Today's Pre-Market Stock Movers: HPQ, GOOGL, WOLF, RXDX and More

Movers and Shakers wrote a column · Apr 17, 2023 21:05

Gapping up

$HP Inc (HPQ.US)$ +2.6% (JPMorgan upgraded computer builder to overweight from neutral, saying it expects the PC industry to see upward revisions for the second half of this year. JPMorgan also downgraded Dell to neutral from overweight, citing its preference for HP's expected recovery, as Dell's PC segment will likely be offset by other factors. )

$Prometheus Biosciences (RXDX.US)$ +69% (The company will be acquired by $Merck & Co (MRK.US)$ for $10.8 billion. The deal values shares of Prometheus at $200, representing a 75.4% premium to its closing price on Friday. Merck shares dipped slightly.

$M&T Bank (MTB.US)$ +3% (The company posted its latest quarterly figures. M&T Bank posted adjusted earnings of $4.09 per share, beating a Refinitiv forecast of $3.99 per share. The bank's revenue of $2.41 billion also topped a consensus estimate of $2.38 billion.)

$Ollie's Bargain Outlet (OLLI.US)$ +3% (JPMorgan upgraded the stock to neutral from overweight. The investment firm said in a note to clients that the trade*down trend among consumers can help Ollie's hit its sales targets.)

$Charles Schwab (SCHW.US)$ +3% (The company posted a profit of 93 cents per share, beating a Refinitiv forecast of 90 cents per share. Schwab's revenue of $5.12 billion was roughly in line with estimates. The brokerage has been under pressure since the collapse of Silicon Valley Bank, as investors feared the company could suffer a similar fate. To be sure, Schwab has defended its financial position, noting its loan-to-deposit ratio is low.)

$Fox Corp-B (FOX.US)$ (The $1.6 billion lawsuit against Fox News was delayed by a day to Tuesday. Fox News also apologized to the Delaware judge presiding over the Dominion Voting Systems’ defamation lawsuit for failing to properly define Rupert Murdoch’s official role at the company. The stock was flat, but could move in regular trading.)

Gapping down

$Alphabet-A (GOOGL.US)$ -4% (The New York Times reported that Samsung is discussing using Microsoft's Bing as the default search engine on its devices given its recent AI technology advancements, which would replace Google. The report, citing internal messages, said Alphabet learned about the discussions in March and that about $3 billion in annual revenue is at stake.)

$Wolfspeed (WOLF.US)$ -2.7% (JPMorgan downgraded the electronics company to neutral from overweight, saying it envisions near-term "negative catalysts" that will limit Wolfspeed's revenue and gross margins in the next few quarters. The bank also substantially lowered its price target on Wolfspeed to $65, suggesting it stands to gain 15.6% since Friday's close.)

$State Street (STT.US)$ -10% (The financial services giant posted its latest quarterly results. State Street earned $1.52 per share on revenue of $3.1 billion. Analysts polled by Refinitiv expected a profit of $1.64 per share on revenue of $3.12 billion.)

Source: Dow Jones, CNBC

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