New York, February 01, 2024 - PRISM MarketView - The iconic sign of Honeywell International graces the landscape outside the company’s once global base in Morristown, New Jersey. Let’s take a look at the corporations that created a buzz in the news before the bell.
Qualcomm, the semiconductor giant, saw a 2% decrease in its stock value following a downgrade to neutral by Citi from buy. Despite surpassing fourth-quarter earnings and revenue predictions, Qualcomm’s guidance for the current quarter fell short of the mark, according to Citi analyst Christopher Danely.
General Motors saw a 1% increase in share prices after Morgan Stanley upheld its overweight rating and elevated its stock price target. The firm cites GM’s shift in focus back to internal combustion engine vehicles due to insufficient traction of fully electric models as the main reason. The stock currently trades at a lower multiple compared to spending, creating a potential investment opportunity.
Nextracker shares leaped 17% following positive feedback from analysts in response to its robust quarterly results and raised guidance. Both Barclays and Bank of America emphasized the solar technology company’s advantage in the market and margin expansion ability, maintaining their overweight and buy ratings respectively.
WolfSpeed, another player in the semiconductor space, saw a 5% decline in its stock value, post weak revenue guidance after trading hours on Wednesday. However, the company reported less-than-expected losses and surpassed revenue expectations for its second quarter.
Shares of Charge Point an electric vehicle charging company, increased 3.7% upon TD Cowen setting a higher price target and identifying it as a “potential long-term winner,” despite expecting 2024 to be a challenging year.
C.H. Robinson witnessed a drop of over 6% in share prices due to missed revenue and earnings predictions amidst a complicated demand and pricing scenario. The logistics company reported lower-than-expected adjusted earnings and revenue per share.
Peloton experienced more than a 6% decrease in premarket shares following a mixed bag of results and bleak guidance for its second fiscal quarter.
Pharmaceutical behemoth, Merck, saw a 1.8% rise post reporting quarterly revenue and earnings exceeding expectations, driven by robust demand for its Keytruda cancer drug and Gardasil HPV vaccine.
Honeywell International shares dipped nearly 3% after reporting lower-than-anticipated fourth quarter revenue.
Align Technology experienced a 16% surge in its share prices after beating Wall Street’s Q4 expectations and providing a solid guidance.
Finally, Norfolk Southern enjoyed a 7.1% hike in share prices as an investor group led by Ancora Holdings took a significant stake with plans to gain control of the board and replace the CEO, as per Wall Street Journal.
PRISM MarketView does not provide investment advice.
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Email: info@prismmarketview.com
Phone: 646-863-6341
Website: https://prismmarketview.com
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