Before the bell rings, see which firms are in the news.
Wolfspeed: After being downgraded to underperform from neutral at Mizuho, the semiconductor stock saw an almost 5% decline. Prices for silicon carbide, a semiconductor used in electric cars, would drop by 10% to 20% by 2025.
Nvidia: The company’s stock increased by more than 1% after CEO Jensen Huang stated on CNBC’s “Closing Bell: Overtime” on Wednesday that the company is experiencing “insane” demand for Blackwell, its upcoming AI graphics processor. The CEO added that Blackwell is on track to ship in the fourth quarter.
His and Hers Well-being — Following the announcement by the U.S. Food and Drug Administration that Eli Lilly’s GLP-1 treatment shortage has been resolved, the telehealth firm saw a roughly 9% decrease. To capitalise on the shortages, Hims & Her Health had already created compound versions of the weight-loss medications.
EVgo: After JPMorgan upgraded the firm that charges electric vehicles to overweight, shares increased by more than 9%. EVgo’s owner-operator model and utilisation rate in comparison to peers are catalysts.
Levi Strauss: After reducing its revenue forecast for the entire year and reporting fiscal third-quarter revenue that fell short of analysts’ projections, the denim manufacturer’s shares fell 12%. A sale of the company’s struggling Dockers division is another possibility.
Constellation Brands: Better-than-expected fiscal second-quarter profits helped the beverage company’s stock rise somewhat. In comparison, StreetAccount projected that Constellation Brands would make $4.08 per share, but they actually earned $4.32.
Stellantis: A downgrade to equal weight from overweight by Barclays caused the automaker’s stock to drop more than 3% in the premarket. Expert Henning Cosman stated, “We got caught off guard with STLA, acknowledging its US inventory issue too slowly and eroding EU/US market shares.”
Source (CNBC)
