Here are some rewritten descriptions of the companies making headlines in premarket trading:
1. Crypto stocks: Stocks providing exposure to bitcoin tumbled alongside the cryptocurrency’s price after a false announcement of a bitcoin ETF approval was briefly posted by the compromised X account of the Securities and Exchange Commission. Crypto exchange Coinbase and bitcoin proxy Microstrategy both saw premarket declines of approximately 3%. Mining stocks, including CleanSpark, Riot Platforms, and Marathon, also showed losses, with Marathon recording a drop of nearly 4%.
2. Howmet Aerospace: With two bullish Wall Street calls, the stock recorded a 1.8% gain. Bernstein highlighted Howmet Aerospace as a top pick in the aerospace industry, citing factors such as higher prices, an increased share of content, and strong guidance for commercial aircraft production as contributing to the company’s potential success.
3. Lennar: The homebuilder stock rose by 2.1% after announcing a 50-cent increase in its annual dividend to $2 per share. Additionally, Lennar revealed plans to repurchase up to $5 billion worth of additional stock.
4. Intuitive Surgical: The medical stock surged by 4.9% following a preliminary fourth-quarter revenue report of $1.93 billion, surpassing the consensus estimate of $1.87 billion. Intuitive Surgical also reported a 21% year-on-year increase in procedures conducted using its da Vinci systems.
5. TG Therapeutics: The biopharmaceutical stock experienced an 11.7% jump after providing preliminary net product revenue projections for its multiple sclerosis treatment. The company expects approximately $40 million for the fourth quarter of 2023 and $89 million for the full year.
6. Bloom Energy: Shares of Bloom Energy rose by 4.3% after an upgrade to an outperform rating by Baird. The firm sees positive catalysts for Bloom Energy, including cost reductions, manufacturing improvements, and announcements related to electrolyzer sales.
7. Chesapeake Utilities: Utility stock Chesapeake Utilities climbed 1% following an upgrade from RBC to an outperform rating. RBC believes that Chesapeake’s management is capable of delivering results, given its successful track record of mergers and acquisitions.
8. Etsy: Following a downgrade from Goldman Sachs to neutral from buy, shares of Etsy declined by 2%. Goldman Sachs anticipates a challenging environment for the company due to tightening consumer discretionary spending.
9. Toast: The restaurant-focused technology stock rose by 3.5% after an upgrade from Goldman Sachs to a buy rating. Goldman Sachs believes that the market has not fully considered the improved profitability trends expected from the company this year.
10. Mister Car Wash: With Wells Fargo initiating coverage and assigning an overweight rating, shares of Mister Car Wash traded up by 1.8%. Wells Fargo highlighted the company’s appealing business model and regarded the current share price as an attractive entry point.
Source (CNBC)
