Today's Morning Movers and Top Ratings: ORCL, GOOGL, ZG, ABNB and More
Morning Movers
Gapping up
$Zillow-A(ZG.US$ shares were raised to Market Outperform from Market Perform at JMP Securities on Tuesday, with the firm assigning the stock a price target of $60 per share. Analysts at JMP Securities said in a research note that the company has a strong foundation for share gains amid industry normalization. The shares rose by 3.77% in premarket trading.
$Crocs(CROX.US$ Crocs shares rose by 1.56% in premarket trading. The company was initiated with a Buy rating and $128 per share price target, implying a potential 22% upside, at BofA on Tuesday. In a note to clients, the investment bank's analysts said that the company is a consistent grower and a rebound story at a broken multiple.
"The Crocs business has strong momentum having increased sales at a 25% CAGR since 2019 (sales +14% YTD)," wrote the analysts. "Some of this success has been obscured by the lackluster performance and market challenges facing the HEYDUDE (HD) brand, which we think is priced in."
$Wyndham Hotels & Resorts(WH.US$ Shares jumped nearly 3% after budget hotel owner Choice Hotels announced an exchange offer to acquire Wyndham. The takeover offer is valued at around $8 billion.
Gapping down
$Oracle(ORCL.US$ Shares of Oracle dropped over 8% in pre-market Tuesday after the company posted weaker-than-expected revenue in its fiscal second quarter.
Oracle said its Q2 revenue was $12.9 billion (up 5% year-over-year), missing the consensus estimate of $13.05B. EPS came in at $1.34, compared to the consensus estimate of $1.33.
$Alphabet-A(GOOGL.US$ , the parent company of Google, shares experienced a decline of 1.3% in premarket trading following a court ruling in an antitrust case against Fortnite maker Epic Games Inc.
The jury said that Google “maintained monopoly power by engaging in anticompetitive conduct.”The court decision is a result of a multi-year court battle after videogame maker Epic filed a lawsuit against the search giant in 2020, accusing it of leveraging its dominant position to extract excessive profits from app developers.
Source: CNBC; Investing.com
US Top Rating Updates on 12/12
Source: Dow Jones
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