ARM Stocks
Check out the companies making headlines before the market opens.
Main Companies
— Shares of the Cleveland-based regional bank are starting to recover and are “more comfortable” with its earnings forecast, Piper Sandler said, sending shares up nearly 2% in premarket trading. Piper upgraded KeyCorp to overweight from neutral.
- Shares of the test and measurement equipment maker rose about 1.5% after Morgan Stanley upgraded the company to overweight from equal weight. The investment bank said Keysight’s current valuation does not reflect its double-digit earnings growth.
Apellis Pharmaceuticals
— The biopharmaceutical company rose 3.5% in pre-opening after Wells Fargo was upgraded to overweight from flat. The bank said Apellis offers a favorable risk-return profile ahead of third-quarter earnings.
General Motors,Ford,Stratis
— Shares of General Motors and Ford fell less than 1%, while Stellantis rose less than 1% after the United Auto Workers union went on strike Thursday night. About 12,700 workers at three major assembly plants went on strike, according to union figures.
Included Software
— Shares of the video game developer rose nearly 3% in the premarket after Bank of America upgraded the stock to a buy rating. The upgrade was supported by a solid ad business, a better monetized game engine, “risk and execution issues” factored into the price, and “potential upside” to forecast revenue from 2024 to 2025.
Door Panel
— Shares of DoorDash fell nearly 3% after MoffettNathanson downgraded DoorDash to outperform. The research firm said the resumption of student loan payments could affect demand for food delivery.
Shares of Arm Holdings, a semiconductor and software company, rose 5.4% after Thursday’s rally, when the company made its Nasdaq IPO debut, gaining nearly 25%. Needham has the UK company’s rating on hold and says Arm’s valuation seems “full” in the post-smartphone era.
Adobe
— Shares fell 3.4% after the company reported third-quarter earnings on Thursday. The makers of Photoshop and Acrobat beat analysts’ expectations for earnings and revenue, and future projections were in line with Wall Street forecasts. While Goldman Sachs and Bank of America reiterated buy ratings, JPMorgan remained neutral, citing macro headwinds and a high premium for Adobe’s upcoming $20 billion acquisition of Figma. Nucor
— Shares fell 2.3% before the open after the steelmaker issued lower-than-expected profit guidance for the third quarter due to weak prices and sales. Nucor Steel expects earnings of $4.10 to $4.20 per share, compared with the $4.57 forecast by analysts polled by LSEG.
