Check out which companies are making the headlines in pre-market trading on Wednesday.
Starbucks Starbucks shares gained nearly 1% after the company It reinforced its long-term outlook and said it expects double-digit growth for revenue and earnings per share over the next three years.
Palo Alto Networks Cybersecurity firm Palo Alto Networks rose slightly after a three-for-one stock split, which took place on Tuesday. In addition to, CEO Nikesh Arora told CNBC The company does not see the same slowing down of the overall impact on cybersecurity that other industries are experiencing.
Nokor – Nucor fell 5% after the steel producer issued disappointing guidance on third-quarter earnings. The company expects earnings per share of $6.30 to $6.40, well below StreetAccount’s forecast of $7.56. “We expect steel plant sector profits to decline significantly in the third quarter of 2022 compared to the second quarter of 2022, due to a contraction of the metals margin and lower freight volumes,” Nucor said.
Nicola Nikola shares rose slightly after BTIG upgraded the electric car maker to buy from neutral. BTIG noted that it sees “the potential for increased demand for green hydrogen driven by increased wind and solar power generation.”
SoFi Technologies SoFi rose more than 2% after Bank of America upgraded fintech shares to buy from neutral. “We see potential for a meaningful catalyst path over the next few quarters as SoFi benefits from the expiration of the student loan moratorium and its high-profile, NFL-compliant marketing investment drives user growth and engagement,” BofA said.
Moderna – Moderna’s shares rose 0.6% after the company’s CEO said this He will be open to supplying coronavirus vaccines to China.
Bristol-Myers Squibb – Bristol-Myers Squibb shares fell 0.7% after that Berenberg lowered the company’s rating to hold it from buyout. The company said the stock is running out of profit space.
Merck & Co – Merck stock rose 0.7% after that Berenberg upgraded to buy out of the wait and boosted the target price, suggesting it could rise another 17%.
Rail stocks – Rail stocks fell on Wednesday as the sector struggled with a potential strike that could limit service. Union Pacific decreased 1.9% while CSXNorthern Southern Corp. also retreated before the market opened.