Due to the effects of macroeconomic headwinds, the growth prognosis for Meta is becoming increasingly difficult. According to the company, Meta experienced a decline of 1.3% in premarket trading following Atlantic Equities’ decision to downgrade the stock from “overweight” to “neutral.” Additionally, the company decreased its price estimate for the stock of the Facebook and Instagram parent company to $160 per share. Because of the effects of macroeconomic headwinds, the growth prognosis for Meta is becoming increasingly difficult.
What is the size of meta in premarket trading today?
Roblox (RBLX)
The rating of “underweight” assigned to the stock by Barclays in the firm’s latest research caused the gaming platform’s shares to drop by 4.3% before the market opened. The company stated that Roblox was one of the primary beneficiaries of the epidemic; but, the company’s growth may be hampered in the future due to the fact that its major markets already have high penetration rates.
Zscaler (ZS)
Zscaler saw its share price drop by 4.9% in premarket trading after the cloud security business announced the resignation of company president Amit Sinha. Sinha will be moving on to become the CEO of a privately held technology company. Zscaler is a cloud security company. Sinha will continue to serve on the board of directors for Zscaler.
Angi (ANGI)
The announcement that Joey Levin will succeed Oisin Hanrahan as CEO of the online home services provider Angi resulted in a 2% increase in the premarket price of Angi shares. Levin will continue to serve as the CEO of Angi’s parent company, IAC, in addition to continuing to operate the business of Angi.
Leggett & Platt (LEG)
The industrial producer Leggett & Platt reduced their full-year revenue and earnings guidance, which caused the company’s stock to drop by 8.6% before the market opened. The company acknowledged that rising prices and difficult economic conditions have had a negative impact on demand, but it anticipates that earnings for the fourth quarter would be better than those for the third quarter.
KLA-Tencor (KLAC)
According to a report by Reuters, shares of the company that provides equipment and services for semiconductor manufacturers dropped by 2.4% before the market opened after it was reported that KLA will cease some sales and services in China in order to comply with US export rules.
BlackRock (BLK)
After the stock was downgraded to “neutral” from “buy” at UBS, BlackRock’s share price dropped by 2% in the premarket trading session. Additionally, the price objective for the stock was reduced to $585 per share from $700. According to UBS, the asset management company is exposed to some level of risk as a result of its stance on ESG investing and its limited expense flexibility. On Thursday, BlackRock is going to release the results report for the most recent quarter.
Lululemon (LULU)
Following Piper Sandler’s upgrade of the apparel maker’s stock to “overweight” from “neutral,” noting ongoing sales momentum and an opportunity for outperformance in outerwear during the fall/winter season, Lululemon stock gained 1.4% in premarket trading. Piper Sandler made the move after noting an opportunity for outperformance in outerwear during the fall/winter season.
Warner Music Group (WMG)
After Goldman Sachs initiated coverage of the music publisher with a “buy” rating, the stock of the music publisher’s company had a premarket rally of 3.4%. Goldman highlights growth in both paid subscription music streaming and free music streaming that is supported by advertisements, in addition to new licensing options.
Photo Credits: AP.
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