Welcome to the latest news in the world of business and finance! We’ve got all the updates on the companies that are making headlines before the bell, so grab your coffee and let’s dive in.
First up, we have Hershey. The chocolate maker fell 1% after Morgan Stanley downgraded shares to underweight from equal weight. The bank cited weak consumer demand and high cocoa inflation weighing upon margins. While this news may not be sweet for Hershey, it’s important to keep an eye on how the company navigates these challenges in the coming months.
On a more positive note, Rocket Lab’s stock rose around 1% after Citi reinstated coverage with a buy rating. Citi pointed to improved liquidity conditions and a recent $515 million award by the Space Development Agency as signs of rising traction with the U.S. government. Analyst Jason Gursky sees bright prospects for Rocket Lab, so this could be a stock to watch.
Next, Teva Pharmaceutical Industries saw its shares jump 3% following an upgrade by Piper Sandler to overweight from neutral. With a strong brand portfolio and improving capital structure, Teva seems well-positioned for recovery and expansion. It’s always good to see a company with a solid plan for growth.
Lowe’s, the home improvement retailer, added 1.7% after JPMorgan raised its rating on shares to overweight from neutral. With expected rate cuts from the Federal Reserve later this year potentially lowering mortgage rates, JPMorgan sees this as a positive sign for Lowe’s. Home improvement could be on the rise, and Lowe’s may benefit from it.
On the other hand, XPO, the shipping company, saw its shares slip 2.4% following a downgrade by Morgan Stanley to underweight from equal weight. The bank expressed doubts about the optimism around XPO’s purchase of bankrupt Yellow Corp’s service centers, so this could be a bump in the road for the company.
Meanwhile, Urban Outfitters saw a more than 2% rise in its shares after an upgrade from UBS ahead of the retailer’s fourth-quarter earnings release. The bank expects an earnings per share beat and solid sales momentum, so it looks like Urban Outfitters is heading in the right direction.
In the electric vehicle market, Rivian Automotive saw its stock sink 3.5% following a downgrade from Barclays. The bank cited the slowdown in the electric vehicle market and Rivian’s implied profit risk as reasons for the call. It’s worth keeping an eye on how the company responds to these challenges.
It’s not all downs and ups, though. New York Community Bancorp’s shares rose 1.2%, extending gains from Friday when the regional bank stock surged nearly 17% after insiders used their own money to buy shares of the troubled firm. This could be a positive sign for the company’s future prospects.
Marqeta, the card issuing technology company, saw its shares rise 6.5% premarket after a Bank of America upgrade to buy from neutral. BofA believes that the recent pullback in the stock is overdone, and there are plenty of reasons to buy it now. It’s always interesting to see how technology companies are faring in the market.
Finally, Big Lots saw its shares tumble more than 11% after a downgrade to sell from hold by Loop Capital. The discount retailer is reportedly struggling with a worsening financial situation and a loss of customer relevance. This could be a challenging time for Big Lots, but we’ll be keeping an eye out for any changes in the company’s trajectory.
That’s a wrap for today’s premarket news on the companies making headlines. Stay tuned for more updates and analysis on the latest in the world of business and finance. Cheers to staying informed and making smart investment decisions!
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