Stocks Making The Biggest Premarket Moves: Oracle, Urban Outfitters, Apple & More

June 13, 2023

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Oracle: Following a strong fiscal fourth-quarter performance with beats on both top and bottom lines, Oracle witnessed a surge of over 5% in its shares. CEO Safra Catz expressed optimism for the fiscal first quarter, projecting adjusted earnings per share in the range of $1.12 to $1.16. Analysts polled by Refinitiv had previously anticipated adjusted earnings of $1.14.

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Urban Outfitters: Morgan Stanley's upgrade of Urban Outfitters from equal weight to overweight contributed to a 3.4% increase in the company's shares. The firm emphasized the retailer's de-risked 2023 forecast and its currently attractive valuation.

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Apple: UBS downgraded Apple's stock from buy to neutral, resulting in a premarket decline of 0.7%. UBS expressed concerns about the sustained demand for iPhones, even with support from emerging markets.

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First Horizon: First Horizon experienced a 1.2% decrease in shares after JPMorgan revised its rating from overweight to neutral. JPMorgan cited uncertainties in the near-term outlook due to rising expenses.

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Zions Bancorp: Shares of Zions Bancorp dipped 1.6% following the bank's announcement that its net interest income outlook was experiencing a decrease. Previously described as "moderately decreasing," the revised guidance now reflects a more significant reduction, according to StreetAccount.

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Bunge: Bunge, the agriculture company, revealed plans for a stock and cash merger with Viterra, based in Rotterdam, Netherlands. The agreement values Bunge at over $8 billion, including the assumption of $9.8 billion of Viterra's debt. Bunge shares experienced a premarket decline of 1.9% in response to the news.

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Home Depot: With a 0.7% increase in premarket trading, Home Depot reiterated its projections for a decline in earnings of 7% to 13% year over year for fiscal year 2024. The company also scheduled an investor day at 9 a.m.

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Ulta Beauty: Loop Capital upgraded Ulta Beauty from hold to buy, leading to a 0.8% rise in the beauty stock. The firm highlighted Ulta's expansion into the luxury category as a significant driver of comparable sales growth and emphasized the partnership with Target, expecting it to generate additional income.

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