Check out the companies making headlines in premarket trading on Wednesday.
Starbucks ̵[ads1]1; Starbucks shares rose nearly 1% after the company raised its long-term forecast, saying it expects double-digit growth for revenue and earnings per share over the next three years.
Palo Alto Networks – Cyber security company Palo Alto Networks rose slightly after a three-for-one stock split on Tuesday. In addition, CEO Nikesh Arora told CNBC that the company is not seeing the same slowdown in the macro impact on cybersecurity that other sectors are experiencing.
Nucor —Nucor fell 5% after the steelmaker gave disappointing third-quarter earnings guidance. The company expects earnings per share to range between $6.30 and $6.40, well below a StreetAccount forecast of $7.56. “We expect earnings for the steel mills segment to be significantly lower in the third quarter of 2022 compared to the second quarter of 2022, due to metal margin contraction and reduced shipping volumes,” Nucor said.
Nikola — Nikola shares rose slightly after BTIG upgraded the electric car maker to buy from neutral. BTIG noted that it sees “the potential to increase demand for green hydrogen driven by increasing wind and solar generation.”
SoFi Technologies — SoFi rose more than 2% after Bank of America upgraded the fintech stock to buy from neutral. “We see the potential for a meaningful catalyst trajectory over the next few quarters as SoFi benefits from the end of the student loan payment moratorium and its high-profile NFL-aligned marketing investments drive user growth and engagement,” BofA said.
Moderna – Shares in Moderna rose 0.6% after the company’s CEO said it would be open to supplying Covid vaccines to China.
Bristol-Myers Squibb – Shares of Bristol-Myers Squibb fell 0.7% after Berenberg downgraded the company to hold from buy. The firm said the stock is running out of room to gain.
Merck & Co – Shares in Merck rose 0.7% after Berenberg upgraded it to buy from hold and raised its price target, signaling it could climb another 17%.
Rail stocks – Shares in rail company stocks fell on Wednesday as the sector grapples with a potential strike that could limit service. Union Pacific fell 1.9% while CSX, Northern Southern Corp. also fell ahead of market opening.