Today's Pre-Market Stock Movers: KMX, MRNA, VORB, WHR and More

Movers and Shakers wrote a column · Apr 11, 2023 20:45

Gapping up

$CarMax (KMX.US)$ +7%(The company reported better-than-expected quarterly earnings. CarMax earned 44 cents per share, beating a Refinitiv forecast of 24 cents per share.)

$Whirlpool (WHR.US)$ +2% (Goldman Sachs upgraded Whirlpool to buy from neutral. The bank said the appliance stock is cheap and can rally more than 20%.)

$Bumble (BMBL.US)$ +1% (Baird initiated coverage of Bumble and gave it an outperform rating, noting the stock has lagged the S&P 500 this year and is now trading at a "relatively inexpensive" valuation. The firm assigned a $23 price target on Bumble, suggesting the stock stands to gain more than 23%. )

$Array Technologies (ARRY.US)$ +2% (Wolfe Research initiated coverage of Array with an outperform rating. Wolfe said in a note to clients that Array should benefit from the expansion of utility-scale solar energy production.

$WW International (WW.US)$ +28% (Goldman Sachs said the weight loss company could triple in value. "WW's subscriber base and earnings power has been shrinking, but we believe a catalyst for a turnaround has emerged with its new obesity drug on-ramp solution," Goldman said.)

$LendingClub (LC.US)$ +4.8% (JPMorgan initiated coverage of the stock as overweight. The bank said the LendingClub’s recent selloff was likely too harsh as investors grew nervous about financial institutions and the potential for a recession.)

Gapping down

$Moderna (MRNA.US)$ -4.9% (The company said it's delaying its flu vaccine due to a lack of enrolled cases in a late-stage trial. The news comes after a company spokesperson told CNBC on Monday that Moderna hopes to release a slew of new vaccines that target cancer, heart disease as well as other yet-to-be confirmed conditions by 2030.)

$Tilray Brands (TLRY.US)$ -8% (The company agreed to buy $HEXO Corp (HEXO.US)$, the maker of pot products, for $56 million in an all-stock deal. Tilray will pay about $1.25 a share for Hexo, which sank 18.9% in premarket trading to $1.33. Tilray also reported fiscal third-quarter results that were worse than analysts' expectations.)

$Virgin Orbit (VORB.US)$ -23.6% (Nasdaq planned to delist shares of the space launch startup. Virgin Orbit filed for Chapter 11 bankruptcy protection last week.)

$Newmont (NEM.US)$ -2.9% (Newmont raised its price proposal in its offer to acquire Australia's Newcrest Mining for $19.5 billion, which is 16% higher than Newmont's initial bid. If the deal goes through, it would further secure Newmont's position as the world's biggest gold producer.)

$Upstart (UPST.US)$ -2% (JPMorgan initiated coverage of the lending stock with an underweight rating, citing a worsening environment for loans.)

Source: Dow Jones, CNBC

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