See which businesses are leading the way in premarket trading:
1. Hasbro: The renowned toymaker experienced a 5.5% decline after announcing the layoff of approximately 1,100 employees. CEO Chris Cocks revealed in a memo obtained by CNBC that Hasbro’s soft sales are expected to persist into 2024.
2. Oracle: The market saw a nearly 9% drop in shares of the database software company as its fiscal second quarter revenue fell short of expectations. Analysts had estimated revenue to be $13.05 billion, but Oracle reported $12.49 billion. Nonetheless, the stock has seen a year-to-date rise of over 40%.
3. Lucid: The stock of the electric vehicle company decreased around 3.5% following the resignation of CFO Sherry House, who plans to explore other opportunities.
4. Airbnb, Expedia: Prior to the market opening, shares of Airbnb fell about 2%, while Expedia experienced a 1% decline. Barclays downgraded Airbnb to underweight and Expedia to equal weight, expressing concerns about the travel industry’s outlook and softer demand projected for 2024.
5. Rio Tinto: The global mining group observed a 2% increase in shares after being upgraded to overweight by JPMorgan. This upgrade was justified by Rio Tinto’s impressive balance sheet and the positive medium-term outlook for commodities.
6. Macy’s: Following a 20% surge due to a $5.8 billion buyout offer, the owner of Bloomingdales, Macy’s, encountered a 2.2% decline. Citi downgraded Macy’s to sell from neutral, expressing skepticism about the deal materializing.
7. Crocs: The casual footwear manufacturer experienced a 1.5% increase after Bank of America initiated coverage with a buy rating and a $128 price target, implying a potential upside of more than 22%. Bank of America highlighted Crocs’ strong momentum and anticipated continued robust sales.
8. Zillow Group: The real estate tech platform saw a 3% rise in shares before the market opened following an upgrade to market outperform from market perform by JMP analyst Nicholas Jones. Jones predicts a 37% upside, attributing it to increased real estate demand and volume.
9. Wyndham Hotel and Resorts: Shares of budget hotel owner Wyndham Hotel and Resorts surged nearly 3% after rival Choice Hotels announced an exchange offer to acquire Wyndham, valuing the takeover at approximately $8 billion.
Source (CNBC)
