The exterior of Sweetgreen’s Naperville location
Source: Sweetgreen
Explore the companies creating buzz before the market opens:
JetBlue Airways — JetBlue Airways saw a 1.3% decline in premarket trading as it announced the termination of its partnership with American Airlines in the northeastern U.S. The company now plans to focus on its partnership with Spirit Airlines. While American Airlines saw a 0.9% decline, Spirit Airlines experienced a 2.3% increase in its shares.
Meta Platforms — The social media giant witnessed a 2% increase in premarket trading following the launch of Threads, its direct competitor to Twitter. Mark Zuckerberg, CEO of Meta, announced on his Threads account that the platform had gained 10 million users within seven hours of its launch.
Sweetgreen — Sweetgreen’s stock rose by more than 4% after Bank of America upgraded it to a buy rating from neutral. The firm highlighted the salad chain’s increasing foot traffic and its plans to automate operations.
Keurig Dr Pepper — Shares increased by nearly 2% after Morgan Stanley upgraded Keurig Dr Pepper to an overweight rating from an equal weight rating. The Wall Street firm believes that the stock’s valuation was too low, especially considering the highly visible trends in the refreshment beverage industry.
Bank of America — Bank of America’s shares remained relatively unchanged in premarket trading despite the announcement of a quarterly dividend increase from 22 cents per share to 24 cents per share, a roughly 9% increase. This change puts the bank’s dividend yield at approximately 3.3% based on Wednesday’s closing price. The dividend hike follows Bank of America’s discussion with the Federal Reserve regarding differences in the results between the central bank’s stress test and an internal version of the test.
Microsoft — Microsoft witnessed a 0.8% increase in premarket trading as Morgan Stanley raised its price target for the tech giant. The firm believes that the market valuation of Microsoft could exceed $3 trillion, driven by advancements in artificial intelligence.
Plug Power — Plug Power’s shares rose by 1.8% as Citi initiated coverage of the company with a buy rating. Citi believes that Plug Power has the potential to become one of the largest suppliers of green hydrogen in the world.
Textron — Citi initiated coverage of the aircraft maker Textron with a buy rating, predicting a comeback for the stock this year. Shares rose by nearly 0.9% in premarket trading.
— CNBC’s Brian Evans, Michelle Fox, and Jesse Pound contributed to this report.
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