CarMax, Whirlpool, And Others Make The Biggest Moves Premarket

‍CarMax

In reaction to better-than-expected quarterly earnings, the shares of car retailer CarMax soared 7% on the back of the company's earnings exceeding analysts' expectations. CarMax earned 44 cents per share in the quarter, outpacing a market estimate of 24 cents per share.

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Newmont 

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As of early morning trading, the stock lost 2.9% after Newmont announced that it would raise its price proposal for the acquisition of Australia's Newcrest Mining for $19.5 billion, which is 16 percent more than its original bid, in an offer to acquire the company. As a result of this deal, Newmont would be able to further secure its position as the world's largest gold producer. 

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Upstart

In response to JPMorgan's introduction of coverage of Upstart with an underweight rating, the lending stock fell about 2% after it was suggested that the loan environment had worsened in the coming months.

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Whirlpool

During the day, shares of Whirlpool gained over 2% after Goldman Sachs upgraded the appliance company from neutral to buy. The bank said Whirlpool had a cheap share price and would go up by more than 20% over the next year.

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Moderna

According to a company spokesperson, Moderna said on Monday that the company is delaying the release of its flu vaccine because it has not been able to get enough patients enrolled in a late-stage clinical trial. In a recent interview with CNBC, a spokesperson for Moderna said the company hopes to release many new vaccines by 2030 that will target cancer, heart disease, and other conditions yet to be confirmed.

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LendingClub

As a result of JPMorgan's entry into coverage of LendingClub as overweight, the lending platform gained 4.8% on the day after the bank said it believes the stock's recent sell-off was likely, not overdone due to investor concerns over financial institutions and a possible recession.

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Bumble

It was noted that Bumble shares have lagged the S&P 500 this year, but now trade at a “relatively inexpensive” valuation after Baird initiated coverage of the matchmaking company and gave it an outperform rating. In the firm's opinion, Bumble can grow by more than 23% over the next five years, with a price target of $23 assigned to the stock. 

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Array Technologies

In a note to clients issued by Wolfe Research, the company said that it expects to benefit from Array's expansion into utility-scale solar energy generation due to the expansion of solar energy production in the U.S. The company's shares rose 2% after Wolfe initiated coverage of the company with an outperform rating.

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WW International

It's no secret that WW's subscribers and earnings power has been shrinking for some time, but this new obesity drug on-ramp solution may be enough to trigger a turnaround with its many available options on the market. “We believe the new obesity drug on-ramp solution will be the catalyst for a turnaround,” Goldman Sachs said.

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