Goldman Sachs reported earnings-per-share and revenue that missed Wall Street estimates on Tuesday, causing the bank’s stock to drop more than 2%. Pfizer’s stock also decreased, with Wells Fargo downgrading the pharmaceutical giant to equal weight from overweight on Monday, citing the need for a reset from the pandemic for shares to improve.
Pfizer’s stock was down 1.25% in premarket trading. In contrast, Morgan Stanley’s earnings exceeded expectations, thanks in part to record wealth management revenue. The company’s stock was 1% higher in premarket trading.
Vodafone, the U.K. telecommunications company, saw a nearly 2% increase in premarket trading. On Monday, Ghana approved Vodafone’s sale of 70% of its stake in Vodafone Ghana to Telecel Group. Additionally, on Thursday, Bank of America upgraded Vodafone to buy, citing optimism about the company’s prospects following CEO Nick Read’s departure.
Global Payments also saw a boost, with Morgan Stanley upgrading the company to overweight from equal weight on Tuesday, citing a more favorable competitive environment and attractive valuation among other factors. The company’s stock gained 2% in premarket trading.
Major movers as per Morgan Stanley
Morgan Stanley upgraded consumer goods maker Church & Dwight to overweight from equal weight and increased its price target to $91 from $82, causing the company’s stock to gain more than 1% in premarket trading.
On the other hand, restaurant chain Cheesecake Factory saw a decrease in its stock by more than 3% after being downgraded to neutral from buy by Citi, which stated that the shares were nearing its price target. Gordon Haskett also downgraded the company to hold.
Bloomin’ Brands, the parent company of Outback Steakhouse, saw its stock decrease by nearly 2% after being downgraded to hold by Gordon Haskett, citing the company’s increasing balanced risk/reward profile. Roku shares also decreased by 1.8% after Truist downgraded the company to hold from buy, citing that the streaming stock is sensitive to a tough macro environment given that a large portion of revenues is tied to advertising.
JMP Securities downgraded Snap to market performance from market outperform, citing decreased time spent on the platform and increased competition from Reels and YouTube shorts, causing Snap’s stock to decrease by 1.4% in premarket trading.
Alibaba’s stock, on the other hand, increased by 0.5% in premarket trading, after the Wall Street Journal reported that activist investor Ryan Cohen had built a stake in the Chinese e-commerce giant and was pushing for an expansion of the company’s stock buyback program.
Reynolds Consumer Products’ stock fell about 1.3% after Credit Suisse downgraded the household goods maker to neutral from outperform, stating that the share gains were already reflected in the stock price.