Welcome to Extreme Investor Network, where we provide you with the latest news and insights in the world of finance. Today, we are highlighting some of the top companies that are making headlines before the bell.
Starbucks, the renowned coffee chain, saw a rise of more than 2% after Bernstein upgraded the stock to outperform from market perform. The firm expressed bullish sentiment towards new CEO Brian Niccol, who recently took the reins on Sept. 9.
New York Community Bancorp also experienced a positive uptick, with shares of the regional lender gaining more than 4% following an upgrade to overweight by Barclays. The upgrade comes as the company repositions itself after a tough period.
Meanwhile, Micron Technology, a leading chip company, saw its shares surge nearly 17% after offering a stronger-than-expected revenue forecast for the fiscal first quarter. This positive outlook also had a ripple effect on other chip stocks, with Nvidia rising 2% and ASML Holding seeing a nearly 5% increase in U.S.-traded shares.
Meta Platforms, formerly known as Facebook, announced a new entry-level virtual reality headset and a prototype of augmented reality smart glasses, leading to a more than 1% increase in its shares. Bank of America even raised its price target on the tech giant, citing “renewed optimism” for personal computing devices and new AI abilities.
On the energy front, NRG Energy saw a jump of almost 4% after raising its full-year guidance, forecasting adjusted EBITDA in a range of $3.53 billion to $3.68 billion.
However, not all companies saw positive movements. GE Healthcare Technologies experienced a slide of more than 1% following a downgrade by UBS to sell from neutral, citing growth concerns in the near to midterm and risks in its China business.
In the world of Chinese internet stocks, Bilibili saw a climb of nearly 12% after an upgrade to buy from neutral by Goldman Sachs, highlighting the company’s monetization and profitability potential.
CarMax, the used car retailer, tumbled about 7% despite beating estimates for fiscal second-quarter sales, as it also increased its provision for loan losses.
Jefferies Financial Group fell more than 1% after reporting third-quarter results, earning 75 cents per share on $1.62 billion in revenue, driven by an increase in dealmaking.
Southwest Airlines, on the other hand, rose about 5% after hiking its third-quarter revenue forecast, announcing a new share repurchase program, and planned changes to its business model in response to activist investor Elliott Management.
Sonos, the speakers company, declined more than 6% following a double-downgrade by Morgan Stanley to underweight from overweight, citing concerns over backlash from the company’s app redesign in May impacting its financial metrics.
Stay tuned to Extreme Investor Network for more updates on the latest market trends and company news. Our expert analysis and insights will help you stay ahead of the curve in the world of finance.