Prism Stocks making the biggest moves premarket: Goldman Sachs, Snap One, Salesforce and more
Here are the noteworthy movers in the market before the bell.
— The shares of Goldman Sachs saw a premarket surge of 3.3%. This follows the firm’s reported earnings-per-share of $11.58 on a revenue of $14.21 billion which outperformed Wall Street’s first-quarter expectations. This success was propelled by its trading and investment banking sectors. LSEG predicted an earnings-per-share of $8.56 and a revenue of $12.92 billion.
— The tech firm saw a roughly 2% drop in shares following a downgrade by Morgan Stanley to underweight. Analyst Erik Woodring foresees a slight misinterpretation of Logitech’s outlook in the market and projects a 3% annual revenue growth till 2027.
— This health tech company experienced a more than 2% increase in shares after an update from Stifel from hold to buy. According to analyst Rick Wise, further share price appreciation could be on the cards, bolstered by business improvement and opportunities for gross margin expansion.
— Shares fell close to 3% in premarket trading following reports of the software firm being in advanced discussions to acquire Informatica, a data management company.
— This real estate investment trust saw an impressive 14% jump in shares following the announcement of selling a majority stake in five Utah hospitals to a new joint venture. This deal is valued at about $886 million.
— The e-commerce firm based in South Korea saw a 2% increase in its shares after Citi upgraded it from neutral to buy. Citi believes there is potential for margin expansion as Coupang increases subscription fees, with little customer resistance expected due to strong delivery services.
— The shares of this defense and aerospace company rose about 2% following an upgrade to overweight from JPMorgan. Despite underperformance this year, better prospects are anticipated as the firm receives additional funding due to international geopolitical occurrences.
— The shares of this tech giant grew by 2% following an upgrade from neutral to buy at Bank of America. Analyst Tal Liani sees potential for the stock due to anticipated growth within the security and networking sectors, as well as from Cisco’s recent acquisition of Splunk.
— Shares rose by 1.3% after Canaccord Genuity initiated coverage of the beauty products firm with a buy rating. They anticipate significant growth opportunities and maintained consumer interest due to strong brands.
— Shares fell by 1% following mixed results in the first quarter. Schwab earned 74 cents, in line with an LSEG estimate, with a slightly greater than forecasted revenue of $4.74 billion.
Snap One, Resideo Technologies
— Shares of Snap One, a provider of smart living products, saw a whopping 30% increase as they announced being acquired by Resideo Technologies, a home automation firm, for $10.75 per share in cash. Including net debt, this transaction is valued at around $1.4 billion. Resideo shares also jumped 5%.
— The shares of the electric vehicle maker dipped 1% after an internal memo revealed plans to lay off more than 10% of its global workforce, as cited by Reuters. Tesla CEO Elon Musk emphasized the importance of scrutinizing every aspect of the company for cost reductions and productivity improvements as part of preparing for their next growth phase.
