Check out the companies making headlines before the bell. HERSHEY — The chocolate maker fell 1% after Morgan Stanley downgraded the stock from equal weight to underweight. The bank said weak consumer demand and high cocoa inflation were weighing on profit margins. Rocket Lab — Shares rose about 1% after Citi reinstated coverage with a buy rating. Citi said Rocket Lab’s liquidity situation has improved. Analyst Jason Gursky said the Space Exploration Agency’s recent $515 million award also suggests growing support with the U.S. government. Teva Pharmaceutical Industries — Shares rose 3% after Piper Sandler upgraded the stock from neutral to overweight. Piper Sandler said Teva’s improved brand portfolio and capital structure position the company for multiple recoveries and expansions. Lowe’s — The home improvement store rose 1.7% after JPMorgan raised its rating on the stock from neutral to overweight. The bank said the Federal Reserve’s expected rate cuts later this year will lower mortgage rates, providing a tailwind for Lowe’s. XPO — The shipping company’s stock price fell 2.4% after Morgan Stanley downgraded it from equal weight to underweight. The bank said there may be growing optimism about XPO’s acquisition of bankrupt Yellow Corp’s service center in December. Urban Outfitters — Shares rose more than 2% on his rating upgrade from UBS ahead of the retailer’s fourth-quarter earnings release scheduled for this month. The bank expects earnings per share to be higher and sales to remain strong. Rivian Automotive — Shares fell 3.5% after Barclays downgraded the company from overweight to equal weight. The bank cited a slowing electric vehicle market and Rivian’s implied profit risk as reasons for the call. NEW YORK COMMUNITY BANCORP — Shares of the local bank soared nearly 17% since Friday after New York Community Bancorp insiders spent their personal money to buy stock in the troubled company. rose 1.2%, extending gains from Friday. On Monday, Bank of America Securities reiterated its rating on the stock as neutral, but noted that leadership has a “strategy to turn things around.” MARQUETA — Shares of the card-issuing technology company rose 6.5% premarket after Bank of America upgraded the stock from neutral to buy on Monday. BofA said the stock’s recent decline has been overdone and there are many reasons to buy now. Large Holding — The stock price fell more than 11% after Loop Capital downgraded the stock from hold to sell. The discount retailer has lost relevance with customers and is suffering from a deteriorating financial position, Loop said. — CNBC’s Michelle Fox, Sarah Ming and Tanaya Machel contributed reporting
Rivian, Rocket Lab, Hershey, Lowe’s, etc.
