PG&E, Hewlett Packard Enterprise, CarMax and more
Check out these premarket movers:
PG&E (PCG) – The California utility’s shares jumped 2.3% in the premarket after it reached legal settlements over two fires in Northern California. PG&E will pay $55 million and will not face any criminal prosecution over those fires.
Hewlett Packard Enterprise (HPE) – The enterprise computing company’s stock slid 3.5% in premarket trading after Morgan Stanley downgraded it to “equal-weight” from “overweight” as part of an overall downgrade of the telecom and networking equipment industry. Morgan Stanley anticipates softening of orders during the second half 2022.
CarMax (KMX) – The auto retailer’s shares fell 2.2% in the premarket after a bottom-line miss for its latest quarter. CarMax lost 98 cents per stock, well below the consensus estimate of $1.25 per shares, but revenue exceeded Street expectations. Sales volumes declined and average selling price continued to increase, resulting in a missed earnings report.
Crowdstrike (CRWD) – Crowdstrike jumped 3.6% in premarket action following a Goldman Sachs upgrade to “buy” from “neutral.” Goldman says the company is executing well, and that demand will continue to grow.
Albertsons (ACI) – The supermarket operator earned 75 cents per share for its latest quarter, 11 cents a share above estimates. The revenue also exceeded analysts’ expectations. Albertsons claimed that the company was capable of effectively dealing with an increase in supply chain and product cost.
Deutsche Bank (DB) – An undisclosed shareholder sold 5% stakes in both Deutsche Bank and rival German lender Commerzbank, generating a total of about $1.9 billion. Deutsche Bank lost 1.3% in premarket trading.
Chegg (CHGG) – Chegg slid 3.7% in the premarket after KeyBanc Capital Markets downgraded the stock to “sector weight” from “overweight.” KeyBanc expects that there will be a decrease in U.S.-based growth trends for the supplier of educational products.
Cisco Systems (CSCO) – Citi downgraded Cisco to “sell” from “neutral,” saying that networking equipment competitors Juniper Networks(JNPR). Arista NetworksCisco’s market share is expected to be regained by (ANET). Premarket trading saw the stock lose 2.6%