Safra Catz, the Chief Executive Officer of Oracle Corporation, rang the opening bell at the New York Stock Exchange (NYSE) in New York City on July 12, 2023.
Brendan Mcdermid | Reuters
Take a look at the companies grabbing attention before the market opens.
Oracle — The software giant’s stock surged 2.7% following an upgrade by UBS from neutral to buy. UBS believes that the company’s shares could potentially rally another 20% due to the positive impact of artificial intelligence.
AT&T, Verizon — Both AT&T and Verizon saw a 1.6% increase after being upgraded to buy by Citi. Citi states that the wireless competition in the industry is stabilizing, and the current valuations may not be considering remediation costs related to lead-covered cables.
Best Buy — Best Buy’s stock rose around 1.3% after surpassing Wall Street’s expectations for its second-quarter performance. The company reported better than expected adjusted earnings of $1.22 per share and revenues of $9.58 billion.
Big Lots — Shares of the home discount retailer jumped by 14% after reporting a smaller-than-expected loss. Big Lots reported a loss of $3.24 per share, exceeding analyst expectations.
PDD Holdings — U.S.-listed shares of the Chinese e-commerce company surged nearly 14% after reporting second-quarter earnings that exceeded Wall Street’s expectations.
3M — The industrial products maker’s stock rose slightly in early morning trading. The company has agreed to pay over $6 billion to settle lawsuits by current and former U.S. military service members over defective combat earplugs.
Heico — Despite beating revenue expectations for the fiscal third quarter, the engine and aircraft part manufacturer’s stock dropped by over 5%. Heico did report a decline in operating margins compared to the previous year.
Nio — The Chinese electric vehicle company’s stock declined by more than 6% after reporting a wider-than-expected quarterly loss and a decrease in deliveries.
J.M. Smucker — Shares of the snack food company increased by over 2% following better than expected fiscal first-quarter earnings. J.M. Smucker raised its earnings guidance despite revenue falling below estimates.
BYD — The U.S.-traded shares of the Chinese automaker rose by over 2% after announcing a 204.68% increase in net profit for the first half of 2022.
Toyota Motor — The U.S.-listed shares of Toyota Motor fell by about 1% as the automaker experienced a production halt at its assembly plants in Japan due to a system malfunction.
— CNBC’s Hakyung Kim, Tanaya Macheel, and Jesse Pound contributed to this report.
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