PepsiCo, Unity Software, Northrop, Rivian, Ventyx, and More Stock Market Movers

Stock futures traded higher Tuesday and Treasuries jumped as dovish comments from Federal Reserve policymakers helped boost risk appetite. Wall Street continued to assess the impacts of the Israel-Hamas war as the conflict enters its fourth day.

These stocks were poised to make moves Tuesday: 

PepsiCo
(PEP) reported third-quarter adjusted earnings of $2.25 a share, topping analysts’ estimates of $2.15. Revenue of $23.5 billion also beat expectations. The beverage and snacks maker also raised its full-year guidance. The stock rose 2.9%.

Unity Software
(U) rose 7.4% in premarket trading after the announcement that John Riccitiello would be retiring as president, chief executive and chairman of the game development platform company. Unity last month announced a controversial new price hike plan that was met with a revolt from customers. The company was forced to apologize and backtrack on some parts of the plan.

Northrop Grumman
(NOC), like other defense stocks, led the
S&P 500
on Monday following the Hamas attack on Israel. Northrop jumped 11% and was rising an additional 1.2% in premarket trading.
Lockheed Martin
(LMT), which gained 8.9% on Monday, rose 0.9% in premarket trading.

Rivian Automotive
(RIVN) rose 3.5% in premarket trading to $19.43 after shares of the electric-truck maker were upgraded to Buy from Neutral with a price target of $24. The stock fell sharply last week after Rivian announced it was selling $1.5 billion in convertible notes to raise additional cash. 

Skyworks Solutions
(SWKS) fell 3.3% to $94.95 and
Qorvo
(QRVO) declined 2.4% to $92.60 after
Citi
downgraded both stocks to Sell from Neutral. Citi cut its target price on Skyworks to $87 from $116, and its target on
Qorvo
to $78 from $116.

PagerDuty
(PD), a provider of incident management software, declined 6.3% after announcing it planned to offer $350 million of convertible senior notes.

Topline results released by
Ventyx Biosciences
(VTYX) from its trial of VTX002 in patients with moderate-to-severely active ulcerative colitis were at the lower end of company guidance and the stock sank 21% in premarket trading.

Write to Joe Woelfel at [email protected]

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