Stocks making the biggest moves premarket: Visa, Starbucks, Salesforce, Lowe’s and more
Check out the companies making headlines in premarket trading. Thor Industries — Shares dropped 2% after the RV maker issued disappointing fiscal year earnings guidance. The company expects earnings per share to range between $4 and $5, well below a StreetAccount estimate of $6.27 per share. Arlo Technologies — The security systems company popped 3% after authorizing a $50 million share repurchase program. It comes amid a strong year, with shares surging about 24.5% in 2024. Visa — Shares slid 2% following a Bloomberg report that the Justice Department is planning to file a monopoly lawsuit against the payment network firm over its debit card business. Citi said it was switching its preference to Mastercard as a result of this “incremental regulatory overhang.” Starbucks — The coffee house chain moved 1.6% lower after Jefferies downgraded the stock to underperform from hold and cut its price target. The firm cited low visibility in the U.S. and China in the near term and expects near- and medium-term estimate reductions. Salesforce — The software stock rose 2% after Piper Sandler upgraded Salesforce to overweight and lifted its price target, citing a favorable risk-reward given the potential for the company’s free cash flow per share to double by fiscal year 2029. Artificial intelligence could also boost Salesforce’s product innovation, the firm said. Lowe’s — The home improvement stock added 1.2% following an upgrade to outperform from perform at Oppenheimer. The firm said demand should improve as the Federal Reserve cuts rates and sees compelling longer-term fundamentals. BioNTech — U.S.-listed shares of the German biotechnology company rose 2.7% on the heels of a Morgan Stanley upgrade to overweight from equal weight. The firm said BioNTech has executed on what it described as a broad clinical development program. Pinterest — The image sharing company rose more than 1% after Oppenheimer initiated coverage of the stock with an outperform rating. The investment firm said Pinterest’s strong advertising business and integration with larger e-commerce platforms should fuel further growth. GE Vernova — Shares gained nearly 1% after Guggenheim initiated coverage of GE Vernova with a buy rating, saying that it is “still in the early stages of a multi-year improvement in profitability.” Analyst Joseph Osha’s $300 price target implies a roughly 19% increase from Monday’s closing price for the stock. — CNBC’s Sarah Min, Michelle Fox, Pia Singh, Sean Conlon, Jesse Pound and Fred Imbert contributed reporting This post has been syndicated from a third-party source. View the original article here.
