Welcome to Extreme Investor Network, where we bring you the latest updates on the companies making headlines in the world of finance. Today, we have some interesting developments to share with you:
Toll Brothers, a homebuilder, saw a 1.3% increase after Goldman Sachs upgraded it to neutral from sell. According to Goldman, there are near-term upsides from customization and upgrades, as well as continued outperformance of new home sales.
Best Buy’s shares rose more than 3% following a UBS upgrade to buy from neutral. The investment bank believes that new products and an appliance upgrade cycle could strengthen the stock.
Autodesk, a software company, added 4% on news that activist fund Starboard Value has taken a $500 million stake in the company. Starboard is considering legal action over concerns regarding delayed disclosures on an internal investigation.
AMC Networks, the cable TV network, saw a 10% decline after filing to sell $125 million in convertible senior notes due 2029 in a private placement.
Shattuck Labs, a biotechnology stock, slipped 1% following a BTIG downgrade to neutral from buy. While clinical trial data shows “encouraging efficacy,” there is still some ambiguity that BTIG believes will not be resolved until the second half of 2025.
Louisiana-Pacific Corporation, a building materials manufacturer, declined 3% early Monday. Goldman Sachs downgraded shares to sell from neutral, citing macroeconomic and competitive pressures.
Broadcom, the chipmaker, rose more than 3%, continuing its rise from Friday. Broadcom shares have surged 31% in June after posting an earnings beat for the second fiscal quarter last Wednesday.
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