S&P 500 futures inched lower Wednesday as traders digested a broad market rally in the previous session. Before we get into the top pre-market movers for today, we would like to draw your attention to Mangoceuticals, Inc. (NASDAQ:MGRX). MGRX is a company focused on developing, marketing and selling a variety of men’s health and wellness products via a secure telemedicine platform, including its uniquely formulated drug branded “Mango,”. Yesterday, the company announced the launch of its new “Make America Hard Again” nationwide marketing campaign and website, www.MakeAmericaHardAgain.com. The newly launched Make America Hard Again web presence will be optimized for lead traffic generation and will be dedicated to driving revenue through the sale of Make America Hard Again and MangoRx related merchandise, with the optimum goal of creating awareness around the MangoRx brand and driving web traffic toward www.MangoRx.com. (Source: https://finance.yahoo.com/news/mangoceuticals-launches-america-hard-again-140000145.html)
MGRX Company’s Co-Founder and CEO, Jacob Cohen, along with the MangoRx family, including Company officials and members of the executive management team, rang the Nasdaq Closing Bell on Thursday, May 18, 2023. Since then, MGRX has been on a roll to promote its flagship product. For more info on MGRX, visit https://finance.yahoo.com/quote/MGRX/
Let’s take a look at some of the pre-markets movers today.
General Mills (NYSE: GIS): General Mills experienced a 3.9% dip in its share price following mixed results from its fiscal fourth-quarter. The owner of brands like Betty Crocker and Cheerios, exceeded Wall Street’s projected earnings, with adjusted earnings per share standing at $1.12 against the Refinitiv consensus estimate of $1.07 per share. However, the company fell short in terms of revenue, with $5.03 billion recorded against the expected $5.17 billion.
Nvidia (NASDAQ: NVDA) & Advanced Micro Devices (NASDAQ: AMD): Shares for these semiconductor firms declined with Nvidia and Advanced Micro Devices witnessing drops of 3.1% and 2.8%, respectively. This followed a Wall Street Journal report suggesting potential new export restrictions on artificial intelligence chips to China by the Biden administration. This news also impacted the iShares Semiconductor ETF (SOXX), which depreciated by over 2%.
Pinterest (NYSE: PINS): Pinterest experienced a surge in its share price, seeing a nearly 5% increase in premarket trading following an upgrade by Wells Fargo from equal weight to overweight. The upgrade came after Pinterest’s strategic decision to delegate monetization to third parties to surmount its scale and attribution hurdles, including a notable partnership with Amazon.
Snowflake (NYSE: SNOW): Snowflake’s shares enjoyed a 1.7% increase in premarket trading after the company’s recent investor day. Here, it reconfirmed its full-year guidance, leading to Goldman Sachs maintaining its ‘buy’ rating on the shares. Morgan Stanley also continued to hold an overweight position.
ZoomInfo (NASDAQ: ZI): Shares for software company ZoomInfo rose by 3.9% in premarket trading after Needham began coverage with a ‘buy’ rating. Highlighting ZoomInfo’s “best in class unit economics” in a note to clients, Needham’s positive outlook was echoed by Morgan Stanley, which retained its overweight rating on ZoomInfo.
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