Before the bell, take a look at the businesses making news.
Oracle— The software behemoth increased 2.7% after UBS upgraded Oracle to a buy from neutral and predicted that shares might increase by another 20% as a result of positive factors relating to artificial intelligence.
Following Citi’s upgrade of the telecom firms to buy status, which it attributed to a stabilising and intensely competitive cellphone market, AT&T and Verizon saw each of their shares rise by around 1.6%. The company added that the expense of repair for lead-covered cable is possibly overstated in their present assessments.
The best buy Best Buy increased by roughly 1.3% after exceeding Wall Street’s top and bottom line forecasts for the fiscal second quarter. The retailer beat the $1.06 per share estimate made by Refinitiv-surveyed analysts by reporting adjusted earnings of $1.22.
Big Lots – After reporting a smaller-than-expected loss, the stock of the discount retailer for home goods rose 14%. Big Lots reported a loss of $3.24 per share as opposed to the $4.11 loss per share that FactSet’s polled analysts had predicted.
PDD Holdings — After the Chinese e-commerce giant reported second-quarter earnings that beat Wall Street’s expectations, shares of PDD, which are traded on the New York Stock Exchange, increased by about 14%. PDD added that during the second quarter, it noticed a “good shift in consumer sentiment.”
Shares of 3M, a manufacturer of industrial equipment, increased by less than 1% in early morning trade on the announcement that the company would pay more than $6 billion to resolve claims brought by current and former members of the US military regarding subpar combat earplugs.
Source (CNBC)
