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Keep An Eye Out: Pre-Market Movers And Recommendations

Bruno T
Latest News
October 11 2023 4:43AM

Here are some of the biggest premarket U.S. stock movers today:

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Pioneer Natural Resources (NYSE:PXD) stock rose 1.9% after oil major Exxon Mobil (NYSE:XOM), down 2.4%, confirmed plans to acquire its rival in an all-stock deal with just under $60 billion, in what would be the most significant corporate deal of the year.

Walgreens Boots Alliance (NASDAQ:WBA) stock rose 1.8% after the pharmacy chain operator appointed Tim Wentworth as its CEO, pinning hopes on the healthcare industry veteran to reverse a recent drop in profits.

Amazon (NASDAQ:AMZN) stock rose 0.7% as the online retail giant launched its Prime Big Deal Days, seeking to tempt shoppers with deals on limited-quantity items.

Morgan Stanley (NYSE:MS) stock fell 0.5% after UBS downgraded its stance on the banking giant to ‘neutral’ from ‘buy’, seeing little upside from current levels given the challenging environment.

LVMH Moet Hennessy Louis Vuitton (USOTC:LVMUY) ADRs are seen sharply lower after the French luxury goods retailer reported a slowdown in sales in the third quarter, with organic revenue growth of 9% during the quarter, down from 17% in the prior three-month period.

Arista Networks (NYSE:ANET) stock fell 1.5% after Piper Sandler downgraded its stance on the cloud networking solutions provider to ‘neutral’ from ‘overweight’, citing a lack of immediate catalysts.

Plug Power (NASDAQ:PLUG) stock rose 6.4% after the alternative energy company projected a big jump in revenue, up to $6 billion in revenue by 2027 and $20 billion by 2030, compared with about $1.2 billion in 2023.

Humana (NYSE:HUM) stock fell 2.8% after the health insurer announced that CEO Bruce Broussard is set to step down next year after 11 years in the role.

Polestar (NASDAQ:PSNY) stock fell 8.6% after the EV manufacturer announced plans to raise as much as $1 billion as it struggles with continued cash burn.

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ANALYST RECOMMENDATIONS:

Arch Capital: Morgan Stanley maintains its overweight/attractive recommendation with a price target raised from $98 to $100.

Arista Networks: Piper Sandler & Co downgrades to neutral from overweight with a target price of $190.

Ball Corp: Barclays upgrades to overweight from equalweight with a price target reduced from $61 to $59.

Chubb: Morgan Stanley maintains its equalwt/attractive recommendation with a price target raised from $209 to $224.

Cme Group Inc: Morgan Stanley maintains its equalwt/in-line recommendation with a target price raised from $211 to $215.

Csx Corp: JPMorgan upgrades to overweight from neutral with a price target raised from $37 to $40.

Dow Inc: Piper Sandler & Co maintains its overweight rating and reduces the target price from $66 to $60.

Hershey: RBC Capital maintains its outperform rating and reduces the target price from $275 to $246.

Hubspot: Raymond James upgrades to outperform from strong buy with a price target reduced from $600 to $520.

Nasdaq: Morgan Stanley maintains its equalwt/in-line recommendation with a target price reduced from $55 to $54.

Netflix: Morgan Stanley maintains its equal weight/in-line recommendation with a price target reduced from $450 to $430.

Palo Alto: William O’Neil & Co Incorporated initiates coverage with a buy rating.

Pepsico: Morningstar upgrades to buy from sell with a target price of $176.

PPG Industries: Barclays upgrades to overweight from equalweight with a target price of $160.

Procter & Gamble: RBC Capital maintains its sector perform rating with a price target reduced from $167 to $154.

Take Two Interactive Software: Raymond James upgrades to outperform from market perform with a target price of $170.