December 8, 2022

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Zscaler, BlackRock, Roblox, and more

Zscaler, BlackRock, Roblox, and more

Here are the companies making headlines before the bell:

Engy (ANGI) — Shares of Angi added 2% in pre-market trading after the online home services company appointed Joey Levin as CEO, replacing Oisin Hanrahan. Levine is currently CEO of Angi’s parent company IAC He will continue in this role in addition to running Angi.

Legit and Platt (LEG) — Leggett & Platt fell 8.6% in premarket after the manufacturer cut full-year sales and earnings guidance. The company cites inflation and economic conditions that affected demand, but expects fourth-quarter results to improve compared to the third.

Kosovo Liberation Army – Tencore (KLAC) – A source familiar with the situation who spoke to Reuters reported that the semiconductor equipment and services company will halt some sales and services in China to comply with US export controls. KLA shares were down 2.4% in pre-market trading.

Zscaler (ZS) — Zscaler received an initial marketing success of 4.9% after the cloud security company announced the resignation of President Amit Sinha, who will move to the role of CEO at a privately owned technology company. Sinha will remain on Zscaler’s board of directors.

meta pads (META) — Meta’s rating was downgraded to “neutral” from “overweight” at Atlantic Equities, also lowering its target price for parent Facebook and Instagram shares to $160 per share. The company said Meta faces increasing challenges in its growth prospects due to macroeconomic headwinds. Meta stock was down 1.3% in pre-market activity.

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Black stone (BLK) – BlackRock has been downgraded to “neutral” from “buy” on UBS, with the asset management firm’s share price cut to $585 per share from $700. UBS said BlackRock faces some risks from its stance on investing in ESG, as well as limited flexibility in expenditures. BlackRock is due to report its quarterly earnings on Thursday. BlackRock was down 2% in pre-market trading.

Roblox (RBLX) — Roblox fell 4.3% in premarket after the stock was classified as “underweight” in new coverage in Barclays. The company said the gaming platform operator has been the main beneficiary of the pandemic, but that growth could be challenged in the future because its key markets already have high penetration rates.

Lululemon (LULU) — The apparel maker’s stock added 1.4% in premarket after Piper Sandler upgraded it to “overweight” from “neutral,” citing continued sales momentum and an opportunity to outperform in outerwear during the fall/winter season.

Warner Music Group (WMG) — The music publisher’s stock rose 3.4% in premarket trading after Goldman Sachs began coverage with a “buy” rating. Goldman cites growth in subscription and ad-supported music streaming as well as new licensing opportunities.