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Check out the companies that are trending in pre-market trading. Spirit Airlines, JetBlue Airways — Airline stocks fell after a federal judge blocked JetBlue Airways’ proposed $3.8 billion acquisition of Spirit Airlines. In response to the move, Bank of America Securities changed Spirit Airlines’ rating from no to underperform, saying the airline faces a “difficult road to returning to historic levels of growth and profitability.” “There is,” he said. Susquehanna Financial Group also downgraded Spirit’s rating from neutral to negative. JetBlue shares fell nearly 1%, and Spirit Airlines fell more than 20%. Interactive Brokers — Shares fell 3% in premarket trading Wednesday, the morning after the electronic brokerage reported fourth-quarter results. Adjusted revenue was $1.15 billion, compared with the $1.14 billion consensus estimate by analysts compiled by LSEG, and adjusted earnings per share were 3 cents below Wall Street expectations. Sinclair — The station rose 5.2% after announcing a settlement of all lawsuits related to Diamond Sports Group. Sinclair will pay Diamond $495 million in cash as part of the deal. SolarEdge Technologies — The solar power stock fell 5% after Barclays downgraded it from equal weight to underweight. The company expects continued low growth and lower gross profit margins compared to peers due to increased inventory. Twist Biosciences — Shares rose 3.2% after Goldman Sachs upgraded the stock to buy from neutral. The Wall Street bank said a key new product launch from Express Genes, a rapid synthesis service, should help boost profits. Teladoc — The virtual healthcare platform fell nearly 3% after DA Davidson downgraded it to neutral from buy. Prosecutor Davidson said the company should see growth stall in its key business areas. Nutanix — Shares rose 4% after William Blair initiated coverage of the cloud stock with an Outperform rating. The company said Nutanix should be the biggest beneficiary of the industry disruption caused by Broadcom’s acquisition of VMware. Instacart — Shares rose nearly 4% on Wolfe’s upgrades to outperform peers. The company said there are several paths for grocery delivery companies to stay strong, including merging with Uber. Rivian — The company’s stock fell 3.6% after Deutsche Bank downgraded Rivian’s rating from “buy” to “hold” and said in a note to clients that the company is on track to return to positive gross margins. He said growth may be slower than expected. Tesla — The electric car maker fell 1.8% after cutting car prices in several European countries. This follows recent price cuts by Chinese EV giants. Ford — Shares fell 2.3% after UBS downgraded the stock to neutral from buy. UBS said the company’s upside potential is limited and the road ahead is tougher than its competitors. Morgan Stanley — The company’s shares fell more than 1% in premarket trading after JPMorgan downgraded the stock from overweight to neutral following its quarterly report. The bank has been hit with costly regulatory charges, but CEO Ted Pick warned of significant downside risks ahead. Visteon — Automotive technology stocks rose 1.8% after UBS was upgraded to Buy from Neutral. The company said the market has become too bearish on the stock on several measures. Polaris, Mattel — Both companies’ stock prices fluctuated in response to Morgan Stanley’s rating changes. Polaris rose 2.3% after the company upgraded the stock from equal weight to overweight, noting that the company is an industry leader and has an attractive risk-reward ratio. Mattel fell 2.8% after Morgan Stanley downgraded its rating from overweight to equal weight, which the company said was due to the risk of underperforming consensus estimates and a challenging outlook for the category in 2024. — CNBC’s Sarah Ming, Yun Li, Jesse Pound and Michelle Fox contributed reporting
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