Pre-Market:
Pre-Market
Pre-Market active stocks
Gainers
- Pioneer Natural Resources (NYSE:PXD) climbed 1.9% after Exxon Mobil (NYSE:XOM) revealed plans to acquire its rival in an all-stock deal for just under $60 billion, in what would be the year’s largest corporate deal.
- The shares of Walgreens Boots Alliance (NASDAQ:WBA) increased 1.8% after the pharmacy chain operator named Tim Wentworth as CEO, banking expectations on the healthcare industry veteran to reverse a recent decrease in profitability.
- Amazon (NASDAQ:AMZN) stock increased 0.7% after the online retail giant announced Prime Big Deal Days, which aimed to entice customers with bargains on limited-quantity items.
- The stock of Arista Networks (NYSE:ANET) declined 1.5% after Piper Sandler downgraded the cloud networking solutions provider to ‘neutral’ from ‘overweight,’ citing a lack of immediate catalysts.
- Plug Power (NASDAQ:PLUG) stock climbed 6.4% after the alternative energy business forecasted a significant increase in revenue, up to $6 billion by 2027 and $20 billion by 2030, compared to approximately $1.2 billion in 2023.
Losers
- LVMH Moet Hennessy Louis Vuitton (OTC:LVMUY) ADRs are expected to fall dramatically after the French luxury goods retailer reported a slowdown in third-quarter sales, with organic revenue growth of 9%, down from 17% in the previous three-month period.
- Polestar (NASDAQ:PSNY) stock slumped 8.6% after the EV maker revealed plans to raise up to $1 billion in order to combat ongoing cash burn.
- Humana (NYSE:HUM) stock dipped 2.8% after the health insurer revealed that CEO Bruce Broussard will step down next year after serving in the position for 11 years.
- Morgan Stanley (NYSE:MS) stock dipped 0.5% after UBS downgraded the banking giant to ‘neutral’ from ‘buy,’ citing little upside from present levels in light of the tough environment.
Upgrades
Boeing began with a Buy recommendation from UBS.
On Wednesday, UBS initiated coverage of Boeing (NYSE:BA) with a Buy rating and a $275 price target.
The business published third-quarter deliveries on Tuesday, revealing a September decline in its best-selling 737 MAX deliveries due to ongoing attempts to remedy a production problem, with that statistic reaching its lowest level since August 2021. Despite this, major new orders for 224 planes were placed in September, countered by 10 cancellations, and shares increased more than 2% on Tuesday.
In recent premarket trade, shares were up 0.8% to $193.53.
Shoals Technologies benefits from a Goldman Sachs upgrade.
Shares of Shoals Technologies Group (NASDAQ:SHLS) surged about 5% in pre-market trading today after Goldman Sachs upgraded the firm to Buy from Neutral and boosted its price objective to $28.00 from $27.00.
Analysts feel that recent warranty expense difficulties have been priced in, raising the risk of margin increases. The upgrade was also based on Goldman’s optimistic view of US utility-scale solar fundamentals and a number of impending catalysts for the company.
Morgan Stanley raised its price target on CAVA Group (NYSE:CAVA) to $41.00 (from $45.00) from Equalweight. As a result, shares rose more than 4% in pre-market trading today.
Shares of Coherent (NYSE:COHR) surged more than 4% in pre-market trading today after B. Riley upgraded the firm to Buy from Neutral and boosted its price objective to $51.00 from $37.00.
JPMorgan upgraded Iris Energy (NASDAQ:IREN) to Overweight from Neutral and boosted its price objective to $6.50 from $6.00 in pre-market trading today.
The rating adjustment reflects improvements at the company’s new Childress location as well as improved fleet efficiency, signaling nearly 100% potential upside from current levels.
Downgrades
Spotify is being downgraded.
Pre-market, Spotify (NYSE:SPOT) shares slid more than 2% after Redburn-Atlantic downgraded the firm to Neutral from Buy and reduced its price objective to $160 from $170.
Separately, Evercore ISI reduced Splunk’s (NASDAQ:SPLK) price target to $157.00 from Outperform.
Earnings Calendar
Wednesday
- Infosys Ltd. (INFY)
- Fastenal Co. (FAST)
- Delta Air Lines (DAL)
- Walgreens Boots Alliance (WBA)
- Domino’s Pizza (DPZ)
- Commercial Metals Co. (CMC)
for Details read
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.