A man photographs a Roblox banner displayed to celebrate the company’s IPO in front of the New York Stock Exchange (NYSE) in New York on March 10, 2021.
Brendan McDermid | reuters
Check out the companies making headlines in premarket trading.
roblox — Roblox shares fell 6.7% after Morgan Stanley downgraded the gaming company to underweight from equal weight and said The gains are limited after the stock’s recent outperformance,
discover — The online bank lost 7.3% despite beating expectations for earnings per share and revenue. Discover raised its provision for credit losses compared to the prior year, potentially indicating that it sees a weaker economy ahead.
curevac — The biopharmaceutical company jumped 8.2% after UBS upgraded from neutral to buy, saying it saw a “major transition point” in Phase 1 results for a treatment using mRNA for influenza.
alcoa The aluminum maker slipped 6.4% after reporting a net loss for the most recent quarter, saying that higher costs for energy and raw materials, paired with lower aluminum pricing, were a drag on earnings.
Cheese Digital learning platform grew 2.5% after KeyBank upgraded from standard weight to overweight. The firm cited the potential for EBITDA upside.
charles schwab Shares of the brokerage firm fell 3% after Charles Schwab doubled down Downgraded from Buy to Underperform on Bank of America, The bank said in a note to clients that Schwab’s growth will decline this year as clients adjust their portfolios to higher interest rates.
Procter & Gamble — The consumer goods giant declined more than 2% after reporting mixed quarterly results before the bell. P&G’s adjusted earnings per share for the fiscal second quarter met expectations at $1.59, but total revenue of $20.77 billion slightly exceeded estimates of $20.73 billion.
philip morris Shares of tobacco company rose more than 1% after Jefferies Upgraded the stock to buy from hold and raised its price target, The Wall Street firm said it is bullish on Philip Morris’s efforts to acquire oral nicotine company Swedish Match.
apple — Shares fell 1.2% after JPMorgan lowered its price target on Apple and said the technology company had a tougher setup to earnings from supply headwinds.
ford — The automaker fell 1.2% after Evercore ISI cut its price target on the stock, noting that automakers could struggle if a recession hits but that sales return in three to six months.
boot barn — UBS raised its price target on the stock ahead of the company’s quarterly earnings report. UBS said investor sentiment should remain unchanged and Boot Barn is not expected to be an earnings catalyst. However, the stock slipped 0.6% despite the target increase.
— CNBC’s Michelle Fox, Tanya Machil, Samantha Subin, Jesse Pound, Carmen Renicke and Yoon Lee contributed reporting