Home| Features| About| Customer Support| Request Demo| Our Analysts| Login
Gallery inside!

Stocks Making the Biggest Premarket Moves: Oracle, AT&T, Best Buy and More

August 29, 2023
minute read

Check out the companies making headlines before the bell.

Oracle— The eminent software enterprise witnessed a 2.7% surge subsequent to UBS elevating Oracle's rating from neutral to buy. The rationale cited an anticipated upswing of approximately 20% in share value, attributing this potential growth to the advantageous influence of artificial intelligence-related factors.

AT&T, Verizon— Both AT&T and Verizon experienced an approximately 1.6% elevation in their stock prices following Citi's upgraded assessment of these telecommunications giants to a buy rating. The basis for this enhancement was rooted in the stabilization of the competitive wireless landscape. Additionally, the firm underscored that the current market valuations may have unduly discounted costs linked to the rectification of issues related to lead-covered cables.

Best Buy— Best Buy observed a commendable 1.3% increase after surpassing analysts' predictions for its fiscal second-quarter performance in terms of both revenue and earnings. Notably, the retail establishment disclosed adjusted earnings of $1.22 per share, outperforming the $1.06 projected by Refinitiv's polled analysts. Revenue figures reached $9.58 billion, surpassing the $9.52 billion consensus estimate. It is noteworthy that Best Buy also adjusted its full-year revenue projections.

Big Lots— The equity value of the home discount retail chain experienced a remarkable ascent of 14% subsequent to reporting a loss that was notably smaller than anticipated. Big Lots' loss per share came in at $3.24, a notable improvement from the $4.11 loss per share expected by analysts surveyed by FactSet. Furthermore, revenue stood at $1.14 billion, surpassing the $1.10 billion projection.

PDD Holdings— Shares of the Chinese e-commerce company listed on U.S. exchanges exhibited an impressive 14% surge subsequent to PDD's release of second-quarter earnings that exceeded expectations set by the financial community. Additionally, PDD highlighted a favorable shift in consumer sentiment during the second quarter.

3M— The industrial products manufacturer noted a modestly positive gain of less than 1% during early morning trading. This gain followed the company's decision to allocate over $6 billion to settle lawsuits raised by current and former U.S. military service members in relation to defective combat earplugs.

Heico— Despite surpassing fiscal third-quarter revenue forecasts, the manufacturer of engine and aircraft parts encountered a dip of more than 5% in its stock value. Heico's revenue of $723 million for the prior quarter exceeded the $702 million consensus forecast by Refinitiv's analysts. Nevertheless, the company experienced a decline in operating margins, dropping from 22.6% to 20.7% compared to the previous year.

Nio— Prior to the opening bell, Nio's stock registered a decline exceeding 6% subsequent to the Chinese electric vehicle firm revealing a quarterly loss that surpassed projections. Additionally, Nio's deliveries for the quarter displayed a decrease when compared to the corresponding period in the previous year.

J.M. Smucker— The snack food company's shares surged over 2% as a result of exceeding earnings predictions for the fiscal first quarter. The company reported adjusted earnings per share of $2.21, surpassing the anticipated $2.02 as reported by FactSet's StreetAccount. Although J.M. Smucker's revenue of $1.81 billion fell short of the $1.84 billion consensus estimate, the company opted to elevate its earnings guidance.

BYD— U.S.-traded shares of the Chinese automaker BYD experienced a rise exceeding 2% on Tuesday's premarket session. This surge followed BYD's announcement of a noteworthy 204.68% increase in net profit for the initial half of 2023.

Toyota Motor— Shares of Toyota Motor, traded in the U.S., incurred a decrease of approximately 1% subsequent to the automaker's decision to halt production at its assembly plants in Japan due to a system malfunction.

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

Subscribe to our newsletter!

As a leading independent research provider, TradeAlgo keeps you connected from anywhere.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Related posts.