Pre-Market : Scholastic gains ; CSX Falls: Stocks in news July21

21Pre-Market

Pre-Market active stocks

Gainers

• Scholastic (NASDAQ:SCHL) stock jumped 9.6%; after the children’s publishing and media company topped earnings estimates and announced a $100 million increase in share repurchases.

Losers

• CSX (NASDAQ:CSX) stock slumped 4.4%; after the railroad operator in the United States reported lower-than-expected second-quarter revenue due to a decline in intermodal volumes and lower fuel prices.
• Intuitive Surgical (NASDAQ:ISRG) stock fell 3.9%;  Despite reporting excellent second-quarter results, Intuitive Surgical (NASDAQ:ISRG) stock slumped 3.9% due to a persistent decline in bariatric surgery growth rates in the United States.
• American Express (NYSE:AXP) stock slumped 3.6%; after the credit card company increased its total provisions for credit losses in the second quarter to $1.2 billion, up from $410 million the previous year. It nonetheless outperformed expectations for second-quarter profit as its wealthy customer base continued to spend.
• PPG Industries (NYSE:PPG) stock declined 1.8%; after the paints maker reported a decrease in total sales volumes in the second quarter while raising its full-year profit outlook.
• Carvana (NYSE:CVNA) stock fell 1.7% after Piper Sandler downgraded the used-car company to ‘neutral’ from ‘overweight,’ citing limited upside potential.
• Knight Transportation (NYSE:KNX) stock dipped 1.5%; after the transportation business cautioned that its consolidated second-quarter earnings would be weaker than expected.
• The shares of AutoNation (NYSE:AN) declined 1%; after the auto retailer reported a steep reduction in used-vehicle sales as well as an increase in expenses, which overshadowed better-than-expected quarterly income.

MARKET MOVERS 

MIDDAY MOVERS

GAINERS

• Scholastic (NASDAQ:SCHL) stock climbed 11% after the children’s publishing and media company topped earnings estimates and announced a $100 million increase in share repurchases.
• PPG Industries (NYSE:PPG) stock was unchanged after the paints maker reported a decrease in overall sales volumes in the second quarter, although raising its full-year profit outlook.

Losers

• The shares of AutoNation (NYSE:AN) plummeted 9% after the auto retailer reported a steep reduction in used-vehicle sales as well as an increase in expenses, which overshadowed better-than-expected quarterly income.
• CSX (NASDAQ:CSX) stock declined 3.5% after the railroad operator in the United States reported lower-than-expected second-quarter revenue due to a decline in intermodal volumes and lower fuel prices.
• American Express (NYSE:AXP) stock slumped 3.2% after the credit card company increased its total provisions for credit losses in the second quarter to $1.2 billion, up from $410 million the previous year. It nonetheless outperformed expectations for second-quarter profit as its wealthy customer base continued to spend.
• Intuitive Surgical (NASDAQ:ISRG) stock fell 3%Despite reporting excellent second-quarter results, Intuitive Surgical (NASDAQ:ISRG) stock dipped 3% on persistent declines in bariatric surgery growth rates in the United States.
• Carvana (NYSE:CVNA) stock fell 2.9% after Piper Sandler downgraded the used-car company to ‘neutral’ from ‘overweight,’ citing little upside potential.

UPGRADES BY EXPERTS

Morgan Stanley upgrades ABI.

After the Bud Light sell-off, Morgan Stanley upgraded Anheuser Busch Inbev (NYSE:BUD) to Overweight from Equal Weight and upped its price target to $68.50 from $64.00, making it the sector’s Top Pick.

UBS bought Freshworks.

UBS launched coverage on Freshworks (NASDAQ:FRSH) with a Buy rating and a $21.00 price target, predicting higher sales growth than the Street. UBS expects 20% growth in fiscal 2025. 7 inspections and 23 survey respondents informed this assessment.

Xp (NASDAQ:XP) shares rose over 5% yesterday after Credit Suisse upgraded the business to Neutral from Underperform and boosted its price objective to $26.00 from $15.00. 

Piper Sandler upgraded Olo (NYSE:OLO) to Overweight from Neutral with a $9.00 price target. Shares surged over 6% yesterday.

DOWNGARDES BY EXPERTS

Carvana has been demoted even again.

Piper Sandler reduced Carvana (NYSE:CVNA) to Neutral from Overweight today, with a $48.00 price objective (earlier $29.00). Following RBC Capital’s downgrade yesterday, this is the second rating downgrade this week.

After a big share surge, Sirius XM received two downgrades.

Sirius XM (NASDAQ:SIRI) shares fell more than 8% in pre-market trading today after two Wall Street firms downgraded the company following a massive share rally yesterday, which was likely driven by a combination of factors, including short covering, the unwinding of a spread trade involving Liberty SiriusXM (NASDAQ:LSXMA), and potential buying linked to the Nasdaq 100 index rebalancing.

Shares of Estee Lauder (NYSE:EL) plummeted more than 4% yesterday after Barclays downgraded the firm to Equal Weight from Overweight and lowered its price objective to $193.00 from $210.00.

JPMorgan downgraded Xpeng (NYSE:XPEV) from Neutral to Underweight, with a price objective of $10.00 (down from $7.50).

Earnings Calendar

FRIDAY JULY 21

American Express (AXP), Schlumberger (SLB), Roper Technologies (ROP), NVR (NVR), Regions Financial (RF), Huntington Bancshares (HBAN), IPG (IPG), Comerica (CMA)

For details

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