Premarket Moves: Silvergate Capital, Mgm Resorts, Bilibili, Murphy Oil, and Others

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Last Updated on December 5, 2022 by Bitfinsider

Starbucks — Shares slumped 1.3% after Deutsche Bank downgraded Starbucks from buy to hold, citing the stock’s recent outperformance as making future gains more difficult.

Silvergate Capital — Shares fell 3% after Morgan Stanley downgraded Silvergate Capital from equal weight to underweight, citing “high levels of uncertainty” around the company in the wake of the FTX collapse.

Chinese technology stocks — Shares of Chinese internet companies rose in premarket trade on reports that Beijing and Shenzhen had further loosened Covid restrictions. The Invesco Golden Dragon China ETF increased by almost 5 percent. Bilibili shares increased by 16%, while Baidu and Pinduoduo rose by more than 5% apiece. Alibaba gained almost 4%.

Johnson Controls Worldwide — The shares of Johnson Controls gained marginally after Deutsche Bank named the company its top selection for 2023. The company stated that the HVAC stock helps investors position themselves defensively in the case of a recession.

MGM Resorts International — MGM climbed more than 3% after Truist upgraded it to buy, stating that shares of the casino operator might increase by more than 30% in 2023 because to a robust Las Vegas Strip calendar.

Murphy Oil Corporation — JPMorgan raised the stock from neutral to overweight in its 2023 exploration and production projection, citing the company’s traditional assets, such as oil sands, and consistent production profile. The stock increased by almost 2%.

Domino’s Pizza – Domino’s jumped 1% after BTIG upgraded the company from neutral to buy, stating that margins will improve in 2023 due to higher menu prices.

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