Check out the companies making headlines before the bell.
Warby Parker saw a 4% increase in its stock price after Evercore ISI upgraded the eyeglass retailer to an outperform rating. Evercore ISI believes that the company's profit margins and revenue growth are poised to accelerate, potentially leading to a more than 50% increase in the stock's value.
Eli Lilly and Point Biopharma
Point Biopharma experienced an 85% surge in its stock price following the announcement by Eli Lilly that it intends to acquire the cancer therapy manufacturer for $12.50 per share in cash, amounting to approximately $1.4 billion.
HP shares rose by 2.5% after Bank of America upgraded the stock from underperform to buy. The bank anticipates improved financial performance for the PC maker, with an expectation that free cash flow will hit a low point in 2023.
Before the market opened, McCormick's stock declined by 3%. The company reported earnings of 65 cents per share (excluding certain items) for the recent quarter, along with revenues of $1.68 billion. These results were roughly in line with analysts' expectations of 65 cents EPS and $1.7 billion in revenue, as per a survey by StreetAccount.
Warner Music Group
Warner Music Group's stock gained 3.5% following an upgrade to buy by UBS. UBS believes that the company is well-positioned to benefit from long-term trends in the music industry.
Airbnb's stock price fell by 3% in premarket trading after KeyBanc Capital Markets downgraded the short-term home-rental company. This downgrade comes as the tailwinds from the post-pandemic surge in travel demand are expected to diminish.
Fiverr International's shares increased by 2.8% after Roth MKM upgraded the company from neutral to buy. This upgrade is based on positive findings from a freelancer survey, which indicate that Fiverr holds a leading position among gig workers.
The stock of industrial giant Emerson Electric declined by 1% in premarket trading after UBS downgraded it from buy to neutral. UBS cited the company's current valuation and limited potential for further gains. However, the firm did raise its price target for the stock.
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