SoFi, Nucor, Starbucks, CSX & more

News Update - Premarkets

Check out the companies making headlines in pre-market trading on Wednesday.

Starbucks – Shares of Starbucks gained nearly 1% after the company raised its long-term forecast and said it expects double-digit growth in revenue and earnings per share over the next three years.

Palo Alto Networks: Cybersecurity company Palo Alto Networks rose slightly after a three-for-one stock split on Tuesday. Additionally, CEO Nikesh Arora told CNBC that the company is not seeing the same slowdown in the macro impact on cybersecurity that other sectors are experiencing.

Nucor —Nucor fell 5% after the steelmaker issued disappointing third-quarter earnings guidance. The company expects earnings per share to be in the range of $6.30 to $6.40, well below StreetAccount’s forecast of $7.56. “We expect steel mills segment earnings to be substantially lower in the third quarter of 2022 compared to the second quarter of 2022 due to metal margin contraction and lower shipment volumes,” Nucor said.

Nikola: Shares of Nikola rose slightly after BTIG upgraded the EV maker to buy from neutral. BTIG noted that it sees “the potential for increased demand for green hydrogen driven by increased wind and solar power generation.”

SoFi Technologies: SoFi rose more than 2% after Bank of America upgraded the fintech stock to buy to neutral. “We see potential for a significant catalytic path over the next few quarters as SoFi benefits from the end of the student loan moratorium and its high-profile NFL-aligned marketing investments drive growth and engagement of users,” BofA said.

Moderna: Shares of Moderna rose 0.6% after the company’s CEO said it would be open to supplying covid vaccines to China.

Bristol-Myers Squibb: Shares of Bristol-Myers Squibb fell 0.7% after Berenberg downgraded the company to hold from buy. The company said the stock is running out of room to gain.

Merck & Co – Shares of Merck rose 0.7% after Berenberg upgraded it to buy from hold and raised its price target, indicating it could rise another 17%.

Rail Stocks: Shares of railroad stocks fell on Wednesday as the industry grapples with a potential strike that could limit service. Union Pacific fell 1.9%, while CSX, Norfolk Southern Corp. they also fell ahead of the market open.

Correction: An earlier version misspelled Norfolk Southern.

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