Discover the companies that are generating buzz in premarket trading.
Target — The retail giant experienced a 0.6% increase after announcing a 1.9% dividend raise, equivalent to 2 cents per share, bringing it to $1.10 per share.
Cognyte Software — This software company witnessed a 5.6% rise in premarket trading following its quarterly report. Cognyte reported a loss of 23 cents per share (excluding items), slightly surpassing analysts’ consensus estimate of 22 cents per share. However, the company’s revenue exceeded expectations, with $73.4 million reported compared to Wall Street’s forecast of $71.5 million.
Aldeyra Therapeutics — The biotech company saw a 10% increase in its stock value after announcing statistical significance in the primary and secondary endpoints of a drug designed for a specific type of eye inflammation.
American Express — The credit card company experienced a 2% decline in premarket trading after Citi warned about a slowdown in credit card spending trends. Citi issued a negative catalyst watch for American Express, particularly mentioning a sharper decline in the travel and entertainment categories compared to other sectors.
Coinbase — The popular cryptocurrency platform experienced a 4.5% drop after Mizuho raised concerns over traders potentially switching to Robinhood, which declined by 2.1% before the market opened. Mizuho reiterated its underperform rating for Coinbase in a note to clients.
Domino’s Pizza — This pizza chain experienced a 2.1% increase after Stifel upgraded its status from hold to buy. Stifel noted that while delivery sales are expected to stabilize, carryout sales will continue to grow over the next 12 months.
SoFi — The financial technology stock declined by 4% after Oppenheimer downgraded its rating from outperform to perform. Despite holding a bullish long-term outlook, Oppenheimer explained that the downgrade was a result of the stock’s appreciation outpacing the broader market.
Corning — Shares of this glass manufacturer increased by 1.7% after receiving an upgrade from Citi, moving from a neutral to a buy rating. Citi expressed a “greater conviction” in the company’s potential for margin recovery and raised its price target from $36 to $40, indicating a more than 20% upside from the previous day’s closing price.
Zions Bancorporation — The banking stock experienced a 1.4% decline in premarket trading. Janney downgraded Zions Bancorporation from buy to neutral and lowered its fair value estimate, citing a weaker spread income and margin due to rising funding costs.
— Reporting contributed by CNBC’s Sarah Min, Michelle Fox, and Jesse Pound.
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