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Check out the companies making headlines before the bell. Citigroup — Shares fell 1% Wednesday night after the bank warned investors that a weak Argentine peso and restructuring costs could result in a quarterly loss. Citigroup is scheduled to report its fourth quarter results on Friday morning. Lyft — Shares fell more than 1% on Lyft after Goldman Sachs downgraded it from buy to neutral. The company expects revenue and ridership growth to accelerate again, but said such fluctuations are already reflected in its estimates. Occidental Petroleum — Shares rose 1.1% after Berkshire Hathaway’s filing with the Securities and Exchange Commission revealed it owns 34% of Occidental. The oil company had also previously reported lower-than-expected production in the Gulf of Mexico compared to previous guidance. Nevertheless, the company is on track to maintain its guidance range. Chewy — Pet e-commerce shares rose 2.5% after being upgraded to Overweight by Barclays. Barclays said Chewy could reap outsized gains this year in the troubled e-commerce sector. Salesforce — The cloud-based software company surged 1.3% after Baird upgraded the stock to Outperform from Neutral. Baird cited Salesforce’s high profit margins and favorable valuation. Cryptocurrency Stocks – Bitcoin miners soar after the Securities and Exchange Commission gave the green light for a Spot Bitcoin ETF to begin trading in the United States. Iris Energy and CleanSpark rose 9% and 7%, respectively. Marathon Digital and Riot Platforms each increased more than 6%. Cryptocurrency exchange Coinbase rose 5% and Bitcoin agency MicroStrategy rose 4%. Yum Brands — The stock fell 5% on light volume after Wells Fargo downgraded the company from overweight to equal weight. The bank expects Pizza Hunt’s parent company to see less traffic and slower price increases in 2024. American Airlines — American Airlines shares rose 1% after Jefferies upgraded the airline’s stock from hold to buy, saying the company is well-positioned to protect itself from a macroeconomic downturn in 2024 . The company also raised its price target to $18 from $16, implying a 25% upside from Wednesday’s closing price. KB Home — Shares fell 3% as the home builder reported a 4.5% drop in average home sales prices in the fourth quarter, overshadowing better-than-expected earnings and sales for the quarter. — CNBC’s Sarah Min, Alex Harring, Tanaya Machel, Jesse Pound and Michelle Fox contributed reporting
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