Co-CEOs Neil Blumenthal and Dave Gilboa of Warby Parker on the NYSE, September 29, 2021.
Source: NYSE
Check out the companies making headlines before the bell.
Warby Parker – Warby Parker rose about 4% after Evercore ISI upgraded the eyewear retailer to an outperform rating and said shares could rise more than 50% if the company’s margins and sales growth accelerate again.
Eli Lilly, Point Biopharma – Shares of Point Biopharma rose 85% after Eli Lilly said it would buy the cancer therapy maker for $12.50 in cash, or about $1.4 billion.
HP – Shares rose 2.5% after receiving a double upgrade to “buy” from Bank of America. The bank expects the PC maker’s fundamentals to improve and free cash flow to bottom in 2023.
McCormick – Shares of the spice maker fell about 3% in premarket trading. McCormick reported earnings of 65 cents per share, excluding items, on revenue of $1.68 billion for its most recent quarter. That was roughly in line with the EPS of 65 cents and revenue of $1.7 billion that analysts surveyed by StreetAccount had expected.
Warner Music Group – Warner rose 3.5% after UBS upgraded the stock to “buy” from “neutral.” UBS said the company should benefit from trends in the music industry in the long term.
Airbnb – Airbnb shares fell 3% in premarket trading after KeyBanc Capital Markets downgraded its short-term home rental inventory as tailwinds from the post-pandemic boom in travel demand faded.
Fiverr International – Shares gained 2.8% after Roth MKM upgraded Fiverr International to Buy from Neutral. The Wall Street firm is “increasingly bullish” on the stock, citing a survey of freelancers that supports Fiverr’s leading position among gig workers.
Emerson Electric – The industrial giant fell 1% in premarket trading after UBS downgraded the stock to “neutral” from “buy,” citing the company’s valuation and limited upside potential. However, the company increased its price target.
— CNBC’s Alex Harring, Sarah Min, Michelle Fox and Pia Singh contributed reporting