A man photographs the Roblox banner displayed to celebrate the company’s IPO at the front entrance of the New York Stock Exchange (NYSE) in New York on March 10, 2021.
Brendan McDiarmid | Reuters
Check out the companies that are making headlines in premarket deals.
roblox — Roblox shares fell 6.7% after Morgan Stanley downgraded the gaming company from equal weight to underweight, saying upside was limited following recent share price outperformance.
Discover — The online bank suffered a 7.3% loss despite better-than-expected earnings and earnings per share. Discover has raised its loan loss reserves compared to last year, which could indicate it sees a weaker economy ahead.
cure back — Biopharmaceutical companies surged 8.2% following UBS’s upgrade to buying from neutral. It said results from phase 1 of treatment with influenza mRNA showed “major points of infection”.
Alcoa — Aluminum makers slid 6.4% after reporting net losses in the most recent quarter, saying high energy and raw material costs combined with low aluminum prices weighed on earnings.
check — Digital learning platform increased by 2.5% after KeyBanc standard weight to overweight upgrade. The company cites upside EBITDA potential.
Charles Schwab — Brokerage stocks fell 3% after Charles Schwab was double downgraded to underperform from buying at Bank of America. In a memo to clients, the bank said Schwab’s growth will slow this year as clients adjust their portfolios for higher interest rates.
Procter & Gamble — The consumer goods giant fell more than 2% after reporting mixed quarterly results ahead of the bell. P&G’s fiscal second quarter adjusted earnings per share he matched expectations at $1.59, but total revenue was $20.77 billion, slightly above his $20.73 billion forecast.
Philip Morris — Tobacco shares rose more than 1% after Jefferies upgraded the stock from hold to buy and raised its price target. The Wall Street firm said it was bullish on Philip Morris’ plans to buy oral nicotine company Swedish Match.
apple — Shares fell 1.2% after JP Morgan cut Apple’s price target, saying tech companies will find it hard to make money from supply headwinds.
ford — The automaker fell 1.2% after Evercore ISI lowered its price target for the stock. This points to the fact that auto makers may struggle in the event of an economic recession, but suggests that sales will recover in the next three to six months.
boot burn — UBS raised its price target on the stock ahead of the company’s quarterly earnings report. UBS said investor sentiment remained unchanged and did not expect Boot Barn’s earnings release to be a catalyst. But despite the target hike, the stock fell 0.6%.
— CNBC’s Michelle Fox, Tanaya Macheel, Samantha Subin, Jesse Pound, Carmen Reinicke and Yun Li contributed to the report.
