30 Oct MCD, SOFI, INVH and more
Check out the companies making headlines in premarket trading. East West Bancorp — Shares ticked up 2.6% after UBS upgraded them to buy on the back of strong third-quarter results. UBS also highlighted the company’s potential balance sheet strengthening and capital return efforts heading into the fourth-quarter. McDonald’s — Shares popped 2.8% after the fast-food giant reported a third-quarter earnings and revenue beat. McDonald’s U.S. same-store sales rose 8.1% for the quarter thanks to price increases. SoFi Technologies — Shares jumped 6.1% after SoFi came out with a massive revenue beat for the third quarter and raised its outlook for the full year. The financial services provider posted $531 million in revenue, while analysts expected $512.1 million, according to estimates from LSEG. Revenue was boosted by higher-than-expected student loan originations for the quarter, according to the company’s earnings release. Invitation Homes — The home leasing company added about 2% after an upgrade to outperform from Oppenheimer, with the firm highlighting a stabilization of both rent growth and occupancy — which could help lift shares heading into 2024. L3Harris Technologies — Shares added 1.5% after an upgrade to outperform from market perform by Raymond James. The firm cited improving fundamentals and a mean reversion in the stock. The upgrade comes after L3Harris reported better-than-expected third-quarter earnings last week. NewAmsterdam Pharma — The biotechnology company surged more than 6% after RBC Capital Markets initiated coverage with an outperform rating. The bank said Wall Street may be too quick to dismiss NewAmsterdam due to past failures of cholesteryl ester transfer protein drugs, and shares can benefit from the company’s “best-in-class” obicetrapib molecule. DraftKings — The gambling stock ticked up roughly 2% after TD Cowen reiterated an outperform rating. However, the firm thinks DraftKings will have trouble breaking out higher until the company “proves market share resilience” in 2024. DraftKings is set to report third-quarter results on Nov. 2. — CNBC’s Pia Singh, Michelle Fox and Hakyung Kim contributed reporting