Cheesecake Factory restaurant in Louisville, Kentucky.
Andy Lyons | Getty Images
Check out the companies making the biggest moves of the day:
Goldman Sachs – The bank slid more than 2% after reporting earnings per share and revenue that missed Wall Street estimates Tuesday.
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Pfizer – Wells Fargo downgraded the pharmaceutical giant to equal weight on Monday, saying the company needed a reset from the pandemic to get its stock back on track. Pfizer fell 1.25% in the premarket.
Morgan Stanley – Morgan Stanley’s earnings topped Wall Street’s expectations Tuesday, thanks in part to record wealth management revenue. Shares were 1% higher in the premarket.
Vodafone – The British telecom company rose almost 2% in the premarket. On Monday, Ghana approved the sale of Vodafone’s 70% stake in Vodafone Ghana to the Telecel Group. On Thursday, Vodafone was upgraded to buy by Bank of America, which said it was optimistic about the company’s prospects amid the departure of CEO Nick Read.
Global Payments – Morgan Stanley upgraded Global Payments to overweight from equal weight on Tuesday, citing an improved competitive backdrop and attractive valuation, among other things. The company earned 2% in the premarket.
Church & Dwight – Morgan Stanley upgraded the consumer goods maker to overweight from equal weight and increased its price target to $91 from $82. Church & Dwight gained more than 1% in the premarket.
Cheesecake factory – The restaurant chain fell more than 3% after being downgraded to neutral from buy by Citi, which said the stock was close to its price target. Cheesecake also went down to be held by Gordon Haskett.
Brand Bloomin – The Outback Steakhouse parent slid nearly 2% after being downgraded to hold by Gordon Haskett, who cited the company’s increased risk/reward profile.
year – Roku shares dipped 1.8% after Truist downgraded the company to hold from a buy rating, saying that streaming stocks are hypersensitive to the difficult macro environment given that a large chunk of revenue is tied to advertising.
snap – JMP Securities downgraded the company to market performance from market outperform, citing the decline in time spent on Snap and increased competition from Reels and YouTube shorts. Snap slid 1.4% in the premarket.
Ali Baba – Activist investor Ryan Cohen is building a stake in the Chinese e-commerce giant, according to the Wall Street Journal. Cohen pushed the company to increase its stock buyback program, the report said. Shares were 0.5% higher in the premarket.
Reynolds Consumer Products – Shares fell about 1.3% after Credit Suisse downgraded the household goods maker to neutral from outperform, saying the stock’s profits have now baked into its share price.
A whirlpool – Shares dropped 3% after Whirlpool said it will divest the majority of its EMEA business, and form a new business focused on Europe with Turkish household appliance manufacturer Arcelik. Whirlpool will own 25% of the new entity, while Arcelik will own 75%.
– CNBC’s Sam Subin, Sarah Min and Michael Bloom contributed reporting.