Check out the companies that are making headlines before the stock market opens.
Hertz Global saw its car rental stock slide nearly 5% after it was downgraded to sell from neutral at Goldman Sachs. Analyst Lizzie Dove believes that investors have not fully taken into account some near-term pressures.
Shares of the financial services platform Block slipped 3% following a downgrade to underweight from equal-weight at Morgan Stanley. The firm cited “high market penetration and limited additional opportunity” as reasons for the downgrade.
Zeta Global’s stock rose 5% after Morgan Stanley upgraded the software firm to an overweight rating from equal-weight. The bank expects positive revisions to valuation and estimates going forward, citing Zeta’s near-term catalysts and strong track record of prudent guidance.
Wayfair, the home-focused e-commerce retailer, saw its stock rise nearly 5% following an Evercore ISI upgrade to outperform from in line. The firm believes Wayfair can gain market share amid a recovery in the home furnishing space.
Levi Strauss saw its shares jump 8% after surpassing first-quarter expectations on both the top and bottom lines and raising its full-year profit guidance. The retailer reported adjusted earnings of 26 cents per share on $1.56 billion in revenue, beating analyst estimates.
Conagra Brands added more than 4% after posting fiscal third-quarter earnings and revenue that beat expectations. The company reported earnings of 69 cents per share on revenue of $3.03 billion, exceeding FactSet’s estimates.
Shares of Lamb Weston rose nearly 1% ahead of the french-fry producer’s latest quarterly results, with analysts anticipating third-quarter revenue of $1.65 billion.
Intuitive Machines, a space stock, soared nearly 11% after winning a $30 million NASA contract to build a lunar terrain vehicle as part of NASA’s Artemis moon exploration campaign.
CNBC’s Alex Haring, Sarah Min, and Samantha Subin contributed to this reporting.
Several companies are in the spotlight before the bell as analysts downgrade or upgrade their ratings. Hertz Global and Block have both seen their stocks slide after downgrades, while Zeta Global and Wayfair have seen gains after upgrades. Levi Strauss and Conagra Brands have both surpassed expectations in their latest earnings reports, leading to stock price increases. Meanwhile, Lamb Weston is expected to release its latest quarterly results, and Intuitive Machines has won a NASA contract for a lunar terrain vehicle, causing its stock to soar.
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