July 24, 2023: Several stocks experienced significant movements in pre-market trading based on various events and market developments. Let’s break down the key trends and the reasons behind them:
AMC Entertainment (Ticker: AMC): Shares surged 37% after a judge denied a proposed settlement related to the company’s plan to convert preferred shares into common stock. As a result, AMC Entertainment filed a revised stock plan. However, preferred shares declined about 2% before the bell.
Domino’s Pizza (Ticker: DPZ): The stock dipped nearly 4% in pre-market trading following mixed quarterly results. The company reported $3.08 per share on revenue of $1.02 billion, missing analysts’ expectations for EPS of $3.05 on revenue of $1.07 billion.
Mattel (Ticker: MAT): The toymaker gained 1.5% after its movie based on the iconic doll “Barbie” enjoyed a solid opening weekend at the box office. This success is expected to boost sales for the company’s Barbie product line. Warner Bros. Discovery, the parent company of the studio that produced the film, also saw a 0.9% rise in its shares.
Tesla (Ticker: TSLA): The electric vehicle stock lost over 1% following a UBS downgrade to an underweight rating. The downgrade was due to the belief that the recent uptick in stock price fully reflects the demand boost caused by recent price cuts.
American Express (Ticker: AXP): The financial services stock declined nearly 2% before the bell after Piper Sandler downgraded its shares to underweight and lowered its price target. The downgrade came amid concerns over the company’s ability to meet its revenue and profit growth targets.
UPS (Ticker: UPS): Shares lost over 1% in pre-market trading as approximately 340,000 UPS employees prepared to strike nationwide.
Shopify (Ticker: SHOP): The e-commerce stock rose 2.5% after MoffettNathanson upgraded its shares to an outperform rating. The upgrade was based on the belief that Shopify’s enterprise business is approaching an inflection point.
Chevron (Ticker: CVX): Shares jumped 0.5% after the announcement of Eimear Bonner, a long-time company veteran, becoming the next chief financial officer next year. The company’s preliminary second-quarter earnings results exceeded analysts’ estimates, contributing to the positive sentiment.
The pre-market trading session saw notable stock movements due to specific events and market news. Investors closely monitored these developments as they shaped the stock market landscape before the official trading session began.