During the United Auto Workers national strike in Bowling Green, Kentucky, on October 10, 2019, General Motors assembly workers picket outside the General Motors Bowling Green plant.
Bryan Woolston | Reuters
Discover the pre-market market movers.
KeyCorp — Piper Sandler upgraded KeyCorp to overweight from neutral, causing the Cleveland-based regional bank’s shares to rise nearly 2% before the market opened. Piper Sandler has expressed growing comfort with its profit estimates.
Keysight Technologies — Morgan Stanley has upgraded test and measurement equipment maker Keysight Technologies to overweight from equal weight, prompting a 1.5% increase in the company’s shares. The investment bank believes Keysight’s current valuation does not adequately reflect its double-digit earnings growth.
Apellis Pharmaceuticals — Wells Fargo upgraded biopharmaceutical company Apellis Pharmaceuticals to overweight from equal weight, causing a 3.5% increase in the company’s stock before the market opened. The bank believes Apellis offers a favorable risk-reward ratio ahead of its third-quarter earnings announcement.
General Motors, Ford, Stellantis — Following the United Auto Workers strike on Thursday night, General Motors and Ford experienced a slight decrease in their stock prices, while Stellantis saw a small increase. Around 12,700 workers at three major assembly plants went on strike, according to the union.
Unity Software — Bank of America’s upgrade of video game developer Unity Software to buy has caused a premarket increase of almost 3% in the company’s stock price. The upgrade was based on factors such as a stable advertising business, improved monetization of the game engine, and potential upside to earnings estimates for 2024-25.
DoorDash — MoffettNathanson downgraded food delivery company DoorDash to market perform from outperform, causing a premarket decrease of almost 3% in the company’s stock price. The research firm cited the potential negative impact of the resumption of student loan payments on food delivery demand.
Arm Holdings — Following its successful Nasdaq debut and a jump of nearly 25% on Thursday, semiconductor and software company Arm Holdings has seen a premarket increase of 5.4% in its stock price. Needham initiated coverage of the British company with a hold rating, expressing the view that Arm’s valuation appears “full” in a post-smartphone era.
Adobe — Adobe’s stock price fell 3.4% following the company’s third-quarter earnings report, which beat analysts’ estimates for earnings and revenue. While Goldman Sachs and Bank of America reiterated their buy ratings for Adobe, JPMorgan remained neutral due to macroeconomic headwinds and the high premium associated with Adobe’s pending acquisition of Figma for $20 billion.
Nucor — The steelmaker’s stock price fell 2.3% before the market opened after issuing weaker-than-expected earnings guidance for the third quarter, citing lower pricing and volumes. Nucor has forecasted earnings between $4.10 and $4.20 per share, falling short of analysts’ expectations of $4.57 per share.
— CNBC’s Brian Evans, Michelle Fox, Alex Harring, Hakyung Kim, Tanaya Macheel, Jesse Pound, and Pia Singh contributed to this report.
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