Stocks Making the Biggest Premarket Moves: Pinterest, Instacart, Bausch Health and More

Check out the companies making headlines before the bell.

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Dollar General:

Dollar General's stock witnessed a 2% decline following a downgrade by JPMorgan from neutral to underweight. This adjustment in rating is attributed to ongoing inflationary pressures and reduced savings among the company's core customer base.

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Pinterest:

Pinterest's shares experienced a premarket increase of over 3% following the company's first investor day announcement. Management expressed optimism about year-over-year revenue growth, expecting a rebound after a slowdown in 2022 and 2023. In response, both Citi and D.A. Davidson upgraded their recommendations to 'buy' and raised their price targets.

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General Mills:

General Mills, known for brands like Cheerios and Yoplait, saw a 1% premarket rise after reporting fiscal first-quarter results that slightly exceeded Wall Street's expectations. The company also reaffirmed its fiscal 2024 outlook.

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Instacart:

Instacart's shares experienced a nearly 4% decline one day after its initial public offering (IPO). The stock debuted at $42 per share, higher than its IPO price of $30 per share set on the previous Monday.

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Coty:

Coty, a cosmetics manufacturer, saw a premarket gain of nearly 6% after revising its full-year outlook for 2024. The company attributed this revision to strong performance in fragrances from its prestige brands, including Burberry, Calvin Klein, and Gucci. Coty now anticipates a like-for-like sales growth of 8% to 10% for the next year, up from its previous guidance of 6% to 8%.

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Bausch Health:

Bausch Health, a pharmaceutical company, witnessed a more than 5% increase in premarket trading following an upgrade to a 'buy' rating by Jefferies. The investment bank also raised its price target to $16, citing robust third-quarter earnings, increased clarity regarding the Bausch + Lomb spinoff, and potential legal victories as catalysts.

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Goldman Sachs:

Goldman Sachs saw a marginal premarket increase in its shares due to reports indicating the bank's intention to sell its lending platform, Greensky, as part of a broader strategy to reduce its exposure to consumer lending. This potential deal is estimated to be valued at approximately $500 million, according to Trade Algo.

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