Before the bell, take a look at the businesses making news.
The share price of Warby Parker increased by roughly 4% after Evercore ISI upgraded the eyeglass shop to an outperform rating, predicting that when the company’s margins and revenue growth pick up, the share price might increase by more than 50%.
Ellie Lilly and Point Biopharma After Eli Lilly disclosed that it will purchase Point Biopharma for $12.50 in cash, or around $1.4 billion, the maker of cancer therapies, the company’s shares increased by 85%.
HP — Shares increased 2.5% following a double upgrade from Bank of America from underperform to buy. The bank anticipates the PC manufacturer will experience better fundamentals, with free cash flow reaching a bottom in 2023.
Shares of the spice manufacturer McCormick dropped by approximately 3% before the bell. For the most recent quarter, McCormick reported revenues of $1.68 billion and earnings of 65 cents per share, excluding items. That almost matched the EPS of 65 cents and the $1.7 billion in revenue that analysts surveyed by StreetAccount had predicted.
Warner Music Group – Warner increased by 3.5% after UBS changed the stock’s rating from neutral to buy. According to UBS, the business should reap long-term rewards from music industry developments.
Airbnb: Shares of the short-term home rental company fell 3% in the premarket after KeyBanc Capital Markets downgraded it as the post-pandemic surge in travel demand slows.
Fiverr International — Shares increased 2.8% after Roth MKM upgraded the stock from neutral to buy. The Wall Street company is “incremental bullish” on the stock and cites a poll of independent contractors that confirms Fiverr’s dominance among gig workers.
Source (CNBC)