Zscaler, BlackRock, Roblox and more
Here are the companies making headlines before the bell:
Angi (ANGI) – Angi shares added 2% in premarket trading after the online home services company named Joey Levin as CEO, replacing Oisin Hanrahan. Levin is currently the CEO of Angi parent company IAC and will continue in that role as well as running Angi.
Leggett & Platt (LEG) – Leggett & Platt tumbled 8.6% in the premarket after the industrial manufacturer slashed its full-year sales and earnings guidance. The company points to inflation and economic conditions that have weighed on demand, but does expect fourth quarter results to improve from the third quarter.
KLA-Tencor (KLAC) – The semiconductor equipment and services company will reportedly halt some sales and services in China to comply with U.S. export controls, according to a source familiar with the situation who spoke to Reuters. KLA shares slid 2.4% in premarket trading.
Zscaler (ZS) – Zscaler took a 4.9% premarket hit after the cloud security company announced the resignation of company president Amit Sinha, who will move to a CEO position at a privately held technology company. Sinha will remain on Zscaler’s board of directors.
Meta Platforms (META) – Meta was downgraded to “neutral” from “overweight” at Atlantic Equities, which also lowered its price target for the Facebook and Instagram parent’s stock to $160 per share. The firm said Meta faces an increasingly challenged growth outlook due to macroeconomic headwinds. Meta fell 1.3% in premarket action.
BlackRock (BLK) – BlackRock was downgraded to “neutral” from “buy” at UBS, with the price target for the asset management firm’s stock cut to $585 per share from $700. UBS said BlackRock faces some risk from its position on ESG investing, as well as limited expense flexibility. BlackRock is set to report quarterly earnings on Thursday. BlackRock fell 2% in premarket trading.
Roblox (RBLX) – Roblox slumped 4.3% in the premarket after the stock was rated “underweight” in new coverage at Barclays. The firm said the gaming platform operator was a prime beneficiary of the pandemic, but that growth may be challenged going forward as its key markets already have high penetration rates.
Lululemon (LULU) – The apparel maker’s stock added 1.4% in the premarket after Piper Sandler upgraded it to “overweight” from “neutral,” noting ongoing sales momentum and an opportunity for outperformance in outerwear during the fall/winter season.
Warner Music Group (WMG) – The music publisher’s stock rallied 3.4% in premarket trading after Goldman Sachs began coverage with a “buy” rating. Goldman cites growth in subscription and ad-supported music streaming as well as new licensing opportunities.