Check out the companies that make the headlines before the doorbell rings:
Beyond Meat (BYND) – The alternative meat maker shares fell 2.4% in pre-trading hours after Piper Sandler downgraded the company to an underweight rating. “Beyond is an early leader in plant-based meat, but we believe its current retail momentum across all channels is falling short of consensus,” the company said in a statement to customers.
Wynn Resorts (WYNN), Las Vegas Sands (LVS) – Macau-related casino stocks fell again as authorities consider stricter regulations for Macau’s gaming industry. Wynn lost 1.8% while Las Vegas Sands lost 2.4%. JPMorgan downgraded both stocks from overweight to neutral following government action and wrote in a notice to clients that they “don’t like the uncertainty and lack of transparency surrounding Macau and China policies”.
DoorDash (DASH) – Bank of America upgraded DoorDash to a buy rating, which increased its shares 3% during pre-IPO trading. The company’s bullish call is based on estimates up through 2021 and a “robust” growth opportunity for five years.
Cisco Systems (CSCO) – Cisco Systems rose 1.2% after several bullish calls on Wall Street following the company’s Investor Day. Credit Suisse upgraded the stock to an outperform rating, saying Cisco is poised to execute on its long-term guidance while growing its recurring revenue stream. JPMorgan, meanwhile, reiterated its overweight rating and added the stock to its analyst focus list
Fisker (FSR) – The electric vehicle manufacturer’s shares fell 2.7% after Bank of America downgraded the stock from “Buy” to neutral. The company said that while Fisker is “one of the more legitimate electric vehicle start-up automakers”, “the competitive landscape is getting incredibly fierce.” Bank of America also downgraded Lordstown Motors (RIDE) to underperformance, which sent the stock 2% lower in pre-trading hours.
Cabot Oil & Gas (COG) – Energy stock rose 1.3% Thursday morning despite a decline in natural gas futures. Cabot stock was up 25% in September amid a historic rise in natural gas, which saw prices hit their highest level in more than seven years.
Alibaba (BABA), JD.com (JD), Pinduoduo (PDD) – U.S.-listed Chinese technology stocks declined amid ongoing fears about what new regulatory measures could mean for the group. All three stocks were down more than 1%.