It's been an active morning in premarket trading, with several companies making headlines. Sagimet Biosciences saw a 31% leap following an upgrade from Goldman Sachs; the firm pointed to progress on a treatment for nonalcoholic steatohepatitis as potential catalysts for the stock. Banks were hit hard after Moody's downgraded several institutions, such as M&T Bank, Citizens Financial, Bank of New York Mellon and Truist Financial. Citing headwinds from higher interest rates and asset liability management, the regional bank ETF (KRE) tumbled nearly 3%. Regarding home improvement retailers, Telsey Advisory Group downgraded Home Depot and Lowe's to market perform due to sluggish consumer spending and weakening housing market trends. Eli Lilly popped 8.6% after beating on earnings and Novo Nordisk surged 13% after announcing trial results for its weight-loss drug Wegovy. Billionaire Charlie Ergen said he plans to reunite Dish and EchoStar, which plummeted more than 10%, while Dish gained more than 1%. United Parcel Service declined nearly 5% after missing on second quarter revenue, Lucid Group slid less than 1% after a wider-than-expected loss for Q2, Palantir Technologies dropped 3.4% after reporting in-line earnings, Chegg soared more than 20% after topping Q2 revenue expectations and outlining plans to integrate AI-focused strategies, and Hims & Hers Health advanced 17% on better-than-expected quarterly results. Beyond Meat dropped more than 14% after missing on second-quarter revenue and Paramount Global jumped more than 2% after reporting an earnings and revenue beat from its streaming segment.
Comments