Before the bell, take a look at the businesses that are in the news.
Following the debate between Republican nominee Donald Trump and Democratic Vice President Kamala Harris, shares of Trump Media & Technology fell more than 11%. The former president is the primary owner of Trump Media.
Rentokil Initial: After the parent company of Terminix issued a profit warning, shares fell by almost 20%. Rentokil currently projects that North America’s second-half organic sales growth will drop to about 1% as a result of the region’s lower-than-expected trade in July and August.
Dave and Buster’s After exceeding earnings forecasts by 15 cents per share for the most recent quarter, the entertainment stock surged by more than 13 percent. The revenues did not meet the expectations of Wall Street.
GameStop: Following the release of the company’s sharply lower-than-expected sales report, the premarket price of the video game retailer’s shares fell more than 10%. With revenue of $798 million in the most recent quarter, sales of $1.16 billion in the previous year were down more than 20%.
Williams & Sonoma: Following Jefferies’ recommendation to buy from hold, the home furnisher surged 3%. The company’s portfolio includes “hidden gems” and it stands to gain even from a slight improvement in the housing market.
Novartis: After being downgraded to hold from buy by Bank of America, the Swiss pharmaceutical company’s U.S.-listed shares saw a 2% decline. The bank anticipates fewer growth drivers for Novartis in the future.
Viking Therapeutics: The stock increased by more than 4%. The biotech business that is competing in the GLP-1 area was covered by JPMorgan with an overweight rating, citing an impending data readout in November as a potential driver for the stock’s upward movement. With a price objective of $80, the Wall Street firm implied a gain of about 40%.
Bitcoin-based stocks: Stocks linked to the price of bitcoin were under pressure as the leading cryptocurrency’s price dropped marginally over night as traders digested Japan’s central bank policy and anticipated important U.S. inflation data.
Goldman Sachs downgraded Morgan Stanley’s stock from buy to neutral, sending shares of the large bank plunging more than 1%. Morgan Stanley appears pricey in comparison to its peers.
Source (CNBC)
