Social Media

Tuesday, May 21, 2024

Popular Acronyms: DFS, SAVE, HUM, HTZ and others

Hey there, today we’re going to talk about the top companies that are making headlines before the bell, get insights into what’s happening in the stock market and how these companies are performing.

First up, Discover Financial Services. The financial services stock dropped more than 7% after posting mixed fourth-quarter results. While it topped revenue expectations, it also posted a decline in earnings from a year ago due to a large provision for potential loan losses. The company earned $1.54 per share versus $3.74 per share during the same period last year.

Next, we have Hertz. The automotive rental company’s stock climbed about 6% following an upgrade to overweight from Morgan Stanley earlier on Thursday. Analyst Adam Jonas lauded Hertz’s recent decision to sell off about 20,000 electric vehicles from its fleet, which he says will help boost the stock moving forward.

Then there’s Apple. Apple shares rose more than 2% after Bank of America upgraded the tech giant to buy. The bank’s price target points to more than 20% upside. BofA cited a rebound in iPhone sales due to AI for the change.

Moving on, we have Spirit Airlines. The budget airline fell 5% amid continued fallout from its blocked proposed merger with JetBlue earlier this week. On Thursday, Citi downgraded Spirit to sell from neutral, citing the failed deal, and cut its price target to $4 from $13, suggesting 35% downside from Wednesday’s close.

Alaska Air Group is also in the mix. Shares gained about 1% premarket, attempting to recover losses that have accumulated since a fuselage blew out from a Boeing 737-9 MAX plan on an Alaska Airlines flight earlier this month. Shares have plummeted nearly 14% so far this year.

Now, let’s talk about Grab Holdings. Shares of the Singapore-based food delivery and ride-hailing app rose more than 3% following an upgrade to overweight from JPMorgan. Analyst Ranjan Sharma underscored improving delivery margins and a reasonably attractive valuation as reasons for the upgrade.

Kinder Morgan is next. Shares of the energy infrastructure company fell less than 1% after Kinder Morgan’s fourth-quarter revenue came in lower than expected. The company reported $4.04 billion in revenue, below the $4.41 billion expected by analysts.

Fastenal is also on the radar. The industrial supplies company added 4% after posting fourth-quarter earnings that exceeded analyst expectations. Fastenal reported earnings of 46 cents per share on revenue of $1.76 billion, versus the 45 cents per share on $1.75 billion expected by analysts.

Microchip Technology is making moves as well. Shares of the tech manufacturer rose 4% following an upgrade to outperform from peer perform at Wolfe Research.

Last, but not least, let’s talk about Plug Power. Shares of the beleaguered fuel cell company dropped nearly 15% after Morgan Stanley reiterated its underweight rating and $3 price target. Plug will need to use a substantial amount of its $1 billion at-the-market equity program it announced after market close on Thursday.

And that wraps up the top companies that are making headlines before the bell. Stay tuned for more insights on what’s happening in the stock market.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Featured Franchise Opportunity

Arby's Franchise

Food Franchises, Restaurant Franchises


Petbar Boutique - Dallas Lakewood

Low Cost Franchises, Pet Franchises

Featured Business For Sale.