The US stock market opened on a mixed note Friday morning, with the Nasdaq futures showing a positive trend, gaining around 90 points. However, a wave of pre-market losses has cast a shadow on the overall sentiment, primarily driven by CVS Health Corporation’s (CVS) announcement of a disappointing third-quarter outlook.
CVS Health, facing ongoing financial challenges, announced a leadership change, appointing longtime executive David Joyner as its new president and CEO, replacing Karen Lynch. The company’s warning that its upcoming third-quarter earnings, scheduled for release on November 6, will miss Wall Street projections sent shockwaves through the market, leading to a sharp decline in CVS stock. CVS Health shares plunged 11.6% to $56.29 in pre-market trading.
Joining CVS in the list of stocks experiencing pre-market losses were:
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MGP Ingredients, Inc. (MGPI):
Shares fell 16.6% to $68.06 after the company released soft preliminary guidance and lowered its 2024 financial outlook.*
Coherent Corp (COHR):
Shares dipped 4.6% to $97.39 in pre-market trading.*
Zeta Global Holdings Corp (ZETA):
Shares declined 4.5% to $28.66 in pre-market trading. Zeta is scheduled to release its third quarter 2024 financial results after the closing bell on Monday, November 11.*
Jin Medical International Ltd. (ZJYL):
Shares dropped 4.3% to $2.03 in pre-market trading, following a 5% decline on Thursday.*
GrafTech International Ltd. (EAF):
Shares fell 4.1% to $1.62 in pre-market trading.*
Gevo, Inc. (GEVO):
Shares declined 3.8% to $2.55 in pre-market trading. HC Wainwright & Co. analyst Amit Dayal maintained a Buy rating on Gevo and a $14 price target.*
American Express Company (AXP):
Shares fell 3.6% to $275.50 in pre-market trading following the release of its third-quarter results.*
Fresh Del Monte Produce Inc. (FDP):
Shares dipped 3.5% to $29.00 in pre-market trading. The company will issue a press release on its third-quarter financial results before market opening on Thursday, October 31.The pre-market losses highlight the ongoing volatility in the stock market, with investors closely watching earnings reports and economic indicators for clues about the future direction of the economy.