Beyond Meat, Cisco, Las Vegas Sands and more
Check out the companies making headlines before the bell:
Beyond Meat (BYND) — Shares of the alternative-meat maker dipped 2.4% in premarket trading after Piper Sandler downgraded the company to an underweight rating. The firm sent a note to its clients saying that Beyond was an early leader of plant-based meat but believes the company’s current all-channel retail momentum is not in line with consensus expectations.
Wynn Resorts (WYNN), Las Vegas Sands (LVS) — Macao-related casino stocks dipped again as authorities weigh tighter regulations on Macao’s gaming industry. Wynn fell 1.8% and Las Vegas Sands 2.4%. JPMorgan downgraded both stocks to neutral from overweight following the governmental action, writing in a note to clients that they “don’t like the uncertainty and opacity surrounding Macao and China policy.”
DoorDash (DASH) — Bank of America upgraded DoorDash to a buy rating, sending shares 3% higher during premarket trading. Bullish calls by the firm are based on potential upside for 2021 and a five-year “robust growth opportunity”.
Cisco Systems (CSCO) — Cisco Systems gained 1.2% after several bullish Wall Street calls that followed the company’s investor day. Credit Suisse upgraded the stock to an outperform rating, saying Cisco is poised to execute on its long-term guidance while ramping its recurring revenue streams. JPMorgan, meanwhile, reiterated its overweight rating and added the stock to its analyst focus list
Fisker (FSR) — Shares of the electric vehicle company dipped 2.7% after Bank of America downgraded the stock to neutral from buy. According to the firm, Fisker was “one of the most legitimate of all the start-ups in electric vehicle manufacturing,” but the market is fierce. Bank of America also downgraded Lordstown Motors (RIDE) to underperform, sending shares down 2% in premarket trading.
Cabot Oil & Gas (COG) — The energy stock advanced 1.3% on Thursday morning, despite a pullback in natural gas futures. Cabot’s stock soared 25% in September, amid an historic natural gas run that has seen prices reach their highest point in seven years.
Alibaba (BABA), JD.com (JD), Pinduoduo (PDD) — U.S.-listed shares of Chinese tech stocks declined amid ongoing fears over what new regulatory measures could mean for the group. Each of the three stocks fell by more than 1%.