Stocks making the biggest moves premarket: Rivian, Rocket Lab, Hershey’s, Lowe’s and more
Discover the latest buzz about top companies before the market opens.
The renowned chocolate company Hershey’s shares went down by 1% following a downgrading by Morgan Stanley from equal weight to underweight due to a dip in consumer demand and high cocoa inflation affecting their revenues.
In contrast, Rocket Lab’s shares went up about 1% after Citi reinstated it with a buy rating due to the company’s improved liquidity situation. A noteworthy $515 million award from the Space Development Agency also indicates its growing rapport with the U.S. government, as per analyst Jason Gursky.
Teva Pharmaceutical Industries experienced a 3% increase in shares following an upgrade by Piper Sandler from neutral to overweight, due to its robust brand portfolio and improving capital structure, signaling its readiness for a strong recovery and expansion.
On the retail side, Lowe’s shares upped by 1.7% on the back of JPMorgan upgrading its shares from neutral to overweight. An expected Federal Reserve rate slash could evidently lower mortgage rates, providing a boost to Lowe’s market position.
However, the shipping company XPO suffered a 2.4% slide in their share value following a downgrade by Morgan Stanley from equal weight to underweight due to speculative optimism around XPO’s recent acquisition of Yellow Corp’s bankrupt service centers.
Urban Outfitters shares rose over 2% following an upgrade from UBS, in anticipation of solid Q4 earnings release this month. Rivian Automotive, however, saw a 3.5% drop in shares after Barclays downgraded it from overweight to equal weight, pointing to the EV market slowdown and Rivian’s implied profit risks.
New York Community Bancorp saw a 1.2% increase in shares, following on from last Friday’s surge after company insiders personally invested in the struggling bank. Despite its challenges, leadership is believed to have the roadmap for turning things around.
Marqeta, a card issuing technology company, saw a 6.5% rise in shares after a Bank of America upgrade from neutral to buy, believing the recent dip in the company’s shares was overstated.
Conversely, Big Lots shares dropped over 11% after a downgrade from Loop Capital from hold to sell. The discount retailer is grappling with a significant decline in customer relevance and a deteriorating financial situation.