Stock futures fall for a second day as rates continue to back up: Live updates – CNBC

These are the stocks that are moving the most in pre-market trading.

• Cheesecake Factory — Shares rose more than 3% after activist investor JCP Investment Management asked the company to take a stake and consider spinning off three brands into separate companies. .
• Sherwin-Williams — The paint maker fell 6.5% after disappointing third-quarter results.
• 3M — The company's stock rose 5% after the company posted third-quarter earnings of $1.98 per share on sales of $6.07 billion. Analysts had expected earnings of $1.90 per share on revenue of $6.06 billion, according to LSEG.

Read the complete list of transferred stocks here.

— Lisa Kailai Han

There are several reasons to give up hertzsaid JPMorgan.

Analyst Ryan Brinkman downgraded Rent-A-Car stock from neutral to underweight. Brinkman also withdrew his previous price target of $5.

Brinkman said slowing travel trends and the potential for an accelerated exodus of vehicles contributed to the decision. He also pointed to the Florida-based company's high financial leverage.

Additionally, the company said it could face legal costs related to its previous bankruptcy. This was not factored into previous valuation analysis, the analyst said.

On the other hand, Mr. Brinkman avis budgetis “appealingly cheap” and he rates it as overweight.

Hertz stock rose about 1% in premarket Tuesday, rebounding some after falling more than 8% in the previous session. The stock price has plummeted more than 71% in 2024 alone, with shares below $3 as of Monday's close.

general motors Shares rose nearly 3% after the company reported third-quarter results that beat analysts' expectations and raised its full-year outlook.

The company had adjusted earnings per share of $48.76 billion and profit of $2.96. Analyst estimates compiled by LSEG were for earnings of $2.43 per share and sales of $44.59 billion.

GM also said it expects 2024 EBIT to be in the range of $14 billion to $15 billion. This increased to $15 billion from previous guidance of $13 billion.

“Consumers have held up very well for us,” Chief Financial Officer Paul Jacobson said at a news conference. “Nothing we're seeing has changed from where we've been over the past few quarters.”

— Fred Imbert, Michael Weiland

App Labin It has received the love of Loop Capital.

Rob Sanderson, a managing director at the investment bank, initiated coverage of the application technology stock with a buy rating. Sanderson's $181 price target suggests a 13.9% upside from Monday's closing price, meaning the stock could extend its monster run.

According to LSEG, this also appears to be the highest price target on Wall Street.

“AppLovin has become essential infrastructure for the mobile gaming industry and is proving itself to investors as a play on big data and AI,” Sanderson said in a Monday memo, using an acronym for artificial intelligence. he told the customer. “Despite its huge market capitalization and impressive growth, it is our view that this stock was relatively unknown and largely misunderstood until its recent breakout.”

Sanderson said the stocks have some similarities. trade deskThis is Loop's top choice for 2024. But he acknowledged that AppLovin already has a large software business that is growing faster and has higher profit margins.

Given the recent rally, Sanderson said investors should look for opportunities to buy when prices are falling. Still, he said the revaluation of the stock is “justified” and “sustainable.”

AppLovin stock was up about 1% before the bell on Tuesday. The stock has soared nearly 300% this year.

— Alex Harring

Jefferies believes the downside will be less than previously expected. tesla stock.

Analyst Philippe Huchois remains unchanged on his investment decision, but raised his price target on the company by $30 to $195. Still, this means the stock is down 10.9% from Monday's closing price over the next 12 months.

Fouchois' update comes as he expects metrics from revenue to free cash flow to profit before interest and taxes to improve from 2024 to 2026. He said attention is returning to the business after Tesla's robotaxi event “went a little down.”

“With few signs of progress in either technology or business models, we have returned to focusing on business operations, and concerns about governance and funding persist,” Houchois told clients in a note Monday. “There is,” he said.

Uchova also noted that “stabilization” in the auto category contributed to third-quarter results.

“Tesla remains an attractive company in terms of innovation and momentum,” he said. “But now more than ever, [it] It looks like an unbalanced VC portfolio funded solely by auto businesses that are under pressure. ”

Tesla shares fell nearly 1% in premarket trading Tuesday. The stock bucked the broader market's upward trend this year, falling about 12% in 2024.

— Alex Harring

Asia-Pacific markets were mostly lower on Tuesday following mixed trading on Wall Street.

Investors saw positive signs in economic indicators in Asian countries, praising Hyundai Motor India's trading debut with a record IPO in India.

The stock traded at Rs 1,873, down 4.42% from its initial public offering price of Rs 1,960. According to BSE data.

The car manufacturer has proposed 142.19 million shares, priced between 1,865 Indian rupees ($22.18) and 1,960 rupees. The IPO sold for 278.56 billion rupees, or $3.3 billion, pushing the stock to the upper end of its price range.

— Lim Huijie

European stock markets were mixed in early trading, with benchmarks Stocks 600 The index, which fell 0.66% on Monday, was down a further 0.1% as of 8:35 a.m. in London.

british FTSE100 and french CAC40 They were 0.28% and 0.11% lower, respectively. Germany's DAX rose 0.55%.

— Jenny Reid

Here are the companies that made the biggest moves in overnight trading Monday.

• Nike – Nike, the sneaker giant and athletics apparel company, saw its stock rise less than 1% after renewing uniform partnerships with the NBA and WNBA.
• Zions Bancorporation — Regional bank shares rose 4% after better-than-expected third-quarter results.
• Nucor — The steel producer fell more than 2% despite posting better-than-expected adjusted profit and revenue in the third quarter.

Read the full list here.

— Samantha Subin

Stock futures opened little changed Monday night.

futures tied to Dow While leading by 8 points, S&P500 futures and Nasdaq 100 futures Hovering near the flat line

— Samantha Subin