Stocks making the biggest premarket moves: Carrier Global, First Solar, Lululemon, RH and more
Check out the companies making the biggest moves in premarket trading: Carrier Global — Shares popped nearly 6% following the announcement that Carrier agreed to sell its Global Access Solutions Business to Honeywell for $4.95 billion in cash. Honeywell ‘s stock slipped 2.4%. First Solar — The solar stock rallied 3.2% after being upgraded to overweight from equal weight by Morgan Stanley. The bank said it sees a number of drivers that can push the stock sharply higher next year. Morgan Stanley also hiked its price target to $237 from $214, suggesting 64% upside from Thursday’s close. Lululemon — Shares fell by 1.7% after the athleisure brand gave a muted forecast for the fourth-quarter despite a positive start to the holiday shopping season. The company is estimating sales to fall between $3.14 billion and $3.17 billion for the fourth quarter, which is shy of the $3.18 billion analysts had expected, according to LSEG. Qorvo — Shares added 1.4% after Morgan Stanley upgraded the chipmaker to overweight from equal weight, citing demand growth in China and the benefit from the transition to 5G. HashiCorp — The software stock dropped 19% in premarket trading. HashiCorp posted an earnings and revenue beat after the bell Thursday, but its fourth-quarter revenue guidance was in line with expectations. Afterwards, TD Cowen downgraded the stock to market perform from outperform . RH — Shares of the company formerly known as Restoration Hardware dropped 8% in premarket trading after RH’s third-quarter revenue came in below expectations. The company reported net revenues of $751 million, while analysts surveyed by LSEG were looking for $757 million. RH said that the home furnishings market is still being hurt by a slow real estate environment and narrowed its full year guidance range for revenue. Sallie Mae — Shares added 2.3% after being upgraded by Wells Fargo to overweight from equal weight. The bank said Sallie Mae should be more recession resistant with its high credit quality portfolio and resilient growth in student lending. It also believes the company’s market share could grow with the exit of Discover. —CNBC’s Hakyung Kim and Jesse Pound contributed reporting. This post has been syndicated from a third-party source. View the original article here.
