Top Movers

Fed Watch: Pre-Market Stocks React to Powell's Testimony

Pre-Market

By Athena Xu

7/10, 10:30 EDT
Brighthouse Financial, Inc.
Hawaiian Electric Industries, Inc.
MarineMax, Inc.
Intuit Inc.
Kura Sushi USA, Inc.
Lantheus Holdings, Inc.
LegalZoom.com, Inc.
Ziff Davis, Inc.
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Pre-market Top Moves

As of 10:18 a.m. in New York, the major indices are showing positive momentum with traders keenly observing the Federal Reserve's outlook as Jerome Powell concludes his Congressional hearings.

  • S&P 500 Index: Up 0.3%, indicating a positive start to the trading day.
  • Nasdaq 100: Rises 0.4%, driven by gains in technology stocks.
  • Dow Jones Industrial Average: Little changed, reflecting a mixed sentiment among blue-chip stocks.
  • MSCI World Index: Gains 0.4%, mirroring a positive global market sentiment.

Highlights by Sector

Financials

Brighthouse Financial (BHF) saw a 3.1% increase after Jefferies upgraded the insurer to buy from hold, citing attractive valuation and growth potential.

Utilities

Hawaiian Electric (HE) shares surged 11% following reports of a potential massive settlement resolving all claims and lawsuits over the Maui wildfires.

Real Estate

Hudson Pacific Properties (HPP) shares dropped 8.8% after being downgraded to underweight from equal weight by Morgan Stanley, which anticipates downside risks to earnings and cash flow expectations.

Technology

Intuit (INTU) shares fell 3.7% after announcing a 10% workforce reduction and the closure of its Boise and Edmonton sites as part of a reorganization plan.

Notable Gains and Losses

Gains

  • Lantheus (LNTH): Shares rallied 29% after a draft proposal of Medicare payment rates for hospital outpatient and Ambulatory Surgical Center services for CY 2025.
  • MarineMax (HZO): Shares rose 9.1% following Island Capital Group's proposal to buy up to 100% interest in YMRS Business from MarineMax.
  • Sunstone Hotel (SHO): Gained 2.1% after Wolfe Research upgraded the stock to outperform from peerperform.

Losses

  • LegalZoom.com (LZ): Shares plummeted 30% after the company cut its full-year revenue guidance below consensus estimates.
  • Kura Sushi USA (KRUS): Dropped 13% after reporting a loss in the third quarter.
  • Ziff Davis (ZD): Fell 8.1% after the company indicated that some of its 2Q financial results would be below Wall Street analyst consensus estimates.

Key Movers & Takeaway

Today's pre-market session is characterized by significant movements in individual stocks driven by earnings reports, analyst upgrades/downgrades, and strategic announcements. The financial sector is seeing positive momentum, while the technology and real estate sectors are experiencing some setbacks. Investors are closely watching the Federal Reserve's outlook for further market direction.

Key Movers Table by Market Cap

LargeCap Movers (>$20B)

Stock Ticker Price Change Key Takeaway
Intuit INTU -3.7% Announced 10% workforce reduction and site closures
Spotify SPOT -0.5% Downgraded to sell from neutral by Redburn
Target TGT -2.1% Coverage assumed with neutral recommendation by Piper Sandler

Mid-Cap Movers ($5B-$20B)

Stock Ticker Price Change Key Takeaway
Brighthouse Financial BHF +3.1% Upgraded to buy from hold by Jefferies
Hawaiian Electric HE +11.0% Potential massive settlement over Maui wildfires
Hudson Pacific Properties HPP -8.8% Downgraded to underweight from equal weight by Morgan Stanley
LegalZoom.com LZ -30.0% Cut full-year revenue guidance below consensus estimates
Ziff Davis ZD -8.1% Indicated some 2Q financial results below analyst estimates

SmallCap Movers ($50M-$5B)

Stock Ticker Price Change Key Takeaway
Lantheus LNTH +29.0% Medicare payment rates draft proposal for CY 2025
MarineMax HZO +9.1% Island Capital Group's proposal to buy up to 100% interest in YMRS Business
Kura Sushi USA KRUS -13.0% Reported a loss in the third quarter

Top Overbought/Oversold by 14-Day RSI

Overbought Stocks

Stock Ticker RSI
Hawaiian Electric HE 89.0
Lantheus LNTH 85.2
MarineMax HZO 82.4

Oversold Stocks

Stock Ticker RSI
LegalZoom.com LZ 10.5
Kura Sushi USA KRUS 12.3
Hudson Pacific Properties HPP 15.8

This comprehensive overview of the pre-market session highlights the key movers and sector trends, providing valuable insights for U.S. investors.