Stocks making the biggest moves premarket: Best Buy, Toll Brothers, Autodesk and more
Toll Brothers — This homebuilder saw a 1.3% rise, thanks to an upgrade to neutral from sell by Goldman Sachs. The bank anticipates potential short-term gains from customization and upgrades, along with ongoing success in new home sales.
Best Buy — The electronics retailer’s shares leaped by more than 3%. This followed a UBS upgrade to buy from neutral. Predictions of new products and an impending appliance upgrade cycle could reinforce stock value.
Autodesk — A 4% stock increase for this software company comes in the wake of activist fund Starboard Value acquiring a $500 million stake. Legal action concerning delayed disclosure on internal investigations may be in the offing.
AMC Networks — This cable TV network suffered a 10% drop after deciding to sell $125 million worth in convertible senior notes due in 2029 privately.
Shattuck Labs — Its biotech stock fell by 1% following a BTIG downgrade to neutral from buy. Despite Friday’s release of “encouraging efficacy” clinical trial data, BTIG points to “ambiguity” in one area likely to persist until late 2025.
Louisiana-Pacific Corporation — The building materials manufacturer saw an early Monday 3% dip. Goldman Sachs dropped shares to sell from neutral, attributing this change to macroeconomic and competitive stressors.
Broadcom — This chipmaker experienced a rise of more than 3%, building on Friday’s gains. Broadcom shares enjoyed a 31% spike in June and boasted an earnings beat for the second fiscal quarter last Wednesday.
