Today's Pre-Market Stock Movers and Top Ratings: FDX, CSCO, AVGO, DRI and More
Pre-Market Stock Movers
Gapping up
$FedEx (FDX.US)$ shares rose more than 5% in premarket Thursday trade. FedEx reported adjusted EPS of $4.55 on revenue of $21.7 billion. Analysts polled by Investing.com anticipated EPS of $3.7 on revenue of $21.73B. The beat on the bottom line was underpinned by cost cuts that improved operating results, though that was partially offset by ongoing demand weakness, the company said.
Gapping down
$Broadcom (AVGO.US)$ tumbled 6% on Thursday after The Information reported Google executives had discussed dropping the company as a supplier of artificial intelligence chips as early as 2027.
Alphabet-owned Google will design the chips - called tensor processing units - in-house if it goes ahead with the plan, potentially saving the tech giant billions of dollars in costs annually, the report said citing a source. Google has been ramping up chip investments this year as it plays catch-up with Microsoft for domination of the booming market for generative AI applications such as ChatGPT.
Google has also been working to replace Broadcom with $Marvell Technology (MRVL.US)$ . Technology as the supplier for chips that connect servers to ethernet switches in its data centers, it added. Marvell's shares rose more than 3% in premarket trading.
$Cisco (CSCO.US)$ and $Splunk (SPLK.US)$ have entered into a definitive takeover agreement, with Cisco intending to acquire Splunk for $157 per share in cash, two companies said today. The transaction is valued at approximately $28 billion. Cisco stock fell 4.8% on the announcement. Splunk shares were halted pending news.
$Darden Restaurants (DRI.US)$ shares fell 1% after the Olive Garden owner reported mixed FQ1 results and offered a soft outlook. Revenue of $2.7 billion missed the average analyst target of $2.71B. Earnings per share of $1.78 came in ahead of the consensus of $1.73. Operating income was $252.9 million, marking a 3.6% year-over-year increase, although below the estimate of $269.5M.
Source: CNBC; Investing.com
US Top Rating Updates on 9/21
$Realty Income (O.US)$ initiated at Equal-Weight by Wells Fargo, announced target price at $59.
$Truist Financial (TFC.US)$ was upgraded by from Keefe, Bruyette & Woods to Outperform, but decreased target price from $37 to $36.
$Frontier Group (ULCC.US)$ was downgraded by Citigroup from Buy to Neutral, decreased target price from $16 to $5.5
Source: Dow Jones
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