Keep An Eye Out: Pre-Market Movers And Recommendations

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ANALYST RECOMMENDATIONS:

Alnylam Pharmaceuticals (NASDAQ:ALNY): Bernstein maintains its outperform recommendation and reduces the target price from $237 to $218.

Aon (NYSE:AON): Evercore ISI maintains its in-line recommendation with a price target raised from $322 to $323.

Chubb (NYSE:CB): Evercore ISI maintains its outperform rating and raises the target price from $239 to $241.

Coty (NYSE:COTY): Piper Sandler cut the target to $14 from $16. Maintains overweight rating.

Dollar General (NYSE:DG): BNP Paribas Exane starts coverage at neutral with a target price of $116.

Dollar Tree (NASDAQ:DLTR): BNP Paribas Exane starts coverage at outperform with a target price of $139.

Estee Lauder (NYSE:EL): Piper Sandler & Co maintains a neutral recommendation with a price target reduced from $164 to $155.

Hartford (NYSE:HIG): Evercore ISI maintains its in-line recommendation with a price target raised from $78 to $79.

Iqvia Holdings (NYSE:IQV): Mizuho Securities maintains its buy recommendation and reduces the target price from $250 to $229.

Juniper (NYSE:JNPR): JPMorgan downgrades to neutral from overweight. PT up 8.1% to $29.

ResMed (NYSE:RMD): JPMorgan downgrades to neutral from overweight. PT up 8.1% to $29.

Skyworks (NASDAQ:SWKS): Citi downgrades to sell from neutral. PT down 11% to $87.

Splunk (NASDAQ:SPLK): Daiwa Securities downgrades to neutral from outperform with a price target raised from $135 to $157.

Tesla (NASDAQ:TSLA): BNP Paribas Exane maintains its underperform recommendation and reduces the target price from $130 to $120.

Ulta Beauty (NASDAQ:ULTA): Piper Sandler & Co maintains its overweight recommendation and reduces the target price from $575 to $540.

Walgreens Boots (NASDAQ:WBA): Mizuho Securities maintains its neutral recommendation with a price target reduced from $31 to $25.

Willis Towers (NASDAQ:WTW): Evercore ISI maintains its in-line recommendation with a target price reduced from $236 to $233.

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Plethora of Fed speakers due
Fed Vice Chair Philip Jefferson said on Monday that the central bank could “proceed carefully” in deciding whether any further increases are warranted, while Dallas Fed President Lorie Logan indicated rising Treasury yields could steer the Fed from further rate increases.

This was accompanied by a drop in yields, with the benchmark 10-year U.S. Treasury yield dropping from its 16-year peak on Tuesday as trading resumed in the U.S. bond market after Columbus Day, on a combination of these comments and demand for safe assets given the turmoil in the Middle East.

There are a number of Fed officials due to speak later Tuesday, including Raphael Bostic, Christopher Waller, Neel Kashkari and Mary Daly.

Their views on the path of interest rates for the remainder of the year will be in focus ahead of Wednesday’s release of the minutes from the last Fed meeting in September.

PepsiCo lifts annual profit forecast
In corporate news, the third quarter earnings season is at its infancy, with PepsiCo (NASDAQ:PEP) the highlight Tuesday.

The soft drinks giant lifted its annual profit forecast for a third time this year, banking on multiple price increases and resilient demand for its snacks and beverages. Its stock rose 2.4% premarket.

Other companies set to report during the week include Delta Air Lines (NYSE:DAL) on Thursday as well as the banking giants JPMorgan Chase (NYSE:JPM), Citigroup (NYSE:C) and Wells Fargo (NYSE:WFC) on Friday.

Crude supply outlook in focus
Oil prices slipped lower Tuesday, handing back some of the previous session’s sharp gains with traders keeping a wary eye on the conflict between Israel and Hamas and the potential for supply disruptions.

By 06:40 ET, the U.S. crude futures traded 0.4% lower at $86.00 a barrel, while the Brent contract dropped 0.4% to $87.78 a barrel.

Both benchmarks surged more than 4% on Monday as traders worried the potential for the conflict to escalate, hitting Middle East supply and making an already tight supply picture worse.

Additionally, gold futures rose 0.4% to $1,870.85/oz, while EUR/USD traded 0.3% higher at 1.0596.

Hartford Financial Servi... (NYSE:HIG)
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