It looks to be another quiet open for the market today, even as individual stocks are flying all over the opalce due to earnings, downgrades and other news.
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S&P 500 futures have dipped 0.1%, while Dow Jones Industrial Average futures slipped 4 points. Nasdaq Composite futures are little changed.
Two stocks reported earnings so bad in recent days that they were downgraded by three analysts each. Snap (SNAP) was downgraded Sector Perform from Outperform at RBC Capital, to Hold from Buy at Stifel, and to Sell from Neutral at UBS this morning. Its stock, however, has pared its earlier earnings-inspired loss --it's only down 10% at $13.54 at 8:59 a.m. this morning--after Tencent (0700.Hong Kong) bought 10% of the company. Snap. Mallinckrodt (MNK), which lost a third of its value yesterday after reporting earnings, has fallen an additional 2.4% to $19.62 after getting cut to Market Perform from Outperform at Wells Fargo, to Equal Weight from Overweight at Barclays, and to Neutral from Buy at Goldman Sachs.
In other news:
e.l.f. Beauty (ELF) has dropped 3% to $20.01 after getting cut to Neutral from Overweight at Piper Jaffray.
Hain Celestial Group (HAIN) has risen 1.7% to $35 after getting upgraded to Outperform from Market Perform at Bernstein.
LendingClub (LC) has plunged 23% to $4.21 after meeting third-quarter earnings forecasts but guiding to a fourth-quarter loss.
MGM Resorts International (MGM) has declined 1.7% to $30.94 after missing earnings forecasts.
Regeneron Pharmaceuticals (REGN) has gained 3.6% to $419 after beating earnings forecasts.
Sarepta Therapeutics (SRPT) has dropped 3% to $54.13 after announcing plans to issue $375 million of convertible bonds.
Time Warner (TWX) has declined 2.1% to $92.68 after AT&T (T) said that it doesn't know when it will be able to merge with the media company. AT&T has advanced 0.7% to $33.30.
Wendy's (WEN) has slumped 4.3% to $14.10 after reporting a lower-than-expected profit and cutting its full-year guidance.