Check out the companies making headlines before the bell. Crypto stocks – Stocks linked to cryptocurrencies rose as Bitcoin soared above $64,000 to start the week. Extending gains from the previous session, MicroStrategy and Mara Holdings — formerly Marathon Digital — each gained more than 5%, while Coinbase advanced more than 3%. Flutter Entertainment – The FanDuel parent company popped 4% after Wells Fargo upgraded shares to overweight , saying that investors should consider buying the stock following the recent sell-off. Boeing – Shares slumped 2.3% after the plane manufacturer announced Friday afternoon that it plans to cut about 10% of its workforce , or about 17,000 people. Boeing also postponed the delivery of its still-uncertified 777X wide-body plane and forecasted a wider-than-expected loss for the third quarter. The company is facing mounting losses amid an ongoing machinist strike. Sirius XM Holdings – The audio entertainment company rose 3.5% after Warren Buffett’s Berkshire Hathaway disclosed that it purchased more of the stock. Berkshire purchased roughly 3.6 million shares of Sirius last week, bringing its total holdings to more than 108 million shares, according to a securities filing . Caterpillar – The industrial company slipped more than 2% after Morgan Stanley downgraded shares to underweight from equal weight. The investment bank cited potential de-stocking ahead and a negative risk-reward backdrop for the stock. Ibotta – Shares popped nearly 4% after Goldman Sachs upgraded Ibotta to buy from neutral, saying the mobile company offering cash back rewards to users has an “attractive risk/reward” at its current valuation. The Wall Street firm cited the company’s growth opportunities through its partnerships with Walmart and Instacart. AppLovin – The mobile technology stock lost 3.7% in the wake of Goldman Sachs’ downgrade to neutral from buy. After a recent period of steep outperformance, the bank said AppLovin’s risk-to-reward ratio is more balanced. Hims & Hers Health — Shares ralled more than 6% after the Food and Drug Administration said it would allow compounding pharmacies — those that sell custom-made medicines — to sell their own versions of of Eli Lilly’s weight loss drug Mounjaro. — CNBC’s Alex Harring, Samantha Subin, Jesse Pound, Sarah Min, Hakyung Kim and Pia Singh contributed reporting.
Read the full article here
