Today's Morning Movers and Top Ratings: ORCL, GOOGL, ZG, ABNB and More

Movers and Shakers wrote a column · Dec 12, 2023 21:24

Morning Movers

Gapping up

$Zillow-A (ZG.US)$ shares were raised to Market Outperform from Market Perform at JMP Securities on Tuesday, with the firm assigning the stock a price target of $60 per share. Analysts at JMP Securities said in a research note that the company has a strong foundation for share gains amid industry normalization. The shares rose by 3.77% in premarket trading.

$Crocs (CROX.US)$ Crocs shares rose by 1.56% in premarket trading. The company was initiated with a Buy rating and $128 per share price target, implying a potential 22% upside, at BofA on Tuesday. In a note to clients, the investment bank's analysts said that the company is a consistent grower and a rebound story at a broken multiple.

"The Crocs business has strong momentum having increased sales at a 25% CAGR since 2019 (sales +14% YTD)," wrote the analysts. "Some of this success has been obscured by the lackluster performance and market challenges facing the HEYDUDE (HD) brand, which we think is priced in."

$Wyndham Hotels & Resorts (WH.US)$ Shares jumped nearly 3% after budget hotel owner Choice Hotels announced an exchange offer to acquire Wyndham. The takeover offer is valued at around $8 billion.

Gapping down

$Oracle (ORCL.US)$ Shares of Oracle dropped over 8% in pre-market Tuesday after the company posted weaker-than-expected revenue in its fiscal second quarter.

Oracle said its Q2 revenue was $12.9 billion (up 5% year-over-year), missing the consensus estimate of $13.05B. EPS came in at $1.34, compared to the consensus estimate of $1.33.

$Alphabet-A (GOOGL.US)$ , the parent company of Google, shares experienced a decline of 1.3% in premarket trading following a court ruling in an antitrust case against Fortnite maker Epic Games Inc.

The jury said that Google “maintained monopoly power by engaging in anticompetitive conduct.”The court decision is a result of a multi-year court battle after videogame maker Epic filed a lawsuit against the search giant in 2020, accusing it of leveraging its dominant position to extract excessive profits from app developers.

Source: CNBC; Investing.com

US Top Rating Updates on 12/12