Take a look at some of the biggest movers in the premarket:
PG&E (PCG) – The California utility’s shares jumped 2.3% in the premarket after it reached legal settlements over two fires in Northern California. PG&E will pay $55 million and will not face any criminal prosecution over those fires.
Hewlett Packard Enterprise (HPE) – The enterprise computing company’s stock slid 3.5% in premarket trading after Morgan Stanley downgraded the stock to “underweight” from “equal weight” as part of an overall downgrade of the telecom and networking equipment industry. Morgan Stanley sees softening orders in the second half of 2022.
CarMax (KMX) – The auto retailer’s shares fell 2.2% in the premarket after a bottom-line miss for its latest quarter. CarMax earned 98 cents per share, falling short of the $1.25 per share consensus estimate, though revenue topped Street forecasts. The earnings miss came as sales volumes slowed and average selling prices continued to rise.
Crowdstrike (CRWD) – Crowdstrike jumped 3.6% in premarket action following a Goldman Sachs upgrade to “buy” from “neutral.” Goldman thinks the cloud computing company has shown strong execution while demand continues to ramp higher.
Albertsons (ACI) – The supermarket operator earned 75 cents per share for its latest quarter, 11 cents a share above estimates. Revenues also came in above analysts’ projections. Albertsons said it was able to effectively deal with increased supply chain and product costs.
Deutsche Bank (DB) – An undisclosed shareholder sold 5% stakes in both Deutsche Bank and rival German lender Commerzbank, generating a total of about $1.9 billion. Deutsche Bank lost 1.3% in premarket trading.
Chegg (CHGG) – Chegg slid 3.7% in the premarket after KeyBanc Capital Markets downgraded the stock to “sector weight” from “overweight.” KeyBanc is predicting a downtick in U.S. growth trends for the provider of educational products and services.
Cisco Systems (CSCO) – Citi downgraded Cisco to “sell” from “neutral,” saying that networking equipment competitors Juniper Networks (JNPR) and Arista Networks (ANET) are poised to gain market share from Cisco. The stock lost 2.6% in premarket trading.
CORRECTION: Morgan Stanley downgraded Hewlett Packard Enterprise’s stock to “underweight” from “equal weight.”
