Attendees move by an Alibaba.com show at CES 2019 in Las Vegas.David Becker | Getty PicturesTake a look at the businesses making headlines earlier
Attendees move by an Alibaba.com show at CES 2019 in Las Vegas.
David Becker | Getty Pictures
Take a look at the businesses making headlines earlier than the bell Friday:
Alibaba, JD.com — Alibaba and JD.com dealt with a document $136.51 billion in gross sales throughout 618, one of many greatest buying occasions in China. Alibaba reported a gross merchandise worth of simply over $98 billion through the occasion. JD.com stated transaction quantity totaled $37.99 billion.
Occidental Petroleum — Occidental shares climbed greater than 4% after a SunTrust analyst upgraded the power firm to “purchase” from “maintain.” The analyst additionally raised his worth goal on the inventory to $25 per share from $13 a share, implying a 12-month upside of 27% from Thursday’s shut. “We imagine Occidental is in place to proceed bettering its stability sheet by way of inner and exterior means,” the analyst stated.
DraftKings — DraftKings stated it has priced a 40 million frequent inventory providing at $40 per share. Goldman Sachs and Credit score Suisse are the lead underwriters of the providing. DraftKings shares rose greater than 1% within the premarket.
Disney — An analyst at Wells Fargo hiked his worth goal on Disney to $118 per share from $107 a share. The analyst maintained his “equal weight” score on the inventory, nevertheless, noting “we stay extra pessimistic than most on the potential size and depth of the coronavirus pandemic and its influence on Parks operations + Studio manufacturing.”
Penn Nationwide Gaming — The Pennsylvania-based on line casino operator stated it has resumed operations in 30 of the corporate’s 41 properties, sending the top off greater than 3% within the premarket.
Spotify — Shares of the music streaming big jumped 2.5% within the premarket after Rosenblatt Securities hiked its worth goal on the corporate to $275 per share from $190 a share. The agency additionally raised its fiscal 2021 income forecast for Spotify to $10.46 billion from $10.17 billion as the corporate lands unique podcast offers with Joe Rogan and Kim Kardashian. “We not solely see enticing monetization potential from these exclusives, we envision future leverage to premium subscription pricing and label negotiations,” in line with Rosenblatt.
CarMax — CarMax shares climbed greater than 1% after the used-car vendor posted a quarterly income that beat analysts’ expectations. The corporate reported gross sales of $3.23 billion for the primary quarter, topping a FactSet estimate of $2.71 billion. Comparable gross sales fell 41.8% on a year-over-year foundation, however that was higher than a consensus forecast of a 51.3% decline.
Slack — Goldman Sachs downgraded Slack to “promote” from “impartial,” citing the potential for an “enduring battle” with Microsoft’s Groups platform for market share. “Whereas we proceed to view Slack as a best-in-class group messaging providing that’s favored by the technical group, we anticipate MSFT Groups to proceed to attempt to leverage its packaging inside Workplace 365 to drive elevated adoption, thus creating the potential for a extra aggressive setting,” Goldman stated in a be aware.
Novavax — An analyst at Cantor Fitzgerald hiked his worth goal on Novavax to $88 per share from $45 a share, citing “current additions of well-known and established biotech veterans to the chief group.” The brand new worth goal implies an upside of 48.5% over the following 12 months. Novavax shares gained about 4% earlier than the bell.