Check out the companies making headlines in premarket trading.
Thor Industries — Shares dropped 2% after the RV maker issued disappointing fiscal year earnings guidance. The company expects earnings per share to range between $4 and $5, well below a StreetAccount estimate of $6.27 per share.
Arlo Technologies — The security systems company rose 3% after authorizing a $50 million share repurchase program. This comes amidst a strong year, with shares surging about 24.5% in 2024.
Visa — Shares slid 2% following a Bloomberg report that the Justice Department is planning to file a monopoly lawsuit against the payment network firm over its debit card business. Citi stated it is switching its preference to Mastercard as a result of this “incremental regulatory overhang.”
Starbucks — The coffeehouse chain moved 1.6% lower after Jefferies downgraded the stock to “underperform” from “hold” and cut its price target. The firm cited low visibility in the U.S. and China in the near term and expects near- and medium-term estimate reductions.
Salesforce — The software stock rose 2% after Piper Sandler upgraded Salesforce to “overweight” and lifted its price target, citing a favorable risk-reward given the potential for the company’s free cash flow per share to double by fiscal year 2029. Artificial intelligence could also boost Salesforce’s product innovation, the firm noted.
Lowe’s— The home improvement stock added 1.2% following an upgrade to “outperform” from “perform” at Oppenheimer. The firm indicated that demand should improve as the Federal Reserve cuts rates and sees compelling longer-term fundamentals.
BioNTech — U.S.-listed shares of the German biotechnology company rose 2.7% following a Morgan Stanley upgrade to “overweight” from “equal weight.” The firm stated that BioNTech has successfully executed a broad clinical development program.
Pinterest — The image-sharing company rose more than 1% after Oppenheimer initiated coverage of the stock with an “outperform” rating. The investment firm noted that Pinterest’s strong advertising business and integration with larger e-commerce platforms should fuel further growth.
GE Vernova — Shares gained nearly 1% after Guggenheim initiated coverage of GE Vernova with a “buy” rating, stating that it is “still in the early stages of a multi-year improvement in profitability.”
Source (CNBC)
