Welcome to the latest update on premarket trading! Here are the top companies making headlines, along with their performance and the latest analyst ratings.
Coinbase, the popular cryptocurrency exchange, experienced a 4% slip following a downgrade to underweight from JPMorgan. The bank’s downgrade was accompanied by concerns that 2024 might be tough for Coinbase as enthusiasm for spot Bitcoin ETFs fades.
General Electric faced a nearly 7% drop in premarket trading after issuing weaker-than-expected guidance for the first quarter. The company foresees earnings per share ranging between 60 and 65 cents, well below estimates.
On the brighter side, solar companies Sunnova and Enphase Energy saw an increase in premarket trading after receiving a buy rating from Truist. The optimism stems from expectations of Federal Reserve rate cuts later this year.
3M reported disappointing full-year and first-quarter guidance, causing the stock to dip more than 5% in the premarket. Similarly, Logitech experienced a 7% decrease after reporting a decline in sales year over year in its third quarter.
Teva Pharmaceutical Industries, on the other hand, saw a 1.7% increase following an upgrade to a buy rating from Jefferies, citing strong guidance and robust fundamentals.
D.R. Horton reported first-quarter earnings per share that missed Wall Street estimates, causing its stock to slide more than 5%. Halliburton, however, saw an increase of over 2% after fourth-quarter earnings surpassed analyst estimates.
In the airline industry, United Airlines witnessed a rise of more than 6% after posting quarterly results that exceeded expectations. Despite this positive performance, the company anticipates a quarterly loss in the first quarter due to Boeing 737 Max 9 groundings.
In the world of entertainment, Rumble and TKO Group Holdings experienced impressive surges in their stock prices following significant partnership and streaming announcements.
Finally, pharma giant Johnson & Johnson and telecommunications giant Verizon reported earnings that beat analyst expectations, leading to marginal fluctuations in their stock prices.
As always, it’s essential to consider these market movements within the broader context of economic and industry trends. Keep an eye on these companies and developments as the trading day unfolds. Stay informed, and happy trading!
Source link
