Today's Morning Movers and Top Ratings: NKE, M, CI, DASH and More

Movers and Shakers wrote a column · Dec 11, 2023 07:19

Morning Movers

Gapping up

Shares of $DoorDash (DASH.US)$ and $MongoDB (MDB.US)$ gained 2% and 1.7%, respectively, in early trade Monday on news late Friday they would be added to the Nasdaq-100 Index.

$Nike (NKE.US)$ Citi analysts upgraded their recommendation on Nike stock to Buy from Neutral with a price target raised by $35 to $135 per share.

The optimism is rooted in several factors: 1) An anticipated gross margin recovery from the second quarter of fiscal year 2024 through fiscal year 2025; 2) The introduction of new innovations in calendar year 2024, strategically timed ahead of the Paris Olympics; and 3) Nike's resilient position in China, despite ongoing macroeconomic volatility.

Nike stock rose 1.8% while being down 1% year-to-date based on Friday's closing price.

$The Cigna Group (CI.US)$ U.S. health insurer Cigna has ended its attempt to negotiate an acquisition of rival Humana (NYSE:HUM) after the pair failed to agree on price, two sources familiar with the situation said on Sunday, as the company announced plans to buy back $10 billion worth of shares. Shares of Cigna rose 12.1% to $290.07 in premarket trading on Monday.

$Macy's (M.US)$ shares surged by 20% in U.S. premarket trading Monday following a $5.8 billion buyout offer from Arkhouse Management and Brigade Capital Management. The investor group proposed a price of $21 per share for the department store operator, according to the Wall Street Journal. This offer represents a premium of 21% based on Macy's closing stock price of $17.39 on Friday.

Gapping down

$Occidental Petroleum (OXY.US)$ Shares dipped 1.1% after Occidental Petroleum agreed to buy privately held energy producer CrownRock for $12 billion and also announced that it's raising its quarterly dividend to 22 cents a share from 18 cents a share.

Source: CNBC; Investing.com

US Top Rating Updates on 12/11