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Stocks making biggest moves premarket: Disney, Logitech and more

admin by admin
January 15, 2023
in Stocks & Capital News


In this photo illustration the Disney+ logo seen displayed on a smartphone screen.

SOPA Images | LightRocket | Getty Images

Check out the companies making headlines in premarket trading.

Disney – Disney shares added more than 1% in early morning trading after the company elected independent director Mark Parker as Chairman of the board. It also opposed activist investor Nelson Peltz’s attempt to join the board as the two sides prepare for a proxy battle.

Bed Bath & Beyond — The retailer advanced 16% premarket, continuing to rally after a handful of meme stocks surged Wednesday. The stock surged almost 69% in Wednesday’s session.

American Airlines — The airline gained 5% after lifting its fourth quarter guidance, citing strong demand and high fares. American’s revenue forecast rose as much as 17% over 2019, up from a previous 11% to 13% increase. Other airlines gained in sympathy, with United, Delta and Southwest rising between 1.5% and 2%.

Logitech — The maker of mice and keyboards plummeted 16% after it missed earnings expectations for the recent quarter and slashed its sales outlook.

Netflix — The streaming giant gained 1.4% after an upgrade by Jeffries to buy from hold. The Wall Street firm, which also boosted its price target to $385 from $310, said the launch of its advertising-based offering and crackdown on password stealing will drive revenue and EBTIDA above estimates.

Anheuser-Busch InBev – Shares lost 2.5% premarket after UBS cut the brewer to sell, citing weakness in China and consumers reaching for spirits instead of beer.

Roku — The streaming stock slid 3.8% after Jefferies downgraded to an underperform rating, saying that consensus estimates are failing to account for a slowing advertising market.

Cleveland-Cliffs — The steel producer gained 2.6% following an upgrade by Morgan Stanley to overweight from an equal-weight rating, saying that shares can rally 35%.

KB Home — Shares dipped 3.4% after the homebuilder missed estimates for the recent quarter on the top and bottom lines. KB Home fourth-quarter earnings of $2.47 a share on $1.94 billion in revenue lagged analysts’ estimates of $2.86 per share on revenue of $1.98 billion.

Spotify – Shares of the audio streaming company fell by about 2% premarket after a downgrade to hold from buy at Jefferies, which said it expects Spotify’s growth margins to fall below Wall Street expectations in the next two years.

Cinemark – Shares gained 1.9% following an upgrade by analysts at JPMorgan to an overweight rating. The bank said that the movie chain looks attractive after its recent decline.

— CNBC’s Carmen Reinicke, Michelle Fox, Jesse Pound, Tanaya Macheel and Alex Harring contributed reporting



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Tags: AB INBEV DRNAmerican Airlines Group IncAnheuser-Busch Inbev SABed Bath & Beyond IncBreaking newsBreaking News: Marketsbusinessbusiness newsCinemark Holdings IncCleveland-Cliffs IncEconomyKB HomeLogitech International SAMarket InsiderMarketsNelson PeltzNetflix IncRoku IncSpotify Technology SAStock marketsWalt Disney Co.
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