Co-CEOs, Neil Blumenthal & Dave Gilboa of Warby Parker at the NYSE, September 29, 2021.
Source: NYSE
Discover the companies capturing attention prior to the opening bell.
Warby Parker — Warby Parker experienced a 4% surge after receiving an outperform rating upgrade from Evercore ISI. The upgrade predicted a potential rally of over 50% in the company’s shares due to the reacceleration of its margins and revenue growth.
Eli Lilly, Point Biopharma — Point Biopharma experienced an 85% surge in its shares following the announcement by Eli Lilly to acquire the cancer therapy maker for $12.50 per share in cash, amounting to approximately $1.4 billion.
HP — HP’s shares increased by 2.5% after receiving a double upgrade from Bank of America, moving from underperform to buy. The upgraded outlook is based on the bank’s expectations for improving fundamentals and a projected bottoming of free cash flow in 2023.
McCormick— The spice maker’s shares declined by approximately 3% before the market opened. McCormick reported earnings of 65 cents per share (excluding items) for the recent quarter, generating revenues of $1.68 billion. These results were largely in line with analysts’ expectations of 65 cents per share in earnings and $1.7 billion in revenue, as polled by StreetAccount.
Warner Music Group — Warner experienced a 3.5% increase in its shares after being upgraded to buy from neutral by UBS. The upgrade is based on UBS’s belief that the company will benefit from long-term trends in the music industry.
Airbnb — Airbnb’s shares declined by 3% in premarket trading after KeyBanc Capital Markets downgraded the stock. The downgrade was due to the easing of tailwinds from the post-pandemic surge in travel demand.
Fiverr International — Fiverr International’s shares rose by 2.8% after receiving an upgrade to buy from neutral by Roth MKM. The upgrade is supported by a freelancer survey that highlights Fiverr’s leading position among gig workers.
Emerson Electric — The industrial giant saw a 1% decline in premarket trading after being downgraded to neutral from buy by UBS. The downgrade was based on concerns about the company’s valuation and limited upside. However, UBS did increase its price target for the stock.
— Reports contributed by CNBC’s Alex Harring, Sarah Min, Michelle Fox, and Pia Singh.
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