Stocks making the biggest moves premarket: Apple, Amazon, Pfizer, Hershey and more
Get a head-start on the day’s financial news with these key headlines before the opening bell.
Apple’s shares took a stumble, declining by 1.4% as Jefferies downgraded the tech giant from buy to hold. They believe expectations for the iPhone 16 and 17 are overly optimistic after initial demand fell short of predictions.
Meanwhile, NXP Semiconductor saw its shares rise by 0.8%, following UBS upgrading the chip manufacturer from neutral to buy, noting its robust inventory levels and margin resilience.
Amazon’s shares lost nearly 2% after Wells Fargo downgraded the online retail behemoth to equal weight from overweight, due to slower growth and increasing competition from Walmart.
In a significant move, activist investor Starboard Value has invested nearly $1 billion in Pfizer, aiming to revamp the struggling pharmaceutical company. This news led to a nearly 3% rise in its shares.
Shares of KB Home slipped 2% after receiving a downgrade from Wells Fargo, from equal weight to underperform, as the bank anticipates the homebuilder may underperform its peers in the forthcoming cycle.
Coty saw a 2.5% increase in its stock following an upgrade from Jefferies to buy from hold. The ongoing growth in the fragrance segment and an attractive valuation were the highlighted reasons.
Hershey’s shares dipped 1% after receiving downgrades from UBS and Bernstein, who cited issues like cocoa inflation and the impact of GLP-1 drugs on the company’s 2025 outlook.
American Express shares dropped just over 1% after a downgrade from JPMorgan, from overweight to neutral. The banking giant sees limited upside potential for the stock at its current valuation.
Wynn Resorts saw its stocks rise 2.5% on the back of the announcement that it has been awarded the first commercial gaming operator license in the UAE.
Finally, Ally Financial’s stock appreciated by 1.4% after receiving an upgrade from JPMorgan, with the bank depicting an appealing risk-to-reward ratio for the company.
