21Pre-Market
Pre-Market active stocks
Gainers
- Sovos Brands (NASDAQ:SOVO) gained 25% after Campbell Soup (NYSE:CPB), which was down 1.7%, announced a $2.33 billion acquisition of the food company.
- The shares of KKR (NYSE:KKR) gained 1.7% after the private equity firm reported a 23% reduction in second-quarter earnings, which was less than expected.
- Berkshire Hathaway (NYSE:BRKa) climbed 1.6% as the Warren Buffett-led corporation reported its greatest quarterly operating profit ever.
- Warner Bros. Discovery (NASDAQ:WBD) gained 1.1%, aided by its role as distributor of the film “Barbie,” which has grossed over $1 billion in ticket sales globally in just 17 days.
- The stock of Cinemark (NYSE:CNK) increased 0.9% after Morgan Stanley reported that the combined revenue boost from the “Barbie” and “Oppenheimer” flicks may boost the movie chain’s stock by more than 35%. The bank’s rating of “overweight” remains unchanged.
- Apple (NASDAQ:AAPL) stock climbed 0.3%, bouncing back from Friday’s severe losses following its dismal iPhone sales report, even after Rosenblatt rated the tech titan to ‘neutral’ from ‘buy’.
Losers
- Yellow Corp. (NASDAQ:YELL) stock fell more than 40% after the trucking company filed for Chapter 11 bankruptcy protection, burdened with a large debt load following a series of mergers.
- Tyson Foods (NYSE:TSN) stock fell 7% after the meat packer failed third-quarter revenue projections, as customers cut back on meat purchases in the face of continuing rising inflation.
MARKET MOVERSÂ
|
MNST |
58.49 |
MRNA Moderna Inc |
101.2 |
|---|---|---|---|
| BKNG Booking Holdings Inc |
3,243.01 5.871%Â |
TSN |
54.3 |
|
CCL |
18.04 |
ENPH |
135.45 3.25%Â Â |
|
GEN |
21.12 5.075%Â |
GNRC Generac Holdings Inc |
110.61 2.931%Â Â |
|
URI |
486.56 4.455% |
HSIC Henry Schein Inc |
75.87 2.843% |
After-Market movers
GAINERS
- Chegg (NYSE:CHGG) is up 25%; it announced $0.28 EPS in the second quarter, which was in line with the $0.28 analyst projection. Revenue for the quarter was $182.85 million, compared to the consensus forecast of $176.5 million. Total net revenues in the range of $151 million to $153 million, compared to the expectation of $152.4 million.
- Lucid Group Inc (NASDAQ:LCID) is up 3%; it posted Q2 earnings per share of ($0.40), which was $0.05 below than the analyst forecast of ($0.35). Revenue for the quarter was $150.9 million, compared to the consensus forecast of $191.41 million.
LOSERS
- Yellow Corp. (NASDAQ:YELL) stock fell 14% after the transportation company filed for Chapter 11 bankruptcy protection, burdened with a large debt load following a series of mergers
- Tyson Foods (NYSE:TSN) stock fell 5.8% after the meat packer failed third-quarter revenue projections, as customers cut back on meat purchases in the face of continuing rising inflation.
- Apple’s (NASDAQ:AAPL) stock dropped 2.2% on a poor iPhone sales report. Rosenblatt downgraded the tech titan from Neutral to Buy.
MIDDAY MOVERS
GAINERS
- Tupperware (NYSE:TUP) stock jumped 41% after the company signed a financial restructuring agreement.
- Amazon’s (NASDAQ:AMZN) shares soared 10.9% after the online retailer’s earnings indicated that both of its growth engines, e-commerce and cloud computing, were doing well in an uncertain economy.
- Dropbox (NASDAQ:DBX) shares increased 7% after the file-hosting company exceeded expectations with robust second-quarter profits and sales growth.
- DraftKings (NASDAQ:DKNG) shares increased 3.9% after the betting company posted a surprising quarterly profit and provided an optimistic full-year sales projection as new sports-betting clients emerged.
- Alphabet (NASDAQ:GOOGL) shares jumped 1.6% after Google’s parent firm revealed it has trimmed its ownership in Robinhood (NASDAQ:HOOD), up 1.1%, by roughly 90%, just days after the trading app reported its first profit as a public company.
- Airbnb (NASDAQ:ABNB) stock increased 1% after the vacation rental company anticipated third-quarter revenue that was above market expectations due to an increase in international travel and revived interest in its core metropolitan areas.
LOSERS
- Alteryx (NYSE:AYX) is down 22% after reporting Q2 earnings of ($0.37), $0.30 higher than the analyst forecast of ($0.67). Revenue for the quarter was $188 million, compared to the consensus estimate of $182.06 million. Revenue for the second quarter is estimated to be in the $208M to $212M range, marking a year-over-year fall of (4)% to (2)% below the consensus of $233M. Revenue for FY23 is estimated to be in the $930M to $940M range, indicating 9% to 10% year-over-year growth versus the consensus of $983.92M.
