EA) jumped 5.2% after the video game manufacturer upped its annual earnings projection, expecting that its redesigned soccer franchise “FC 24” will boost its profitability. 
• Shell (LON:SHEL) ADRs increased 2.5% after the energy giant announced $3.5 billion in share buybacks over the next three months, up from $2.7 billion in the previous quarter, and maintained its dividend after reporting $6.2 billion in third-quarter results.  
•      The shares of Regeneron (NASDAQ:REGN) increased 0.2% as the pharmaceutical company exceeded third-quarter profit expectations, thanks to high demand for its eczema treatment Dupixent. 

Losers

• Moderna (NASDAQ:MRNA) stock slumped 8.5% after the drugmaker reported a third-quarter loss and a $1.3 billion writedown on unused COVID shots due to waning demand.  
•  Peloton (NASDAQ:PTON) shares fell 5.4% after the fitness business forecasted lower-than-expected second-quarter revenue, citing a drop in demand for its exercise equipment.  
• Marriott International (NASDAQ:MAR) stock slumped 2.5% as the hotel operator provided a bleak outlook despite reporting a better quarterly profit due to higher room prices and sustained travel demand.  
• The stock of Eli Lilly (NYSE:LLY) dipped 0.6% after the pharma firm lowered its full-year profit forecast despite exceeding third-quarter estimates, thanks to $1.4 billion in sales from its blockbuster diabetes medicine Mounjaro.  
  • Cedar Fair (NYSE:FUN) and Six Flags (NYSE:SIX) stock declined 0.1% and 0.5%, respectively, after the two amusement park operators agreed to unite to strengthen their businesses amid a slowdown in consumer spending. 

Stock on watch for Today

Shopify (NYSE:SHOP)

Shopify (NYSE:SHOP) shares were among the most frequently traded before the opening bell, rising almost 16%. Gross merchandise volume rose 22% Y/Y to $56.2B, beating predictions of $54.4B for the Canadian e-commerce company in Q3. The corporation reported positive free cash flow for the fourth quarter. Shopify’s (SHOP) excellent performance precede the retail holiday quarter.

Eli Lilly (LLY)

After reporting over 37% Y/Y Q3 sales growth, Eli Lilly (LLY) stock rose 2% pre-market. Demand for Lilly’s (LLY) new blockbuster diabetic drug Mounjaro and breast cancer treatment Verzenio boosted sales. Mounjaro revenue rose from $187.3M to $1.4B Y/Y. However, Lilly (LLY) delayed FDA approval of its Alzheimer’s treatment donanemab until Q1 2024 from Q4 2023. Charts show LLY performance.

Palantir Technologies (PLTR)

Palantir Technologies (PLTR) Class A shares rose more than 17% before market open after the data analytics software business provided solid guidance and suggested potential S&P 500 inclusion. Palantir (PLTR) forecast Q4 sales of $599M to $603M, compared to a consensus of $599.26M. The company raised its full-year guidance. Company sales rose 12% Y/Y to $308M in Q3 from government orders.

Apple (AAPL)

Apple (AAPL) stock will be closely watched when the iPhone maker and world’s largest publicly traded business announces its FQ4 2023 earnings after the close. The IT giant is expected to earn $1.39 per share on $89.42B in revenue. Its stats will be eagerly scrutinized after “Magnificent 7” members Google-parent Alphabet (GOOG) (GOOGL) and Facebook-owner Meta (META) disappointed last week. AAPL stock has lost $300B in market valuation since its last earnings, according to Forbes.

Peloton Interactive (PTON)

After disappointing investors with its guidance, Peloton Interactive (PTON) Class A shares fell more than 4% before the opening bell. The business estimates FQ2 2024 revenue of $715M to $750M, below consensus of $770M. Instead of $25.3M, the business forecasts a full-year adjusted EBITDA loss of $25M to $75M. Peloton (PTON) has gone a long way from the COVID-19 pandemic, when its bikes and at-home workouts were popular.

Cedar Fair (FUN) and Six Flags Entertainment (SIX) Merger

After Cedar Fair (FUN) and Six Flags Entertainment (SIX) announced a merger, the theme park industry changed. Cedar Fair (FUN) and Six Flags (SIX) stocks climbed more than 3% and almost 5%, respectively, pre-market. FUN and SIX stated that the combined firm would have a pro forma enterprise value of $8B. It will operate 42 parks and 9 resorts in 17 U.S., Canadian, and Mexican states. FUN and SIX are likely to gain EPS in the first year after closure.

Weekly Earnings Calendar

Thursday, NOV 02

Apple (AAPL), Booking Holdings (BKNG), Carvana (CVNA), Coinbase (COIN), ConocoPhillips (COP), Duke Energy (DUK), Moderna (MRNA), Molson Coors (TAP) Palantir (PLTR) Starbucks (SBUX).

Friday, NOV 03

Bloomin Brand (BLMN), CBOE (CBOE), ominion (D), Fluor (FLR), Monster Beverage (MNST), Restaurant Brands (QSR).

For Details

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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. 

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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.