A man photographs a Roblox banner displayed, to celebrate the company’s IPO, on the front facade of the New York Stock Exchange (NYSE) in New York, March 10, 2021.
Brendan McDermid | Reuters
Check out the companies making headlines in premarket trading.
Roblox — Roblox shares fell 6.7% after Morgan Stanley downgraded the gaming company to underweight from equal weight and said the upside is limited following the stock’s recent outperformance.
Discover — The online bank lost 7.3% despite beating expectations for per-share earnings and revenue. Discover boosted its provision for credit losses compared to the prior year, potentially signaling that it sees a weaker economy ahead.
CureVac — The biopharmaceutical company jumped 8.2% following an upgrade to buy from neutral by UBS, which said Phase 1 results for a treatment that uses mRNA for influenza saw a “major infection point.”
Alcoa — The aluminum maker slid 6.4% after reporting net losses for the most recent quarter, saying high costs for energy and raw materials, paired with low aluminum pricing, dragged on earnings.
Chegg — The digital learning platform gained 2.5% following an upgrade to overweight from standard weight by KeyBanc. The firm cited the potential for EBITDA upside.
Charles Schwab — Shares of the brokerage firm fell 3% after Charles Schwab was double downgraded to underperform from buy at Bank of America. The bank said in a note to clients that Schwab’s growth would decline this year as customers adjust their portfolios to higher interest rates.
Procter & Gamble — The consumer goods giant shed more than 2% after reporting mixed quarterly results before the bell. P&G’s adjusted earnings per share for the fiscal second quarter matched expectations at $1.59, but total revenue of $20.77 billion slightly topped estimates of $20.73 billion.
Philip Morris — Shares of the tobacco company rose more than 1% after Jefferies upgraded the stock to buy from hold and raised its price target. The Wall Street firm said it’s bullish on Philip Morris’ efforts to acquire oral nicotine company Swedish Match.
Apple — Shares slid 1.2% after JPMorgan cut its price target on Apple and said the technology company had a tough setup going into earnings from supply headwinds.
Ford — The automaker fell 1.2% after Evercore ISI cut its price target on the stock, noting that automakers could struggle if a recession comes but see sales come back in the three to six months following.
Boot Barn — UBS raised its price target on the stock ahead of the company’s quarterly earnings report. UBS said investor sentiment should remain unchanged and doesn’t expect Boot Barn’s earnings release to be a catalyst. The stock slid 0.6% despite the target increase, however.
— CNBC’s Michelle Fox, Tanaya Macheel, Samantha Subin, Jesse Pound, Carmen Reinicke and Yun Li contributed reporting
(With inputs from CNBC)
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