Check out the companies making headlines on Tuesday before the opening bell.
CarMax: On the heels of quarterly earnings that surpassed expectations, the auto retailer’s stock climbed 7%. CarMax surpassed the Refinitiv consensus estimate of 24 cents per share by earning 44 cents per share.
Newmont — The stock fell 2.9% in early morning trading on the news that Newmont increased its offer price for the acquisition of Newcrest Mining by 16%, to $19.5 billion. If the transaction goes through, Newmont’s position as the world’s largest gold producer will be strengthened.
Upstart — JPMorgan initiated coverage of the lending stock with an underweight rating, citing a deteriorating environment for loans.
Whirlpool—SShares increased by more than 2 percent after Goldman Sachs upgraded Whirlpool from neutral to buy status. The bank opined that the appliance stock is undervalued and could gain more than 20%.
Moderna — The biotech giant’s stock fell 4.9% after the company announced it will delay the release of its flu vaccine due to a paucity of patients enrolled in its late-stage trial. Moderna plans to release a slew of new vaccines targeting cancer, heart disease, and other yet-to-be-confirmed conditions by 2030, according to a spokesperson for the company who told CNBC on Monday.
LendingClub: After JPMorgan initiated coverage of the stock as overweight, the lending platform gained 4.8%. As investors grew apprehensive about financial institutions and the possibility of a recession, the bank stated that LendingClub’s recent selloff was likely too severe.
Bumble: Shares of the matchmaking company rose 1% after Baird initiated coverage of Bumble and assigned it an outperform rating, noting that the stock has underperformed the S&P 500 this year and is currently trading at a “relatively low” valuation. The firm has set a price target of $23 for Bumble, indicating the stock could gain more than 23%.
Array Technologies: After Wolfe Research initiated coverage of Array with an outperform rating, the company’s shares increased by 2%. Wolfe stated in a client note that the expansion of utility-scale solar energy production should benefit Array.
WW International: Following Goldman Sachs’ prediction that the value of the weight loss company could treble, shares increased by more than 28%. “WW’s subscriber base and earnings power has been shrinking, but we believe a catalyst for a turnaround has emerged with its new obesity drug on-ramp solution,” Goldman said.
