Stocks making the biggest moves premarket: Chewy, Birkenstock, GameStop and more
Catch up on the enterprises making waves even before the day begins.
— UBS’s upgrade of shares from neutral to buy sent the footwear brand up by 3.5%. Higher average sales prices and a robust growth trend in the Asian domain were cited as the reasons.
— In a surprising turn of events, Chewy’s shares rocketed by over 16% as “Roaring Kitty”, a prominent meme stock trader, bought a substantial 9 million shares. This gave him a 6.6% stake in the online pet food retailer. However, his other favourite stock, GameStop, experienced a drop of nearly 7%.
— Aerospace giant Boeing announced plans to repurchase fuselage producer Spirit AeroSystems through a $4.7 billion all-stock arrangement. This news led to a small dip in Boeing’s shares by 0.3%, while Spirit AeroSystems witnessed a 4.5% rise.
— A modest uptick of 0.5% in Verizon’s shares followed the initiation of coverage by Goldman Sachs with a buy rating. Verizon’s shares, Goldman Sachs predicts, will witness a surge amid an enhancing competitive landscape in the telecommunication sector.
— On Goldman Sachs upgrading its rating to buy from neutral, the financial exchange’s shares enjoyed a 1.4% ascent. Goldman related that a faster earnings per share growth rate is on the horizon for the company, aided partly by its supremacy in energy markets.
— As the latter half of 2024 set in motion, Nvidia, the chipmaker, experienced a little more than a 1% drop in the premarket. The shares had flown high, rallying 150% in the initial half of the year, as investors anticipated artificial intelligence to propel profits skyward.
