Stocks to Watch Today: Rent the Runway, Meta, Oatly, Adobe & More

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We’re more than halfway through the month, and we’ve already seen some big movers on Wall Street in terms of stocks and cryptocurrencies. While most of the industry still seems to be waiting on the sidelines to see what happens with Apple’s September 12th event, things seem to be perking up as August comes to an end. Let’s take a look at some of the biggest stocks making headlines today, and what to expect from them going forward. (Hint: Don’t go crazy chasing all of these).

Meta-As the market sank on Tuesday, Meta’s stock fell 9.37%. The company’s wager on Reels is in trouble because Instagram users only utilise a tenth of the 197.8 million hours a day that TikTok users do, according to a Monday Wall Street Journal story. In the meanwhile, Morgan Stanley maintained its overweight recommendation on the company on Tuesday, advising investors to hold off until the following earnings call in order to learn more about the patterns in diminishing user engagement.

Rent the Runway– Following the release of poor second-quarter data revealing sluggish subscriber growth, Rent the Runway’s stock fell 38.74%. After the results announcement, Credit Suisse also lowered the company’s stock rating from outperform to neutral.

Oatly– Oatly fell 7.27% after Credit Suisse lowered its price target and downgraded the beverage firm from outperform to neutral, citing more consumer risk in Europe and Asia.

Adobe– After BMO downgraded Adobe from outperform to market perform, its shares dropped by 7.06%. The company revised its revenue projections for 2022 and 2023 due to ongoing worries about Adobe’s cloud offering.

Dow Inc– After Jefferies downgraded the chemical business from buy to hold due to supply worries and excess demand, Dow fell 6.01%.

KB Home– Shares tumbled 4.73% as Reuters reported that Darden Restaurants was considering a takeover bid for the homebuilder amid uncertainty over interest rates. Microsoft- As the tech giant released its Q2 2019 earnings report, it rose 3.97%. While EPS was below expectations at $1.03 per share, Microsoft attributed this to investment in new products like Azure and Office 365, as well as increased tax expense caused by corporate income tax reform passed last year.

Corteva– Following the agricultural research company’s announcement of a $2 billion share repurchase programme, Corteva’s stock price increased by 0.87%.

SVB Financial– —SVB Financial’s stock fell 5.28% after it lowered its third-quarter forecast during a Barclays conference. Several companies, including Oppenheimer and Piper Sandler, also downgraded it.

Carvana– A day after Carvana’s stock rose 15% as a result of a Piper Sandler upgrade, its shares fell 12.94%. In a Sunday letter, the business said that it was too inexpensive to be ignored.

Braze– Despite Braze reporting results that above Wall Street projections, the company’s shares fell 19.27%. Analysts are concerned about the company’s future revenues, though. During the market crash, cloud stocks generally decreased.

Eastman Chemical- Shares of Eastman Chemical dropped 11.34% after the firm reduced its forecast for third-quarter earnings to around $2 per share. The updated projection is also below a StreetAccount expectation of $2.60 per share, which the firm had previously stated would represent “strong increase compared to Q3 2021 adjusted EPS of $2.46.”

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