Pre-Market:Pre-Market

Pre-Market active stocks

Gainers

• Capital Product (NASDAQ:CPLP) stock rose 4.2% after the transport tanker and vessel owner announced a $3.1 billion acquisition of 11 newbuild LNG carriers from Capital Maritime. 
• Boeing (NYSE:BA) stock increased 3.4% after Bloomberg News reported that China is considering resuming purchases of the planemaker’s popular 737 Max jets. 
•     HP (NYSE:HPQ) stock rose 1.8% after Citigroup upgraded the computer hardware manufacturer to a ‘buy’ rating from a ‘neutral’ rating, citing a favorable valuation, significant cost reductions, and the possibility of AI integration on PCs.  
• The stock of Novo Nordisk (NYSE:NVO) increased 0.5% after the drugmaker presented data over the weekend demonstrating that the heart-protective benefits of its popular obesity drug Wegovy are not solely due to weight loss.

Losers

• Plug Power (NASDAQ:PLUG) stock fell 3.4% on Friday, adding to its previous day’s losses after the hydrogen fuel-cell company lowered its 2023 guidance, citing “unprecedented supply challenges.”     Tyson Foods (NYSE:TSN) stock dropped 3% after the food processor announced the closure of two of its US case-ready meat production facilities. 
• Micron (NASDAQ:MU) stock fell 0.9%  Yangtze Memory Technologies, a Chinese chipmaker, filed a lawsuit against Micron (NASDAQ:MU) alleging infringement of eight of its patents.  
• Robinhood (NASDAQ:HOOD) stock fell 0.1%  The stock of Robinhood (NASDAQ:HOOD) fell 0.1% after Google parent Alphabet (NASDAQ:GOOGL) announced that it had dissolved its stake in the trading app operator, just months after the tech behemoth reduced its stake in the company by nearly 90%.  

Stock on watch for Today

Tyson Foods (NYSE:TSN)

Tyson Foods (NYSE:TSN) shares fell more than 2% in pre-market trading after the meat processing company reported a revenue miss for the fourth quarter of fiscal 2023 and guided for flat revenue in fiscal 2024. Sales fell 2.8% year on year to $13.35 billion, missing estimates by $370 million. Increased volume in the chicken segment was offset by declines in the beef and pork businesses. Furthermore, Tyson (TSN) anticipates 2024 revenue to be relatively flat compared to 2023, despite a drop in domestic beef production. TSN’s quarterly dividend was also increased by 2.1% to $0.49 per share.

Monday.com (MNDY)

Monday.com (MNDY) stock jumped more than 11% before the market opened, after the cloud-based project management platform reported a quarterly top and bottom line beat, aided by a 57% Y/Y increase in customers with more than $50,000 in annual recurring revenue. The company’s co-founders and top executives, Roy Mann and Eran Zinman, highlighted MNDY’s progress on its new database architecture, mondayDB, and its on-time rollout.

Plug Power (PLUG)

Plug Power (PLUG) stock was among the most actively traded ahead of the market open, falling more than 5%. On Friday, the stock fell nearly 41% after reporting poor quarterly results and issuing going concern warnings. Wolfe Research joined the list of analysts who downgraded the maker of hydrogen fuel cells on Monday. Analysts on Wall Street rate PLUG stock as Buy, while SA Authors rate it as Hold. The Quant system at Seeking Alpha rates it as a Strong Sell.

HP Inc (HPQ)

The stock of HP Inc (HPQ) rose about 1.2% in pre-market trading following a Citi upgrade. The brokerage cited “continued improvements” in the personal computing space, as well as a further increase in margins and earnings from cost cuts. Citi expects the PC market to grow again as inventories are reduced. HPQ held an investor day more than a month ago, outlining several financial updates and raising its dividend, with Wall Street noting that the PC and printer maker’s plans to return capital to shareholders were “critical” to its investor base.

Weekly Earnings Calendar

Monday Nov 13

Mizuho Financial Group (MFG), XP Inc. (XP), Sun Life Financial (SLF), Tyson Foods (TSN), and AECOM (ACM)

Tuesday, Nov 14

The Home Depot (HD), Sumitomo Mitsui Financial Group (SMFG), Mitsubishi Financial Group (MUFG), Nu Holdings (NU), Sea Limited (SE), and Tencent Music Entertainment Group (TME)

Wednesday, Nov 15

Cisco Systems (CSCO), TJX Companies (TJX), Palo Alto Networks (PANW), Target (TGT), JD.com (JD), XPeng (XPEV), Catalent (CTLT), and Tetra Tech (TTEK)

Thursday, Nov 16

Walmart (WMT), Alibaba Group (BABA), Applied Materials Inc. (AMAT), NetEase Inc. (NTES), Ross Stores (ROST), Warner Music Group (WMG), NICE Ltd. (NICE), Bath & Body Works (BBWI), The Gap Inc. (GPS), Macy’s (M), and Spire Inc. (SR)

Friday, Nov 17

BJ’s Wholesale Club (BJ), Atkore Inc. (ATKR), and Spectrum Brands Holdings (SPB)

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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.