Today's Pre-Market Stock Movers: META, DKS, RIVN, JOBY and More

Movers and Shakers wrote a column · Mar 7, 2023 07:41

Gapping up

$Meta Platforms(META.US)$ +2% (A Bloomberg report announced that the company is planning another round of layoffs as soon as this week. The company previously cut 13% of its workforce in November as part of CEO Mark Zuckerberg's efforts to make the company more profitable.)

$WW International(WW.US)$ +17.6% (The company formerly known as Weight Watchers announced a deal to acquire telehealth firm Sequence. The move could help WW push into the anti-obesity drug market. WW also released fourth-quarter results, showing shrinking revenue year over year and a net loss of $32.5 million. The stock is still trading below $5 a share, however, with a small market cap.)

$Dick's Sporting Goods(DKS.US)$ +6% (The sporting-good retailer rallied more than 6% after its fourth-quarter results topped Wall Street's expectations. Same-store sales increased 5.3%, more than double analysts' estimates of 2.1%, according to StreetAccount.)

$Juniper Networks(JNPR.US)$ +1% (Goldman Sachs initiatived coverage of the stock with a buy rating. Its price target of $39 implies 24.5% upside from Monday's close.)

$Mineralys Therapeutics(MLYS.US)$ +3% (Credit Suisse initiated coverage of the stock with an outperform rating and $40 price target, which suggests upside of more than 100%. The Wall Street firm said there is a large unmet need for resistant hypertension treatment and said Mineralys has "potential best-in-class" data.)

$Hesai(HSAI.US)$ +1.4% (Morgan Stanley initiated coverage of the stock with an overweight rating and $26.50 price target, which implies nearly 40% upside. The Wall Street firm said Hensai "outshines peers, with its superior scale and margin, and its strong project pipeline.")

Gapping down

$Rivian Automotive(RIVN.US)$ -7% (The electric-vehicle maker announced Monday it plans to sell $1.3 billion worth of bonds. The capital will help facilitate the launch of Rivian's R2 vehicles, a spokesperson told Reuters.)

$Joby Aviation(JOBY.US)$ -4% (The company was downgraded to sell from hold by Deutsche Bank. The Wall Street firm said the aircraft's weight has raised questions and led him to wonder if the design is "overly aggressive.")

$KeyCorp(KEY.US)$ -2.3% (The bank shed issuing full-year net interest income guidance that was lower than prior guidance, according to an 8-K filing on Monday.)

Source: Dow Jones, CNBC

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