31 July 2023
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2 min.
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Major Stock Moves
Witness Monday's rising stock futures following the S&P 500's impressive month of gains. Stay tuned as Wall Street focuses on earnings from tech giants Apple and Amazon.com, along with the highly anticipated monthly U.S. jobs report this week.
Stock Movements
Adobe - The stock gained 2.4% before the bell after Morgan Stanley upgraded shares to overweight from equal weight and boosted its price target, citing artificial intelligence tailwinds.
Chevron - Shares rose 1.6% after Goldman Sachs upgraded Chevron to buy from neutral and hiked its price target. Analysts said the oil giant is due for a breakout.
Ford Motor - Shares declined 1.1% after Jefferies downgraded the stock to hold, citing weakness in Model E guidance.
Walt Disney's stock rose 0.7% as two former executives returned, as per a Financial Times report.
XPeng's US-listed shares fell 2% premarket after a UBS downgrade, considering the stock's remarkable run-up.
Hasbro added 2.9% premarket on a Bank of America upgrade, expecting strong earnings due to demand for the Lord of the Rings Magic set.
United Parcel Service (UPS) Shares fell 1% after Credit Suisse downgraded UPS to neutral from outperform, citing labor concerns.
GoodRX saw shares rise over 8% premarket on a Cowen upgrade, highlighting pharmacy benefit management partnerships.
SBA Communications - Shares fell 1.6% in premarket trading. The real estate investment trust involved in wireless communications infrastructure is set to report its second-quarter results after the close Monday.
ON Semiconductor The chipmaker's shares gained 1.9% ahead of second-quarter earnings. ON Semiconductor is projected to report earnings of $1.21 per share on revenue of $2.02 billion, according to analysts polled by FactSet. It's set to report results Monday morning.
Upcoming Earnings Reports
In addition to SoFi, earnings reports are expected on:
Monday: Arista Networks (ANET), ON Semiconductor (ON), Western Digital (WDC), and ZoomInfo Technologies (ZI).
Tuesday: Advanced Micro Devices (AMD), Caterpillar (CAT), Pfizer (PFE), and Starbucks (SBUX).
Wednesday: CVS Health (CVS), PayPal (PYPL), and Qualcomm (QCOM).
Thursday: Apple (AAPL), Amazon.com (AMZN), and Alibaba (BABA).
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