Stocks making biggest premarket moves: Pinterest, Instacart and more

Stocks making biggest premarket moves: Pinterest, Instacart and more

Pinterest app on a mobile phone.

Andrew Harrer | Bloomberg | Getty Images

Check out the companies making headlines before the bell.

Dollar General — Dollar General shares fell 2% after JPMorgan downgraded the discounter to underweight from a neutral as the company’s core shopper grapples with persistent inflationary pressures and dwindling savings.

Pinterest — Shares climbed more than 3% premarket after management said at the company’s first investor day that it expects year-over-year revenue growth to accelerate following a slowdown in 2022 and 2023. Both Citi and D.A. Davidson upgraded to buy and increased their price targets in reaction Wednesday.

General Mills — The Cheerios and Yoplait maker rose 1% premarket after reporting fiscal first-quarter results slightly above Wall Street expectations, and reiterating its outlook for fiscal 2024.

Instacart — Shares of the grocery delivery company were down nearly 4% one day after its stock market debut. The stock opened at $42 on its first day of trading, after pricing its IPO at $30 a share late Monday.

Coty — The cosmetics maker gained nearly 6% premarket after raising its full year outlook for 2024, citing momentum in fragrances at its prestige brands, including Burberry, Calvin Klein and Gucci. It expects like-for-like sales to grow between 8% and 10% next year, compared to prior guidance of 6% to 8%.

Bausch Health — The pharmaceutical stock gained more than 5% before the open after Jefferies upgraded to a buy and raised its price target to $16. The investment bank cited strong third-quarter earnings, increased clarity on the Bausch + Lomb spinoff and likely legal victories as catalysts.

Goldman Sachs — Shares edged up fractionally premarket on reports the investment bank plans to sell lending platform Greensky as part of a broader pullback from consumer lending. The deal would be worth about $500 million, according to Bloomberg.

— CNBC’s Yun Li, Tanaya Macheel, Pia Singh and Samantha Subin contributed reporting

Original news source Credit: www.cnbc.com

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