In premarket trading, several companies made significant moves. CarMax saw its shares drop by 9% after reporting lower than expected earnings and revenue for the fourth quarter. Nike, on the other hand, saw a 2% increase in share price after being upgraded to a buy rating by Bank of America. Robinhood’s stock fell nearly 3% following a downgrade to sell by Citi due to concerns that the company’s valuation has disconnected from its fundamental outlook. Constellation Brands saw a 1% increase in share price after beating fourth-quarter expectations, with its beer business outperforming. Alpine Immune Sciences experienced a 37% rise in shares after Vertex Pharmaceuticals announced a $4.9 billion acquisition deal. Vera Therapeutics also saw a 10% jump in stock price following the Vertex/Alpine deal.
Albemarle, a chemicals company, received a 1% increase in stock price after being upgraded by Berenberg to buy from hold. The firm expects Albemarle’s volumes and prices to trend upward, raising its price target to suggest more than 25% upside. Atlassian, a work collaboration software maker, saw its shares rise by 4% after an upgrade by Barclays to overweight. The firm believes the company will see more enterprise customers moving to the cloud, with improvements in software developer hirings supporting cloud revenue opportunities. DoorDash, a food delivery platform, saw a 2% increase following an upgrade to buy by MoffettNathanson. Despite concerns around near-term headwinds, the firm believes DoorDash will capture growing demand for grocery delivery and can surpass profitability estimates.
CarMax reported lower than expected earnings and revenue for the fourth quarter, causing a 9% drop in share price. Nike saw a 2% increase following an upgrade to a buy rating by Bank of America, with mid-single-digit revenue growth and margin expansion predicted. Robinhood’s stock fell nearly 3% after being downgraded to sell by Citi, as concerns rose about the company’s valuation surpassing its fundamental outlook. Constellation Brands reported that its beer business is outperforming, leading to a 1% increase in share price. Alpine Immune Sciences experienced a 37% spike in shares after Vertex Pharmaceuticals announced a $4.9 billion acquisition deal. Vera Therapeutics also saw a 10% increase after the Vertex/Alpine deal due to both companies having drug candidates for a kidney condition.
Albemarle’s stock rose by 1% following an upgrade by Berenberg to buy from hold, with expectations of increasing volumes and prices. Berenberg also raised its price target, suggesting more than 25% upside. Atlassian saw a 4% increase after being upgraded by Barclays to overweight, with expectations of a larger pool of enterprise customers moving to the cloud. DoorDash experienced a 2% increase following an upgrade to buy by MoffettNathanson, despite concerns around near-term headwinds. The firm believes DoorDash will benefit from growing demand for grocery delivery and can exceed profitability estimates.
Overall, several companies experienced notable changes in stock prices during premarket trading. Despite some facing challenges, such as CarMax missing earnings and revenue estimates, others like Nike and Constellation Brands saw positive increases. The acquisition deal between Vertex Pharmaceuticals and Alpine Immune Sciences also led to significant jumps in stock prices for both companies and Vera Therapeutics. Upgrades from firms like Berenberg and Barclays further fueled optimism for companies like Albemarle, Atlassian, and DoorDash, highlighting potential growth opportunities in the near future.
