Wynn Resorts, Petrobras, Hanesbrands and more
Take a look at some of the biggest movers in the premarket:
Wynn Resorts (WYNN) – Investor Tilman Fertitta has taken a 6.1% stake in the resort operator, according to a Securities and Exchange Commission filing. Wynn shares rallied 4.2% in premarket action.
Petrobras (PBR) – The Brazilian state-run oil company’s shares slid 8.5% in premarket trading after Luiz Inácio Lula da Silva defeated Jair Bolsonaro in the Brazilian presidential election.
Hanesbrands (HBI) – The apparel maker received a double-downgrade at Wells Fargo Securities, which cut the stock’s rating to “underweight” from “overweight.” Wells Fargo is concerned about the company’s debt position, as well as business headwinds that it feels are largely out of management’s control. Hanesbrands slid 3.8% in the premarket.
Paramount Global (PARA) – The media company’s stock was downgraded to “underweight” from “equal weight” at Wells Fargo Securities, which had downgraded the stock to “equal weight” only a few weeks ago. Wells Fargo said the original downgrade came amid concerns about cord-cutting and the rising cost of sports rights, and that the situation has worsened since then. Paramount Global fell 3.7% in premarket action.
Emerson Electric (EMR) – The industrial conglomerate is selling a majority stake in its climate technologies business to private-equity firm Blackstone (BX). The transaction would value the unit at $14 billion, including assumed debt. Emerson gained 1.3% in the premarket while Blackstone was unchanged. Separately, Emerson reported better-than-expected quarterly profit and revenue.
Caterpillar (CAT) – The heavy equipment maker’s shares lost 1.2% in the premarket after UBS downgraded the stock to “neutral” from “buy.” UBS said the downgrade reflects a more balanced risk/reward profile, but is still upbeat on Caterpillar’s prospects over the longer term.
Keurig Dr Pepper (KDP) – The beverage maker’s stock fell 1.8% in premarket trading after Truist Securities downgraded it to “sell” from “neutral.” Truist believes the company’s coffee business will prove to be a drag on sales and profit growth through 2023.
XPO Logistics (XPO) – The logistics firm reported quarterly profit of $1.45 per share, beating estimates by 10 cents a share. Revenue also topped analysts’ forecasts, helped by revenue improvement in XPO’s less-than-truckload business.