See which businesses are generating news during premarket trading.
Shares of PayPal fell more than 1% in the premarket after MoffettNathanson lowered its price target and downgraded the stock from outperform to market perform, 10 days before Alex Chriss, PayPal’s incoming CEO, is expected to take the helm. The company expressed excitement for the new leadership but warned that after a trying 18 to 24 months, Chriss may face difficulties. Further downward revisions to MoffettNathanson’s estimates are possible, the firm believes.
DoorDash – After being upgraded by Mizuho Securities on Sunday from neutral to buy, shares increased by over 2%. According to the Wall Street firm, the delivery service should beat expectations in the second half thanks to a healthy market share and high consumer spending on food.
Shares of Arm Holdings, a manufacturer of semiconductors, dropped 3.7% in premarket trading as the newly public Arm looked to regain its footing in the market. Arm will not be an AI winner, according to Bernstein, who launched coverage on Monday with an underperform rating.
Source (CNBC)
