Chemours, a chemical company, saw a 3% increase in its stock price after UBS upgraded its rating to neutral from buy. This upgrade was based on expectations that the company could outperform as demand and prices for refrigerants look favorable heading into the next year. Meanwhile, Nvidia’s shares rose by more than 1% after KeyBanc raised its price target on the chipmaker to $180, suggesting a potential upside of over 40% from the previous day’s close. The company remains optimistic about demand for its products, despite the upcoming launch of Blackwell in the second half of 2024. On the other hand, BP, a U.S.-listed oil and gas giant, experienced a decrease of over 4% in its shares after warning that it expects to report an impairment of up to $2 billion and anticipating weak margins in its refining business.
In the healthcare sector, Tempus AI saw a nearly 4% increase in its shares as several Wall Street banks initiated coverage with buy or overweight ratings. This company utilizes artificial intelligence to interpret medical tests and had its debut on the Nasdaq in June. Additionally, Intel, a chipmaker, experienced a 2.7% rise in early-morning trading, continuing its upward trend for the week with shares up by approximately 6.1%. However, Helen of Troy, the parent company of Hydro Flask and Oxo, witnessed a significant drop in its stock price by more than 25% following a disappointing earnings report. The company reported earnings of 99 cents per share, excluding items, below analysts’ expectations of $1.59 per share. Furthermore, its quarterly revenue guidance fell short of estimates.
Overall, the market saw a mix of positive and negative movements among different companies. While some companies benefited from analyst upgrades and positive market sentiment, others faced challenges such as earnings disappointments and warnings of impairments. Investors will need to closely monitor these developments and adjust their investment strategies accordingly.
In conclusion, the stock market exhibited a range of movements, with companies like Chemours and Tempus AI experiencing gains, while companies like BP and Helen of Troy faced setbacks. It is essential for investors to stay informed about the latest updates and trends in order to make informed decisions regarding their investment portfolios.
Article Source
https://www.cnbc.com/2024/07/09/stocks-making-the-biggest-moves-premarket-chemours-intel-bp-and-more.html