Check out the companies making headlines before the bell.
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.
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.
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.
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.
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%.
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.
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.
As a leading independent research provider, TradeAlgo keeps you connected from anywhere.