Take a look at the firms that are grabbing attention in premarket trading.
The U.S. Army awarded Palantir Technologies a $250 million contract to test and develop artificial intelligence and machine learning, which led to a 2.3% increase in the company’s share price.
After the firm announced that CEO John Riccitiello would depart, shares of Unity Software, a game engine, increased by about 6%. Unity stated that James M. Whitehurst would serve as acting chief.
Automaker Rivian After UBS changed Rivian’s rating from neutral to buy, the shares of the electric vehicle firm increased by 3% in premarket trading. The investing company claimed that Rivian’s fundamentals are strengthening and that the stock still has room to rise after a recent sell-off was caused by a $1.5 billion capital raise.
PepsiCo — Following a beat on third-quarter earnings, the beverage juggernaut’s stock price increased by almost 1%. In contrast to analysts’ expectations of an adjusted $2.15 and $23.39 billion in revenue from LSEG’s poll of analysts, the company announced adjusted earnings of $2.25 per share on $23.45 billion in revenue.
Ameris Bancorp — Shares increased by nearly 1% following DA Davidson’s upgrading of Ameris Bancorp from neutral to buy, noting that the company is “uniquely shielded” from unrealized losses related to rising interest rates.
Arm Holdings — The semiconductor company’s shares increased by around 2% the day after JPMorgan, Deutsche Bank, and Goldman Sachs among other analysts began covering it favourably.
After releasing preliminary trial results for a Phase 2B study of the cirrhosis medication efruxifermin, Akero Therapeutics had a more than 63% decline in stock price.
Source (CNBC)
