Take a look at some of the biggest engines on the premarket:
Wynn Resorts (WYNN) – Investor Tillman Fertitta bought a 6.1% stake in the resort operator, according to a filing with the Securities and Exchange Commission. Wynn shares rose 4.2% in premarket trading.
Petrobras (PBR) – Shares of Brazil’s state oil company fell 8.5% in premarket trading after Luis Inacio Lula da Silva defeated Jair Bolsonaro in the presidential elections in Brazil.
Hanesbrands (HBI) – The apparel maker received a double downgrade from Wells Fargo Securities, which downgraded the stock to “underweight” from “overweight.” Wells Fargo is concerned about the company’s debt, as well as headwinds in the business that it believes are largely outside of management’s control. Hanesbrands fell 3.8% in the premarket.
Paramount Global (PARA) – Wells Fargo Securities downgraded the media company’s stock to “underweight” from “equal weight,” which downgraded the stock to “equal weight” just a few weeks ago. Wells Fargo said the initial 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 trading.
Emerson Electric (EMR) – The industrial conglomerate is selling a controlling stake in its climate technology business to a private equity firm Blackstone (BX). The deal would value the unit at $14 billion, including debt. Emerson gained 1.3% in the premarket, while Blackstone was unchanged. Separately, Emerson reported better-than-expected quarterly profit and revenue.
Caterpillar (CAT) – Shares of the heavy equipment maker lost 1.2% in premarket trading after UBS downgraded the stock from buy to neutral. UBS said the downgrade reflected a more balanced risk-reward profile, but remained bullish on Caterpillar’s long-term prospects.
Keurig Dr Pepper (KDP) – Shares of the beverage maker fell 1.8% in premarket trading after Truist Securities downgraded them from neutral to sell. Truist believes the company’s coffee business will hinder sales and profit growth through 2023.
XPO logistics (XPO) — The logistics firm reported quarterly earnings of $1.45 per share, beating estimates by 10 cents per share. Revenue also beat analysts’ forecasts, helped by improved revenue at XPO’s small truck business.
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