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Stocks Making the Biggest Premarket Moves: Goldman Sachs, Snap One, Salesforce and More

April 15, 2024
minute read

Before the opening bell, several companies are generating buzz in the market:

Goldman Sachs: Shares of Goldman Sachs saw a significant uptick of 3.3% in premarket trading following the company's surpassing of Wall Street's expectations for first-quarter earnings. With earnings reaching $11.58 per share and revenue hitting $14.21 billion, Goldman's trading and investment banking divisions fueled this success. Analysts, who had predicted earnings of $8.56 per share on revenue of $12.92 billion, were impressed by these results.

Logitech: However, Logitech experienced a slight setback with shares dipping around 2% after Morgan Stanley downgraded the computer peripherals company to underweight. Analyst Erik Woodring believes that the market is not accurately assessing Logitech's prospects, forecasting only a 3% annual revenue growth through fiscal year 2027.

Masimo: Conversely, the health tech stock saw a rise of over 2% after receiving an upgrade to buy from hold at Stifel. Analyst Rick Wise expressed optimism, foreseeing further share price appreciation driven by the company's business enhancements and opportunities for gross margin expansion.Salesforce: Shares of Salesforce declined nearly 3% in premarket trading following reports from the Wall Street Journal and Reuters indicating the company's advanced talks to acquire Informatica, a data management firm.

Medical Properties Trust: Shares of Medical Properties Trust surged by 14% after the real estate investment trust announced its intention to sell its majority interests in five Utah hospitals to a new joint venture, valued at $886 million.

Coupang: The South Korea-based e-commerce company experienced a 2% climb following an upgrade to buy from neutral at Citi. Analysts at the bank anticipate margin expansion for Coupang as it raises subscription fees, citing the company's strong delivery service as a buffer against potential customer resistance.

Lockheed Martin: The aerospace and defense company observed a nearly 2% increase in its stock price after receiving an upgrade to overweight from JPMorgan. Despite underperforming earlier in the year, the bank foresees improved prospects for Lockheed Martin, expecting supplemental funding due to international geopolitical developments.

Cisco Systems: Shares of Cisco Systems rose by 2% after an upgrade to buy from neutral at Bank of America. Analyst Tal Liani pointed to expected growth in the security and networking sectors, as well as benefits from Cisco's recent acquisition of Splunk, as reasons for optimism.

Coty: Coty saw a 1.3% increase in its share price after Canaccord Genuity initiated coverage with a buy rating. The firm highlighted significant growth opportunities and strong brand presence as factors driving consumer interest in Coty's beauty products.

Charles Schwab: The online brokerage experienced a 1% decline following mixed first-quarter results. Although Schwab met earnings expectations at 74 cents per share, its revenue of $4.74 billion slightly surpassed consensus forecasts of $4.71 billion.

Snap One, Resideo Technologies: Snap One shares surged by 30% after announcing its acquisition by Resideo Technologies for $10.75 per share in cash, totaling approximately $1.4 billion including net debt. This news also boosted Resideo's shares by 5%.

Tesla: Finally, Tesla's stock witnessed a 1% decrease after an internal memo revealed plans for layoffs affecting more than 10% of its global workforce. CEO Elon Musk emphasized the need for cost reductions and increased productivity as the company prepares for future growth.

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

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