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Growth Investing101: nVent Electric plc (NVT)

Company Overview: nVent Electric plc (NVT) and its subsidiaries are involved in the design, production, marketing, installation, and maintenance of electrical connection and protection solutions. The...

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HomeStocks in FocusQualcomm and Honeywell dip premarket; Royal Caribbean, Tesla and Ferrari rise.

Qualcomm and Honeywell dip premarket; Royal Caribbean, Tesla and Ferrari rise.

Qualcomm

Pre-Market active stocks

Gainers

  • Canada Goose (NYSE:GOOS) stock increased 12% after the luxury winter weather retailer anticipated fourth-quarter revenue above estimates, citing a dramatic turnaround in the critical Chinese market. after the luxury winter weather retailer anticipated fourth-quarter revenue above estimates, citing a dramatic turnaround in the critical Chinese market.
  • Ferrari (NYSE:RACE) stock jumped 5.8% after the luxury sports car company announced that its revenues and core profitability would increase this year, aided by “exceptional visibility” on its order books.
  • Royal Caribbean (NYSE:RCL) stock increased 3.5% after the cruise operator forecasted an annual profit that above forecasts due to strong demand for cruise holidays and higher itinerary fees.
  • Peloton (NASDAQ:PTON) shares increased 0.5% after the fitness business cut its second-quarter net loss compared to a year ago, although projecting third-quarter sales lower than market expectations.
  • New York Community Bancorp (NYSE:NYCB) stock increased 2.2%, rebounding from Wednesday’s 38% drop due to a dividend cut and unexpected loss.
  • Merck (NYSE:MRK) shares increased 1.3% after the drugmaker reported better-than-expected fourth-quarter results based on high sales of its cancer immunotherapy Keytruda, which is now the world’s best-selling prescription medicine.
  • Tesla (NASDAQ:TSLA) shares increased 1.3% as the electric vehicle company prepares for a shareholder vote to change its state of incorporation from Delaware to Texas, only days after a Delaware judge nullified his $56 billion pay plan.

Losers

  • Honeywell’s (NASDAQ:HON) stock slumped 2.1% after the multinational industrial firm forecasted a disappointing first quarter after missing sales projections for the final three months of 2023.
  • Qualcomm (NASDAQ:QCOM) stock dipped 1.4% despite the chipmaker announcing better-than-expected first-quarter results as smartphone demand recovered and handset chip sales increased, with investors concerned about signs of weakening in the vital Chinese market.

Stocks in focus

Altria (NYSE:MO) shares rose more than 1% pre-market after the tobacco company authorized a $1B share buyback plan. Altria (MO) reported Q4 2023 adjusted profit per share that met forecasts, but revenue fell 2.2% Y/Y and below estimates. Revenue fell in the company’s smokeable goods division, largely offset by growth in oral tobacco products. Midpoint of Altria’s (MO) full year 2024 adjusted profit per share outlook was marginally above estimates. Chart MO’s performance.


Merck (MRK) stock rose 2% before the bell after reporting a Q4 2023 top and bottom line beat. Keytruda, Merck’s (MRK) flagship cancer treatment, drove sales of $6.61B (+21% Y/Y). Other Dow 30 treatments underperformed. “We reached more than 500M people with our medicines last year, over half of which were donations, including our river blindness program,” CEO Robert Davis stated. Charts show MRK performance.


Honeywell (HON) shares fell 3% before market open after reporting Q4 2023 sales miss. The firm also predicted lower full-year 2024 sales and adjusted profit per share at the midpoint. Management is optimistic for 2024. “As we look toward 2024, our portfolio is well positioned to accelerate both our top line and earnings growth, underpinned by three compelling megatrends – automation, the future of aviation, and energy transition,” CEO Vimal Kapur said.

AMZN shares will be watched for Q4 2023 earnings after the close. Wall Street forecasts 80 cents per share on $166.26B in AMZN revenue. Amazon Web Services, the cloud market leader, will be watched by investors. The quarter is likely to see 4.6M new Prime customers, bringing the total to 258M. Amazon’s (AMZN) results will follow its cancellation of its acquisition of Roomba vacuum cleaner firm iRobot this week.


AAPL shares will also be watched for FQ1 2024 results in extended trading. Wall Street predicts $2.10 per share from AAPL on $118.26B in revenue. Apple (AAPL) is projected to end four consecutive quarters of decline, but analysts and investors foresee a rough year as it faces increased competition and geopolitical issues in China. After becoming the leading phone vendor in the world’s second largest economy in 2023, the company’s performance in Asia will be widely examined.


Plug Power (PLUG) stock rose over 14% in pre-market trade, following a 19% jump on Wednesday. The business filled the first Plug tanker with liquid green hydrogen from its Georgia factory on Thursday, one week after operations began. Plug (PLUG) rose on Wednesday after Roth MKM upgraded the company, expressing confidence in the Georgia green hydrogen plant’s ramp-up.

WEEKLY EARNINGS CALENDAR

Thursday Feb 01

Apple, Amazon, Meta, Peloton, Sirius

Friday, Feb 02

 TKO, Abbvie, Chevron, Imperial Oil, Exxon

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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.

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