Today's Morning Movers and Top Ratings: EL, BAC, ALL, RH and More

$Estee Lauder (EL.US)$ Shares soared over 3% following an upgrade to buy from neutral by Bank of America, which referenced the company's profitability recovery efforts, new products, and growing market share in the prestige beauty sector.

$Allstate (ALL.US)$ The insurance stock climbed 0.9% after HSBC raised its rating to buy from hold, with analyst Vikram Gandhi commending the company's "decisive management actions" and a favorable regulatory environment.

$Restoration Hardware (RH.US)$ Shares jumped more than 9% in premarket trading. Despite missing quarterly expectations, RH anticipates stronger revenue growth in 2024 due to improving demand. The company's forecast for full-year revenue growth is 8% to 10%, surpassing the 6.4% predicted by analysts at FactSet.

$Vornado Realty Trust (VNO.US)$ Shares increased by 1.2% after Morgan Stanley upgraded the office building REIT to equal weight from underweight, due to heightened activity, particularly in New York leasing and occupancy, where Vornado has significant exposure.

$Walgreens Boots Alliance (WBA.US)$ Shares fell by 1.6% after the company's fiscal second-quarter earnings report. Despite exceeding revenue expectations with $37.05 billion, compared to the forecasted $35.86 billion, Walgreens also tightened its full-year adjusted earnings guidance, partly due to a "challenging retail environment."

$TD Synnex (SNX.US)$ Shares dropped 4.7% following the announcement of a secondary public offering of 9 million common shares held by Apollo Global Management. The IT firm also approved the concurrent repurchase of 500,000 shares as part of its existing share repurchase program.

$The Chemours (CC.US)$ Shares plummeted over 8% after the chemical company disclosed its cooperation with the Securities and Exchange Commission and the U.S. Attorney’s Office in an inquiry related to its internal audit of financial practices. An internal review revealed that executives had altered cash flow reports to meet bonus-related targets.