- Maravai Life Sciences Holdings Inc (NASDAQ:MRVI) is down 11% after reporting Q2 earnings per share of ($0.05), $0.06 less than the market estimate of $0.01. Revenue for the quarter was $68.91M, compared to the consensus expectation of $71.13M.
- Beyond Meat (NASDAQ:BYND) is down 10%; it posted Q2 earnings per share of $0.83, $0.01 higher than the analyst forecast of $0.84. Revenue for the quarter was $102.1M, compared to the consensus estimate of $108.74M. Beyond Meat expects revenue of $360-380 million in FY2023, compared to the consensus of $388 million.
UPGRADES BY EXPERTS
Rosenblatt downgrades Apple after a mixed third-quarter performance.
Rosenblatt downgraded Apple (NASDAQ:AAPL) to Neutral from Buy, with a $198.00 price target, following the company’s mixed third-quarter results, which included an EPS/revenue beat but lower iPhone sales. As a result, stocks dropped more than 4% on Friday.
Following a Q2 beat, Amazon is being upgraded at two businesses.
Amazon.com (NASDAQ:AMZN) received two upgrades on Friday following better-than-expected Q2 results and excellent expectations, which drove the stock up more than 8%.
Exane BNP Paribas raised the stock from Underperform to Neutral, with a $140.00 price target.
Rosenblatt upgraded from Neutral to Buy and boosted its price objective to $184.00 from $111.00.
Piper Sandler raised Monster Beverage (NASDAQ:MNST) from Neutral to Overweight, with a price objective of $63.00 (up from $60.00), expecting the business to remain well-positioned.
DOWNGRADES BY EXPERTS
Guggenheim downgrades Cloudflare after a strong second-quarter performance.
Cloudflare (NYSE:NET) shares dropped more than 2% in premarket trading today after Guggenheim downgraded the firm to Sell from Neutral with a $50.00 price target.
CFRA downgraded General Motors (NYSE:GM) from Hold to Strong Sell and lowered its price target to $28.00 from $40.00.
Deals
6 big deals & insider moves
Hasbro sells eOne Film & TV to Lions Gate.
As reported live on InvestingPro, Hasbro (NASDAQ:HAS) sold its eOne film and TV company to Lions Gate (NYSE:LGFb) for $500 million on Thursday.
Customary closing conditions, including regulatory clearances, are expected to finalize the acquisition by year’s end.
Hasbro will use the cash to retire at least $400M of floating rate debt before year-end and for other company reasons.
KKR negotiating to buy Simon & Schuster from Paramount Global
KKR (NYSE:KKR) is in advanced talks to buy Simon & Schuster from Paramount Global (NASDAQ:PARA) for $1.65 billion, according to a Thursday Reuters report citing sources.
According to sources, HarperCollins Publishers, controlled by News Corp (NASDAQ:NWS), and investor Richard Hurowitz competed with KKR. If the talks succeed, the contract will be announced in the coming days.
Paramount tried to sell Simon & Schuster again after a federal judge halted its $2.2B deal with Penguin Random House last year.
The sources said KKR’s acquisition of Simon & Schuster won’t raise competition concerns with U.S. regulators, which doomed the Penguin merger.
Francisco Partners and TPG acquire New Relic for $6.5B.
After Francisco Partners and TPG (NASDAQ:TPG) confirmed their acquisition of New Relic (NYSE:NEWR), shares rose more than 13% on Monday. The acquisition price is $87.00 per share in cash, valuing New Relic at $6.5B.
ExxonMobil director Ubben buys $20M stock.
In-Cap Funds director Jeffrey Ubben bought 192,000 common shares valued approximately $20M at $106.26-$106.82.
After the latest transactions, Ubben owns 1,827,000 shares indirectly through In-Cap Funds and 13,000 directly.
MFN Partners buys 9M more shares.
MFN Partners bought 9,295,852 Yellow (NASDAQ:YELL) shares at $0.83-$1.49. The firm owns 22,067,795 Yellow shares, 42.5% of the total.
Yellow shut down over the weekend and is preparing to file for bankruptcy.
NASDAQ CEO invests over $500,000.
Nasdaq (NASDAQ:NDAQ) Chair and CEO Adena Friedman purchased 10,000 common shares at $51 for approximately $500,000.
After the acquisition, Friedman held 1,672,318 shares directly and 147,000 indirectly.
Earnings Calendar
Monday, August 7
KKR & Company (KKR), Palantir Technologies (PLTR), BioNTech (BNTX),International Flavors & Fragrances (IFF), Coterra Energy (CTRA), Tyson Foods (TSN), Skyworks Solutions Inc. (SWKS), Lucid Group (LCID), Paramount Global (PARA),Viatris Inc. (VTRS)
Tuesday, August 8
Eli Lilly & Company (LLY), United Parcel Service (UPS), Zoetis Inc. (ZTS), Duke Energy Corp. (DUK) , Li Auto (LI), GlobalFoundries Inc. (GFS), Sun Life Financial (SLF), Barrick Gold (GOLD), Take-Two Interactive Software (TTWO), Rivian Automotive (RIVN),
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