Welcome to our latest edition of Morning Market Updates! We’ve got all the latest news on the companies making headlines before the bell, so grab a cup of coffee and let’s dive in.
First up, we have Qualcomm, the semiconductor stock that shed 2% following a downgrade from Citi to neutral from buy. While Qualcomm beat both earnings and revenue estimates for the fourth quarter, Citi analyst Christopher Danely was disappointed by the company’s lower-than-expected guidance for the current quarter.
On the flip side, General Motors saw shares add about 1% after Morgan Stanley maintained its overweight rating and raised its price target on the stock. The firm highlighted General Motors’ focus shift back to internal combustion engine vehicles as fully electric models fail to gain enough popularity among consumers.
Next up, we’ve got Nextracker, the solar technology company whose shares jumped 17% on bullish analyst notes following its strong quarterly results and guidance increase. Barclays and Bank of America both maintained positive ratings on the stock, pointing to the company’s positioning with U.S. suppliers and margin expansion strength.
Wolfspeed, a semiconductor stock, wasn’t so lucky, dropping 5% after giving weak revenue guidance postmarket.
On the electric vehicle front, ChargePoint saw shares gain 3.7% after TD Cowen raised its price target. The firm believes ChargePoint could be a “potential long-term winner.”
C.H. Robinson, the logistics company, didn’t fare as well, dropping more than 6% after missing earnings and revenue expectations due to a challenging demand and pricing environment.
Peloton, the digital fitness company, posted mixed results and dismal quarterly guidance, causing shares to drop more than 6% in the premarket.
But it’s not all bad news! Merck, the pharmaceutical giant, gained 1.8% after posting fourth-quarter revenue and earnings that surpassed consensus estimates.
Meanwhile, Honeywell International saw its stock dip nearly 3% after reporting lower-than-expected fourth-quarter revenue.
In a more positive turn, Align Technology’s shares jumped 16% after the medical device stock beat Wall Street expectations for the fourth quarter and offered strong guidance.
Lastly, Norfolk Southern, the railroad company, saw shares gain 7.1% as an investor group led by Ancora Holdings took a big stake in the company and is planning a proxy fight to take control of the board.
That’s all for today’s Morning Market Updates. Stay tuned for more news and insights on the latest market movers!
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