Following the worst quarterly performance for U.S. stocks in over two years, caution dominated Wall Street as investors awaited details on the tariff plans expected from the Trump administration on Wednesday.
Shares of breakfast restaurant chain First Watch Restaurant Group (NASDAQ:FWRG)
jumped 7.7% in the morning session after TD Cowen upgraded the stock's rating from Hold to Buy and assigned a price target of $22, which implied a potential 20% upside. The firm anticipated improvements in same-store sales due to "more effective" marketing. This upgrade suggested that TD Cowen felt there was a decent possibility of an upward surprise to FWRG's growth projection, which could translate to improved investor sentiment.
Shares of fashion conglomerate PVH (NYSE:PVH)
jumped 18.7% in the morning session after the company reported impressive fourth quarter 2024 results, with sales and earnings exceeding Wall Street's expectations. In North America, sales remained steady, supported by the benefit of earlier wholesale shipments. Meanwhile, European sales declined as planned, reflecting the company's deliberate strategy to prioritize quality over volume.
Shares of multinational healthcare company Johnson & Johnson (NYSE:JNJ)
fell 5.6% in the morning session after a judge in Texas rejected the company's third attempt to use bankruptcy as a legal shield against lawsuits alleging its talcum powder products caused ovarian cancer.
TechTarget's FY25 revenue guidance is expected to be in line with estimates at $512 million, but macroeconomic concerns could impact early 2025 performance. Needham analyst Joshua Reilly lowered the company's price target to $25 while maintaining a Buy rating.
Goldman Sachs downgrades Genuine Parts to "Sell" due to market challenges, while upgrading AutoZone to "Neutral" amid improved performance and strong market positioning.
The reverse split will reduce the number of shares of common stock issued and outstanding from approximately 54.5 million to approximately 2.8 million.
