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Stocks Making the Biggest Premarket Moves: Carnival, Deere, Super Micro Computer and More

September 19, 2023
minute read

Check out the companies making headlines before the bell:

Carnival and Royal Caribbean: Both cruise line companies experienced a 2% increase in their stock values following an upgrade by Truist. The Wall Street firm elevated Royal Caribbean's rating from "hold" to "buy" and adjusted Carnival's status from "sell" to "hold." Truist's rationale behind these changes was the anticipation of exceptionally strong trends in 2024 and 2025. Norwegian Cruise Lines, meanwhile, maintained its "hold" rating and saw a modest increase of over 1% in premarket trading.

Deere and CNH Industrial: These two stocks saw a decline in premarket trading subsequent to a downgrade by Evercore ISI, shifting their status from "outperform" to "in-line." The downgrade was attributed to reductions in agricultural production, with Deere falling by 1.4% and CNH declining by 1.2%.

Starbucks: Shares of Starbucks declined by 1.2% following a downgrade by TD Cowen, prompted by concerns about the macroeconomic environment in China. TD Cowen expressed apprehensions about slower consumer spending in China potentially impacting share growth and the valuation of Starbucks.

CVS Health: CVS Health observed a marginal increase of less than 1% in its stock price after Evercore ISI upgraded it from "in-line" to "outperform." The upgrade was grounded in the belief that the stock currently presents an attractive valuation.

Dell Technologies: Dell Technologies witnessed a rise of more than 1.2% in its shares after Daiwa Capital Markets upgraded the computer technology company from "market perform" to "outperform." Furthermore, Daiwa Capital Markets increased its price target for Dell Technologies to $80 per share from $50, implying an approximately 16% upside potential from the closing price on Monday.

Super Micro Computer: Super Micro Computer's information technology stock experienced an increase of over 2% following Barclays' initiation of coverage on Tuesday, accompanied by an "overweight" rating. Barclays set a price target of $327, suggesting nearly a 34% upside from Monday's closing price.

Planet Fitness: The recent CEO transition at the gym franchise influenced JPMorgan to downgrade its stock rating from "overweight" to "neutral." Alongside the downgrade, JPMorgan reduced its price target on Planet Fitness to $52 from $70, still implying a 7% upside. Consequently, shares declined by approximately 2% in premarket trading.

Rocket Lab: The aerospace company saw a substantial decline of 22% in its stock price following its first launch failure in over two years, which occurred on Tuesday morning. Rocket Lab's shares closed at $5.04 on the previous trading day.

Editorial Board
Eric Ng
John Liu
Editorial Board
Bryan Curtis
Adan Harris
Managing Editor
Cathy Hills
Associate Editor

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