Goldman, Pfizer, Cheesecake Factories, Alibaba and more

Cheese Factory restaurant in Louisville, Kentucky.

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Check out the companies making the biggest moves at noon:

Goldman Sachs — The bank fell more than 2% after reporting earnings per share and revenue that missed Wall Street estimates on Tuesday.

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Pfizer — Wells Fargo downgraded the pharmaceutical giant from overweight to equal weight on Monday, saying the company needs a pandemic reset to get the stock going again. Pfizer fell 1.25% in premarket trading.

Morgan Stanley — Morgan Stanley’s earnings beat Wall Street expectations on Tuesday, thanks in part to record income from wealth management. Shares were 1% higher in premarket trading.

Vodafone — The UK telco is up nearly 2% in pre-sales. Ghana on Monday approved Vodafone’s sale of 70% of its stake in Vodafone Ghana to the Telecel Group. On Thursday, Vodafone was upgraded to be acquired by Bank of America, which said it was optimistic about the company’s outlook due to the departure of CEO Nick Reed.

Global payments — Morgan Stanley upgraded Global Payments to overweight from equal weight on Tuesday, citing, among other things, a more favorable competitive backdrop and an attractive valuation. The company received 2% in advance sales.

Church & Dwight — Morgan Stanley upgraded the consumer goods maker to overweight from equal weight and raised its price target to $91 from $82. Church & Dwight gained more than 1% in advance sales.

Cake factory — The restaurant chain fell more than 3% after Citi downgraded it to neutral from buy, saying the stock is close to its price target. Cheesecake also dropped Gordon Haskett to a hold.

Bloomin’ Brands — Parent company Outback Steakhouse fell nearly 2% after Gordon Haskett downgraded it to hold, citing the company’s increasingly balanced risk-reward profile.

Roku — Shares of Roku fell 1.8% after Truist downgraded the company from a buy rating, saying the streaming stock is hypersensitive to a tough macro environment given that much of its revenue is tied to advertising.

Snap — JMP Securities downgraded the company to market perform from market outperform, citing declining time spent on Snap and increased competition from Reels and YouTube Short Films. Snap fell 1.4% in premarket trading.

Alibaba — Activist investor Ryan Cohen has built a stake in a Chinese e-commerce giant, according to the Wall Street Journal. Cohen is encouraging the company to increase its stock buyback program, according to the report. Shares were up 0.5% in the premarket.

Reynolds Consumer Products — Shares fell about 1.3% after Credit Suisse downgraded the household goods maker to neutral from outperform, saying earnings on the stock are now factored into the stock price.

Whirlpool — Shares fell 3% after Whirlpool said it would sell most of its EMEA business and form a new business focused on Europe with Turkish home appliance maker Arcelik. Whirlpool will own 25% of the new entity, while Arcelik will own 75%.

— CNBC’s Sam Subin, Sarah Min and Michael Bloom contributed reporting.

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